Title: 1. BASIS OF PRESENTATION
Accounting Policies: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
B. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
C. Pass-through entity identifying numbers are presented where available and applicable.
D. The Senate has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: D. The Senate has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the Federal grant activities of the Senate of the Commonwealth of Puerto Rico (Senate) under programs of the Federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Senate, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Senate.
The Senate reporting entity is defined in Note 1 to the basic financial statements. All federal financial awards received directly from Federal agencies as well as Federal financial awards passed through other government agencies, if any, are included on the Schedule.
Title: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
B. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
C. Pass-through entity identifying numbers are presented where available and applicable.
D. The Senate has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: D. The Senate has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
A. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
B. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
C. Pass-through entity identifying numbers are presented where available and applicable.
D. The Senate has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 3. SCHEDULE NOT IN AGREEMENT WITH OTHER FEDERAL AWARD REPORTING
Accounting Policies: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
B. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
C. Pass-through entity identifying numbers are presented where available and applicable.
D. The Senate has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: D. The Senate has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The information included in the Schedule may not fully agree with other Federal award reports submitted directly to Federal granting agencies.
Title: 4. ASSISTANCE LISTING NUMBER
Accounting Policies: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
B. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
C. Pass-through entity identifying numbers are presented where available and applicable.
D. The Senate has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: D. The Senate has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Assistance Listing Number, formerly known as the Catalog of Federal Domestic Assistance (CFDA) Number, is a five-digit number assigned in the awarding document for all Federal assistance award mechanisms, including Federal grants and cooperative agreements.
Title: 5. RELATIONSHIP TO STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE – GOVERNMENTAL FUND
Accounting Policies: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
B. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
C. Pass-through entity identifying numbers are presented where available and applicable.
D. The Senate has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: D. The Senate has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures of federal awards are reported in the Senate’s Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds as follows: ARPA Fund column.