Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain type of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent of de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of Museo de Arte de Puerto Rico, Inc. (the "Museum") under programs of the federal government for the year ended in June 30, 2024. The information in this SEFA 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 SEFA presents only a selected portion of the operation of the Museum, it is not intended to and does not present the financial position, changes in net assets, or cash flow of the Museum.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain type of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent of de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented when available.
Title: NOTE C - SCHEDULE NOT IN AGREEMENT WITH OTHER FEDERAL AWARDS REPORTING
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain type of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent of de minimis indirect cost rate as allowed under the Uniform Guidance.
The information included in the Schedule may not fully agree with other federal award reports, submitted directly to federal grantor agencies because, among other reasons, the award report may (a) be prepared for a different fiscal period and (b) include cumulative data (from prior years) rather than data from the current year only.
Title: NOTE D - FEDERAL CFDA NUMBER
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain type of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent of de minimis indirect cost rate as allowed under the Uniform Guidance.
The Catalog of Federal Domestic Assistance (CFDA) Number is a program identification number. The first two digits identify the federal department or agency that administers the program and the last three numbers are assigned via numerical sequence.
Title: NOTE E - INDIRECT COST
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain type of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent of de minimis indirect cost rate as allowed under the Uniform Guidance.
For the purpose of charging indirect costs to a federal award, the Museum has not prepared or submitted an indirect cost proposal as permitted by CFR 200.414 of the Uniform Guidance.
Title: NOTE F – PASS-THROUGH
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain type of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent of de minimis indirect cost rate as allowed under the Uniform Guidance.
No federal grant dollar has been passed through to the sub-recipient.
Title: NOTE G – RECONCILIATION OF EXPENDITURES IN THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO THE EXPENSES PRESENTED IN THE STATEMENT OF ACTIVITIES
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain type of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent of de minimis indirect cost rate as allowed under the Uniform Guidance.
See the Notes to the SEFA for chart/table