Title: GENERAL INFORMATION
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. The amounts reported in this Schedule as expenditures may differ from certain financial reports submitted to federal, state, or city funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: APM has made an election pursuant to Uniform Guidance to receive the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal, state, and city awards (the “Schedule”) presents the activities in all of the federal, state, and city financial assistance programs of Asociación Puertorriqueños en Marcha, Inc. (“APM”). All financial assistance received directly from federal agencies, as well as financial assistance passed through other governmental agencies or non-profit organizations are included on the Schedule. 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”) and the City of Philadelphia, Pennsylvania Subrecipient Audit Guide. Because the Schedule presents only a selected portion of the operations of APM, it is not intended to and does not present the financial position, changes in net assets, or cash flows of APM.
Title: SCOPE OF AUDIT PURSUANT TO UNIFORM GUIDANCE
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. The amounts reported in this Schedule as expenditures may differ from certain financial reports submitted to federal, state, or city funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: APM has made an election pursuant to Uniform Guidance to receive the 10% de minimis indirect cost rate.
The consolidated financial statements of Asociación Puertorriqueños en Marcha, Inc. include the accounts and activities of Asociación Puertorriqueños en Marcha, Inc. and its affiliated entities, Camino Verde, L.P., APM Properties, Inc., Pradera Corporation, Borinquen Plaza Associates, L.P., Refugio De Amor, L.P., Escalera Associates, L.P., Borinquen Associates, L.P., Borinquen Associates II, L.P., Taino Gardens, L.P., Paseo Verde Community Manager, L.P., Berks Senior Living, L.P., and Jardines Preservation, L.P. (the “Organization”).
Federal, state, and city award expenditures are reported on the consolidated statements of functional expenses as program services and management and general. In certain programs, the expenditures reported in the basic consolidated financial statements may differ from the expenditures reported in the schedule of expenditures of federal, state and city awards due to program expenditures exceeding grant or contract budget limitations which are not included as federal, state, and city awards and differences between generally accepted accounting principles and applicable government regulations regarding eligible program expenditures. The Schedule presents the expenditures of APM only, without eliminating transactions between APM and its affiliated entities. The federal, state and city award expenditures for one of the Organization’s affiliated entities, Pradera Corporation, in the amounts of $2,467,996, $3,141,737, and $816,714, respectively, have not been included in the accompanying schedule of expenditures of federal, state and city awards for the year ended June 30, 2024. Pradera Corporation’s federal, state and city expenditures have been included in Pradera Corporation’s schedule of expenditures of federal, state and city awards, which is included in its separate Uniform Guidance single audit for the year ended June 30, 2024 under Employer Identification Number 23-3051173.