Notes to SEFA
Title: Basis of Presentation
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, wherein certain types of
expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were charged to the federal program.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant
activity of the Corporación para la Promoción de Puerto Rico como Destino, Inc. (the “Organization”) 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 Organization, it is
not intended to and does not present the financial position and changes in net position of the Organization.
Title: Summary of Significant Accounting Policies
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, wherein certain types of
expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were charged to the federal program.
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 to reimbursement.
Title: Assistance Listing Number
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, wherein certain types of
expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were charged to the federal program.
The Assistance Listing Numbers (AL) (formerly Catalog of Federal Domestic Assistance (CFDA) numbers) are
the publicly available listings of Federal assistance programs. 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: Program Costs
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, wherein certain types of
expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were charged to the federal program.
The amounts shown in the current year federal expenses represent only the federal grant portion of the
program costs.
Title: Reconciliation to Financial Statements
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, wherein certain types of
expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were charged to the federal program.
The reconciliation of expenses in the funds’ financial statements to the schedule of expenditures of federal
awards is as follows:
Description Amount
Federal grant revenues per statement of revenues, expenditures and
change in fund balance- Governmental Fund $ 15,908,986
Less: Long-term portion of Incentive Commitments of prior year (260,509 )
Expenses per schedule of expenditures of federal awards $ 15,648,477