Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures included on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized at the time of disbursement, 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: N/A
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activities of the Puerto Rico Fiscal Agency and Financial Advisory Authority (the Authority), a Component Unit of the Commonwealth of Puerto Rico (the Commonwealth), under programs of the federal government, for the
year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Authority, it is not intended to and does not present the financial position and changes in financial position of the Authority. Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements. All federal agencies as well as federal awards passed through from other local government agencies are included in the Schedule.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures included on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized at the time of disbursement, 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: N/A
Expenditures included on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized at the time of disbursement, 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 included on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized at the time of disbursement, 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: N/A
The Assistance Listing Number (ALN), formerly known as Catalog of Federal Domestic Assistance (CFDA) Numbers is a program identification number. 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 included on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized at the time of disbursement, 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: N/A
The amounts shown as current year federal expenses represent only the federal grant portion of the program costs.
Title: Reconciliation to Financial Statements
Accounting Policies: Expenditures included on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized at the time of disbursement, 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: N/A
The reconciliation of expenses in the governmental funds’ financial statements to the schedule of expenditures of federal awards is as follows.