Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 1. The financial transactions are recorded by the Authority in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. 2. Expenditures reported on the Schedule are reported on the accrual basis of accounting. 3. 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 Authority does not use the de minimis rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grants activity of the Puerto Rico Convention Center District Authority (the “Authority”), for the year ended June 30, 2023. The information in the 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 (the “Uniform Guidance”).
Title: Summary of Significant Accounting Policies
Accounting Policies: 1. The financial transactions are recorded by the Authority in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. 2. Expenditures reported on the Schedule are reported on the accrual basis of accounting. 3. 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 Authority does not use the de minimis rate.
The Schedule is prepared from the Authority’s accounting records and is not intended to present its financial position or the results of its operations. The financial transactions are recorded by the Authority in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. 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: Federal Assistance Listing Numbers (“FALN”)
Accounting Policies: 1. The financial transactions are recorded by the Authority in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. 2. Expenditures reported on the Schedule are reported on the accrual basis of accounting. 3. 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 Authority does not use the de minimis rate.
The FALN numbers included in the Schedule are determined based on the program name, review of grant contract information and the assistance listings in the System for Award Management (SAM.gov) website. FALN numbers are presented for those programs for which such numbers are available.
Title: Major Federal Programs
Accounting Policies: 1. The financial transactions are recorded by the Authority in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. 2. Expenditures reported on the Schedule are reported on the accrual basis of accounting. 3. 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 Authority does not use the de minimis rate.
Major programs are identified in the summary of auditors’ results section in the Schedule of Findings and Questioned Costs. Federal programs are presented by federal agency.
Title: Indirect Cost
Accounting Policies: 1. The financial transactions are recorded by the Authority in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. 2. Expenditures reported on the Schedule are reported on the accrual basis of accounting. 3. 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 Authority does not use the de minimis rate.
The Authority has not used the 10% de minimis indirect cost rate.