Title: GENERAL
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 US Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10 percent "de minimis" indirect cost rate allowed under the Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of the Corporacion del Proyecto Enlace del Caño Martin Peña (the Corporation) under programs of the federal government for the year ended June 30, 2024. The information in the SEFA is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not purport to present the basic financial statements of the Corporation
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 US Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10 percent "de minimis" indirect cost rate allowed under the Uniform Guidance
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 US Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: RELATIONSHIP TO THE FINANCIAL STATEMENT
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 US Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10 percent "de minimis" indirect cost rate allowed under the Uniform Guidance
Expenditures included in the SEFA amounting to $848,880 agree with the amounts included in the accompanying the basic financial statements for purposes of the Federal Financial Assistance.
Title: RESTRICTIONS
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 US Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10 percent "de minimis" indirect cost rate allowed under the Uniform Guidance
Each federal program has its own use restrictions. Those restrictions are included in the corresponding Corporation of Management Budget' s Assistance Listing.
Title: GENERAL OBJECTIVE
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 US Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10 percent "de minimis" indirect cost rate allowed under the Uniform Guidance
The Corporation received federal awards from the following federal grantors/pass-through entities (1) U.S. Department of Housing and Urban Development (HUD), (2) Environmental Protection Agency (EPA), (3) Corporation for National and Community Services and (4) U.S. Department of Homeland Security. All federal grants have a particular purpose and objective, which is disclosed in each grant award and/or compliance supplement