Title: REPORTING ENTITY
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
The Autonomous Municipality of San Lorenzo of the Commonwealth of Puerto Rico (Municipality) was founded in 1811
and operates as a governmental unit of the Commonwealth of Puerto Rico under Act No. 107 of August 14, 2020, known
as “Municipal Code of Puerto Rico”. It is governed by a Mayor and a 14 Legislators of the Municipal Legislature elected
for a four-year term.
Title: BASIS OF PRESENTATION
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the Federal award activities of the
Autonomous Municipality of San Lorenzo of the Commonwealth of Puerto Rico under programs of the Federal
government for the fiscal 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 Guidance). Because the Schedule
presents only a selected portion of the operations of the Municipality, it is not intended to and does not present the
financial position, changes in net position, or cash flows of the Municipality.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
A. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in n Subpart E – Cost Principles of the
Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited
as to reimbursement.
B. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years.
C. Pass-through entity identifying numbers are presented where available.
D. The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: FEDERAL ASSISTANCE LISTING NUMBER
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
The Federal Assistance Listing Number, formerly known as the Catalog of Federal Domestic Assistance (CFDA)
Number, is a five-digit number assigned in the awarding document for all Federal assistance award mechanisms,
including Federal grants and cooperative agreements.
Title: RELATIONSHIP TO THE FINANCIAL STATEMENTS
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
Expenditures of Federal awards are reported in the Municipality’s Statement of Revenues, Expenditures and Changes
in Fund Balances – Governmental Fund as follows: COVID Funds – $5,010,231, FEMA Funds – $4,012,653, and Other
Governmental Funds – $5,615,708.
Title: OUTSTANDING LOANS OF FEDERAL FUNDS
Accounting Policies: See Notes
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance
Federal funded loans provided under these programs are included as expenditure on the schedule of expenditure of
Federal Awards. Per Uniform Guidance, loans proceed that were received and expended in prior years are not
considered federal awards expended (and thus not shown on the schedule of expenditures of federal awards) as those
loans do not include continuing compliance requirements other than repayment of the loans. The Municipality is required
to identify in the Notes to the Schedule of Expenditures of Federal Awards the balances outstanding at the end of the
period. On June 30, 2024, Community Facilities Loan Program CFDA 10.766, had an outstanding loan balance of
$1,978,113.