Title: 1. Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activities of the Municipality of Aibonito of the Commonwealth of Puerto Rico under programs of the Federal government for the fiscal 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 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 Municipality of Aibonito, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Municipality of Aibonito.
De Minimis Rate Used: N
Rate Explanation: THE MUNICIPALITY DID NOT USE THE DE MINIMIS COST RATE
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activities of the Municipality of Aibonito of the Commonwealth of Puerto Rico under programs of the Federal government for the fiscal 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 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 Municipality of Aibonito, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Municipality of Aibonito.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activities of the Municipality of Aibonito of the Commonwealth of Puerto Rico under programs of the Federal government for the fiscal 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 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 Municipality of Aibonito, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Municipality of Aibonito.
De Minimis Rate Used: N
Rate Explanation: THE MUNICIPALITY DID NOT USE THE DE MINIMIS COST RATE
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 allowed or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activities of the Municipality of Aibonito of the Commonwealth of Puerto Rico under programs of the Federal government for the fiscal 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 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 Municipality of Aibonito, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Municipality of Aibonito.
De Minimis Rate Used: N
Rate Explanation: THE MUNICIPALITY DID NOT USE THE DE MINIMIS COST RATE
The Municipality of Aibonito has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 3. Federal Loan
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activities of the Municipality of Aibonito of the Commonwealth of Puerto Rico under programs of the Federal government for the fiscal 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 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 Municipality of Aibonito, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Municipality of Aibonito.
De Minimis Rate Used: N
Rate Explanation: THE MUNICIPALITY DID NOT USE THE DE MINIMIS COST RATE
The Municipality of Aibonito was approved by the U.S. Department of Homeland Security to receive loan of $2,709,917 through the Community Disaster Loan Program. The outstanding balance at June 30, 2024 is $1,806,612.
Title: 4. Relationship to the Basic Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activities of the Municipality of Aibonito of the Commonwealth of Puerto Rico under programs of the Federal government for the fiscal 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 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 Municipality of Aibonito, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Municipality of Aibonito.
De Minimis Rate Used: N
Rate Explanation: THE MUNICIPALITY DID NOT USE THE DE MINIMIS COST RATE
Revenues and expenditures of the federal awards are included in the Municipality’s basic financial statements within the Capital Projects Fund, the Proprietary Fund and the Other Governmental Funds. The reconciliation between the expenditures in the basic financial statements and expenditures in the Schedule of Expenditures of Federal Awards is as follows:
Title: 4. Relationship to the Basic Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activities of the Municipality of Aibonito of the Commonwealth of Puerto Rico under programs of the Federal government for the fiscal 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 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 Municipality of Aibonito, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Municipality of Aibonito.
De Minimis Rate Used: N
Rate Explanation: THE MUNICIPALITY DID NOT USE THE DE MINIMIS COST RATE
Expenditures in the basic financial statements: