Title: Schedule Not in Agreement with Other Federal Awards Reporting
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Puerto Rico Housing Finance Authority (the Authority) and 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). The Authority's government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, which conform to accounting principles
generally accepted in the United States of America. The accounts of the Authority are presented based on funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, deferred inflows, liabilities, and deferred outflows, fund balance/net position, revenues, and expenditures/expenses. Government resources are allocated to and accounted for by individual funds based upon the purposes for which they are to be spent and how spending activities are controlled.
Governmental funds are used to account for the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of
expendable resources, as well as balances of expendable resources available at the end of the fiscal year. Summary of Significant 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, Cost
Principles, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The information included in the Schedule may not fully agree with other federal awards reports,
submitted directly to the federal grantor agency 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: Assistance Listing Number
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Puerto Rico Housing Finance Authority (the Authority) and 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). The Authority's government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, which conform to accounting principles
generally accepted in the United States of America. The accounts of the Authority are presented based on funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, deferred inflows, liabilities, and deferred outflows, fund balance/net position, revenues, and expenditures/expenses. Government resources are allocated to and accounted for by individual funds based upon the purposes for which they are to be spent and how spending activities are controlled.
Governmental funds are used to account for the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of
expendable resources, as well as balances of expendable resources available at the end of the fiscal year. Summary of Significant 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, Cost
Principles, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The Assistance Listing Number is a program identification number presented for programs in which such numbers are available. 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: Relationship to the Financial Statements
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Puerto Rico Housing Finance Authority (the Authority) and 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). The Authority's government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, which conform to accounting principles
generally accepted in the United States of America. The accounts of the Authority are presented based on funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, deferred inflows, liabilities, and deferred outflows, fund balance/net position, revenues, and expenditures/expenses. Government resources are allocated to and accounted for by individual funds based upon the purposes for which they are to be spent and how spending activities are controlled.
Governmental funds are used to account for the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of
expendable resources, as well as balances of expendable resources available at the end of the fiscal year. Summary of Significant 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, Cost
Principles, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
A reconciliation of total expenditures related to federal programs included in the statement of revenues, expenditures, and changes in fund balances - governmental funds and the statement of revenues, expenses, and changes in net position – proprietary funds to total expenditures included in the schedule of expenditures of federal awards is as follows: Major Funds:
HUD Programs $ 147,722,015
HOME Programs 3,516580
Community Development Block Grant - Disaster Recovery 305,651,387
Less:
Performance Based Contract Administrator Program (ALN 14.327)
excluded from coverage under Uniform Guidance 147,722,015
Total expenditures in schedule of expenditures of federal awards $ 309,167,967
Title: Pass Trough
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Puerto Rico Housing Finance Authority (the Authority) and 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). The Authority's government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, which conform to accounting principles
generally accepted in the United States of America. The accounts of the Authority are presented based on funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, deferred inflows, liabilities, and deferred outflows, fund balance/net position, revenues, and expenditures/expenses. Government resources are allocated to and accounted for by individual funds based upon the purposes for which they are to be spent and how spending activities are controlled.
Governmental funds are used to account for the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of
expendable resources, as well as balances of expendable resources available at the end of the fiscal year. Summary of Significant 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, Cost
Principles, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
No federal grant dollar has been passed through to sub-recipient.
Title: Subsequent Event
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Puerto Rico Housing Finance Authority (the Authority) and 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). The Authority's government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, which conform to accounting principles
generally accepted in the United States of America. The accounts of the Authority are presented based on funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, deferred inflows, liabilities, and deferred outflows, fund balance/net position, revenues, and expenditures/expenses. Government resources are allocated to and accounted for by individual funds based upon the purposes for which they are to be spent and how spending activities are controlled.
Governmental funds are used to account for the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of
expendable resources, as well as balances of expendable resources available at the end of the fiscal year. Summary of Significant 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, Cost
Principles, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
On January 27, 2025, the OMB of the United States Federal Government instituted a pause (freeze)
on the disbursement of federal grant and loan funds, which became effective on January 28, 2025.
The extent to which the funding freeze impacts our operations, financial results, and cash flows,
both current and future, will depend on future developments, which are highly uncertain and cannot
be predicted with any measure of certainty or probability.