Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: CASH BASIS
De Minimis Rate Used: Y
Rate Explanation: The Puerto Rico Transport and Other Public Service Bureau has elected to use the 10 percent de minims indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of the Government of Puerto Rico Transport and Other Public Service Bureau ("TOPSB"), an agency of the Government of Puerto Rico, 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 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 TOPSB, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the TOPSB. The Uniform Guidance requires the Schedule to include the name of the passthrough entity and the identifying number assigned to the pass-through entity for the federal awards received.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: CASH BASIS
De Minimis Rate Used: Y
Rate Explanation: The Puerto Rico Transport and Other Public Service Bureau has elected to use the 10 percent de minims indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards is presented using the cash basis of accounting.Expenditures reported on the Schedule are determined using the cost accounting principles and procedures set forth in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The Puerto Rico Transport and Other Public Service Bureau has elected to use the 10 percent de minims indirect cost rate allowed under the Uniform Guidance.
Title: NOTE C - FEDERAL ASSISTANCE LISTING NUMBER
Accounting Policies: CASH BASIS
De Minimis Rate Used: Y
Rate Explanation: The Puerto Rico Transport and Other Public Service Bureau has elected to use the 10 percent de minims indirect cost rate allowed under the Uniform Guidance.
The Assistance Listing numbers included in this Schedule are determined based on the program name, review of grant contract information and the Office of Management and Budget's Catalogue of Federal Domestic Assistance.