Title: Basis of Presentation
Accounting Policies: Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule or SEFA) includes the federal grant activity of Sociedad Española de Auxilio Mutuo y Beneficencia de Puerto Rico (the Entity), under programs of the federal government for the year ended September 30, 2024.
The information included in the Schedule is prepared 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements of the Entity.
Because the Schedule presents only a selected portion of the operations of the Entity, it is not intended to, and does not, present the consolidated balance sheet, and the related consolidated statements of income and changes in net assets, and of cash flows of the Entity. Funds received from the federal programs, as detailed in the SEFA, for the year ended September 30, 2024 are included as other non-operating income in the consolidated statement of income and changes in net assets of the Entity.
The Commonwealth of Puerto Rico (the P.R. Government) through the Central Office of Recovery, Reconstruction, and Resiliency (COR3) has applied for and received the Disaster Grants – Public Assistance (Presidentially Declared Disasters) and Hazard Mitigation Grant Program (HMGP), under the Federal Emergency Management Agency (FEMA) of the U.S. Department of Homeland Security (DHS). The Entity has a subaward agreement with the Puerto Rico Government.
Note 2 - Summary of Significant Accounting Policies
The Schedule is prepared from the Entity’s accounting records. The financial transactions are recorded by the Entity in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. Expenditures reported in 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 may or may not be allowable or may be limited as to reimbursement. The Entity has elected not to use the 10 percent de minimis indirect cost rate, as allowed under the Uniform Guidance.
Note 3 - Assistance Listing (AL) Numbers
The AL numbers included in the Schedule are determined based on the program name, review of grant contract information and the OMB’s Assistance Listing Number.
Note 4 - Major Federal Program
The major program is identified in the Summary of Auditors’ Results Section in the Schedule of Findings and Questioned Costs. Federal programs are presented by federal agency.
De Minimis Rate Used: N
Rate Explanation: The Entity has elected not to use the 10 percent de minimis indirect cost rate, as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule or SEFA) includes the federal grant activity of Sociedad Española de Auxilio Mutuo y Beneficencia de Puerto Rico (the Entity), under programs of the federal government for the year ended September 30, 2024.
The information included in the Schedule is prepared 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements of the Entity.
Because the Schedule presents only a selected portion of the operations of the Entity, it is not intended to, and does not, present the consolidated balance sheet, and the related consolidated statements of income and changes in net assets, and of cash flows of the Entity. Funds received from the federal programs, as detailed in the SEFA, for the year ended September 30, 2024 are included as other non-operating income in the consolidated statement of income and changes in net assets of the Entity.
The Commonwealth of Puerto Rico (the P.R. Government) through the Central Office of Recovery, Reconstruction, and Resiliency (COR3) has applied for and received the Disaster Grants – Public Assistance (Presidentially Declared Disasters) and Hazard Mitigation Grant Program (HMGP), under the Federal Emergency Management Agency (FEMA) of the U.S. Department of Homeland Security (DHS). The Entity has a subaward agreement with the Puerto Rico Government.
Title: Summary of Significant Accounting Policies
Accounting Policies: Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule or SEFA) includes the federal grant activity of Sociedad Española de Auxilio Mutuo y Beneficencia de Puerto Rico (the Entity), under programs of the federal government for the year ended September 30, 2024.
The information included in the Schedule is prepared 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements of the Entity.
Because the Schedule presents only a selected portion of the operations of the Entity, it is not intended to, and does not, present the consolidated balance sheet, and the related consolidated statements of income and changes in net assets, and of cash flows of the Entity. Funds received from the federal programs, as detailed in the SEFA, for the year ended September 30, 2024 are included as other non-operating income in the consolidated statement of income and changes in net assets of the Entity.
The Commonwealth of Puerto Rico (the P.R. Government) through the Central Office of Recovery, Reconstruction, and Resiliency (COR3) has applied for and received the Disaster Grants – Public Assistance (Presidentially Declared Disasters) and Hazard Mitigation Grant Program (HMGP), under the Federal Emergency Management Agency (FEMA) of the U.S. Department of Homeland Security (DHS). The Entity has a subaward agreement with the Puerto Rico Government.
Note 2 - Summary of Significant Accounting Policies
The Schedule is prepared from the Entity’s accounting records. The financial transactions are recorded by the Entity in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. Expenditures reported in 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 may or may not be allowable or may be limited as to reimbursement. The Entity has elected not to use the 10 percent de minimis indirect cost rate, as allowed under the Uniform Guidance.
Note 3 - Assistance Listing (AL) Numbers
The AL numbers included in the Schedule are determined based on the program name, review of grant contract information and the OMB’s Assistance Listing Number.
Note 4 - Major Federal Program
The major program is identified in the Summary of Auditors’ Results Section in the Schedule of Findings and Questioned Costs. Federal programs are presented by federal agency.
De Minimis Rate Used: N
Rate Explanation: The Entity has elected not to use the 10 percent de minimis indirect cost rate, as allowed under the Uniform Guidance.
The Schedule is prepared from the Entity’s accounting records. The financial transactions are recorded by the Entity in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. Expenditures reported in 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 may or may not be allowable or may be limited as to reimbursement. The Entity has elected not to use the 10 percent de minimis indirect cost rate, as allowed under the Uniform Guidance.
Title: Assistance Listing (AL) Numbers
Accounting Policies: Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule or SEFA) includes the federal grant activity of Sociedad Española de Auxilio Mutuo y Beneficencia de Puerto Rico (the Entity), under programs of the federal government for the year ended September 30, 2024.
The information included in the Schedule is prepared 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements of the Entity.
Because the Schedule presents only a selected portion of the operations of the Entity, it is not intended to, and does not, present the consolidated balance sheet, and the related consolidated statements of income and changes in net assets, and of cash flows of the Entity. Funds received from the federal programs, as detailed in the SEFA, for the year ended September 30, 2024 are included as other non-operating income in the consolidated statement of income and changes in net assets of the Entity.
The Commonwealth of Puerto Rico (the P.R. Government) through the Central Office of Recovery, Reconstruction, and Resiliency (COR3) has applied for and received the Disaster Grants – Public Assistance (Presidentially Declared Disasters) and Hazard Mitigation Grant Program (HMGP), under the Federal Emergency Management Agency (FEMA) of the U.S. Department of Homeland Security (DHS). The Entity has a subaward agreement with the Puerto Rico Government.
Note 2 - Summary of Significant Accounting Policies
The Schedule is prepared from the Entity’s accounting records. The financial transactions are recorded by the Entity in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. Expenditures reported in 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 may or may not be allowable or may be limited as to reimbursement. The Entity has elected not to use the 10 percent de minimis indirect cost rate, as allowed under the Uniform Guidance.
Note 3 - Assistance Listing (AL) Numbers
The AL numbers included in the Schedule are determined based on the program name, review of grant contract information and the OMB’s Assistance Listing Number.
Note 4 - Major Federal Program
The major program is identified in the Summary of Auditors’ Results Section in the Schedule of Findings and Questioned Costs. Federal programs are presented by federal agency.
De Minimis Rate Used: N
Rate Explanation: The Entity has elected not to use the 10 percent de minimis indirect cost rate, as allowed under the Uniform Guidance.
The AL numbers included in the Schedule are determined based on the program name, review of grant contract information and the OMB’s Assistance Listing Number.
Title: Major Federal Program
Accounting Policies: Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule or SEFA) includes the federal grant activity of Sociedad Española de Auxilio Mutuo y Beneficencia de Puerto Rico (the Entity), under programs of the federal government for the year ended September 30, 2024.
The information included in the Schedule is prepared 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements of the Entity.
Because the Schedule presents only a selected portion of the operations of the Entity, it is not intended to, and does not, present the consolidated balance sheet, and the related consolidated statements of income and changes in net assets, and of cash flows of the Entity. Funds received from the federal programs, as detailed in the SEFA, for the year ended September 30, 2024 are included as other non-operating income in the consolidated statement of income and changes in net assets of the Entity.
The Commonwealth of Puerto Rico (the P.R. Government) through the Central Office of Recovery, Reconstruction, and Resiliency (COR3) has applied for and received the Disaster Grants – Public Assistance (Presidentially Declared Disasters) and Hazard Mitigation Grant Program (HMGP), under the Federal Emergency Management Agency (FEMA) of the U.S. Department of Homeland Security (DHS). The Entity has a subaward agreement with the Puerto Rico Government.
Note 2 - Summary of Significant Accounting Policies
The Schedule is prepared from the Entity’s accounting records. The financial transactions are recorded by the Entity in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. Expenditures reported in 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 may or may not be allowable or may be limited as to reimbursement. The Entity has elected not to use the 10 percent de minimis indirect cost rate, as allowed under the Uniform Guidance.
Note 3 - Assistance Listing (AL) Numbers
The AL numbers included in the Schedule are determined based on the program name, review of grant contract information and the OMB’s Assistance Listing Number.
Note 4 - Major Federal Program
The major program is identified in the Summary of Auditors’ Results Section in the Schedule of Findings and Questioned Costs. Federal programs are presented by federal agency.
De Minimis Rate Used: N
Rate Explanation: The Entity has elected not to use the 10 percent de minimis indirect cost rate, as allowed under the Uniform Guidance.
The major program is identified in the Summary of Auditors’ Results Section in the Schedule of Findings and Questioned Costs. Federal programs are presented by federal agency.