Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: The auditee used a Modified Total Direct Cost (MTDC) rate of 19.7%, as negotiated with the US Department of Health and Human Services.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity
of Puerto Rico Science, Technology and Research Trust under programs of the federal government for the year
ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title
2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion
of the operations of the Puerto Rico Science, Technology and Research Trust, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of the Puerto Rico Science, Technology and
Research Trust. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or
used in the preparation of, the consolidated financial statements. All federal agencies as well as federal awards
passed through from other local government agencies are included in the Schedule.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: The auditee used a Modified Total Direct Cost (MTDC) rate of 19.7%, as negotiated with the US Department of Health and Human Services.
Expenditures reported on the Schedule are reported on the 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.
Title: Assistance Listing Number
Accounting Policies: Expenditures reported on the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: The auditee used a Modified Total Direct Cost (MTDC) rate of 19.7%, as negotiated with the US Department of Health and Human Services.
The Assistance Listing Numbers (AL) (formerly Catalog of Federal Domestic Assistance (CFDA) numbers) are the
publicly available listings of Federal assistance programs. The first two digits identify the federal department
or agency that administers the program, and the last three numbers are assigned by numerical sequence.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: The auditee used a Modified Total Direct Cost (MTDC) rate of 19.7%, as negotiated with the US Department of Health and Human Services.
The Trust has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Program Costs
Accounting Policies: Expenditures reported on the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: The auditee used a Modified Total Direct Cost (MTDC) rate of 19.7%, as negotiated with the US Department of Health and Human Services.
The amounts shown as current year federal expenses represent only the federal grant portion of the program
costs.