Title: REPORTING ENTITY
Accounting Policies: (1) Expenditures reported on 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 are not allowable or are limited as to reimbursement.
(2) Expenditures for certain awards include indirect costs, relating primarily to facilities operation and maintenance, general, divisional, and departmental administrative services, which are allocated to direct cost objectives (including federal award programs) based on negotiated formulas with individual grantors.
De Minimis Rate Used: Y
Rate Explanation: PRTEC used the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
El Corredor Tecno Económico de Puerto Rico y El Caribe, Inc. (PRTEC) is a non-profit corporation organized under the laws of the Commonwealth of Puerto Rico, on July 2, 2001. The Organization was formed to enable economic development of Puerto Rico, with emphasis in the commercialization of new innovative technologies. PRTEC is supported by contributions received from the Puerto Rico Department of Housing and private sources.
Title: BASIS OF PRESENTATION
Accounting Policies: (1) Expenditures reported on 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 are not allowable or are limited as to reimbursement.
(2) Expenditures for certain awards include indirect costs, relating primarily to facilities operation and maintenance, general, divisional, and departmental administrative services, which are allocated to direct cost objectives (including federal award programs) based on negotiated formulas with individual grantors.
De Minimis Rate Used: Y
Rate Explanation: PRTEC used the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of PRTEC and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of federal financial reports and in the combined financial statements, and is not intended to, and does not present, the financial position, changes in net assets, or cash flows of El Corredor Tecno Económico de Puerto Rico y el Caribe, Inc.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: (1) Expenditures reported on 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 are not allowable or are limited as to reimbursement.
(2) Expenditures for certain awards include indirect costs, relating primarily to facilities operation and maintenance, general, divisional, and departmental administrative services, which are allocated to direct cost objectives (including federal award programs) based on negotiated formulas with individual grantors.
De Minimis Rate Used: Y
Rate Explanation: PRTEC used the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
(1) Expenditures reported on 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 are not allowable or are limited as to reimbursement.
(2) Expenditures for certain awards include indirect costs, relating primarily to facilities operation and maintenance, general, divisional, and departmental administrative services, which are allocated to direct cost objectives (including federal award programs) based on negotiated formulas with individual grantors.
Title: INDIRECT COST RATE
Accounting Policies: (1) Expenditures reported on 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 are not allowable or are limited as to reimbursement.
(2) Expenditures for certain awards include indirect costs, relating primarily to facilities operation and maintenance, general, divisional, and departmental administrative services, which are allocated to direct cost objectives (including federal award programs) based on negotiated formulas with individual grantors.
De Minimis Rate Used: Y
Rate Explanation: PRTEC used the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
PRTEC used the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: FEDERAL ASSISTANCE NUMBER
Accounting Policies: (1) Expenditures reported on 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 are not allowable or are limited as to reimbursement.
(2) Expenditures for certain awards include indirect costs, relating primarily to facilities operation and maintenance, general, divisional, and departmental administrative services, which are allocated to direct cost objectives (including federal award programs) based on negotiated formulas with individual grantors.
De Minimis Rate Used: Y
Rate Explanation: PRTEC used the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Federal Assistance Number is a five-digit number assigned in the awarding document for all federal assistance award mechanisms, including federal grants and cooperative agreements. The first two digits reflect the major federal agency, and the final three digits following the decimal indicate the federal program funding the project. Assistance listings are detailed public descriptions of federal programs that provide grants, loans, scholarships, insurance, and other types of assistance awards.
Title: PASS THROUGH ENTITY IDENTIFYING NUMBER
Accounting Policies: (1) Expenditures reported on 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 are not allowable or are limited as to reimbursement.
(2) Expenditures for certain awards include indirect costs, relating primarily to facilities operation and maintenance, general, divisional, and departmental administrative services, which are allocated to direct cost objectives (including federal award programs) based on negotiated formulas with individual grantors.
De Minimis Rate Used: Y
Rate Explanation: PRTEC used the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Uniform Guidance requires the schedule to include the name of the pass-through entity and identifying number assigned by the pass-through entity for federal awards received as a subrecipient. Numbers identified as N/AV are not available. PRTEC have included the names it uses internally for certain grants to facilitate the identification of federal programs by pass-through agencies.
Title: SCHEDULE NOT IN AGREEMENT WITH OTHER FEDERAL AWARD REPORTING
Accounting Policies: (1) Expenditures reported on 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 are not allowable or are limited as to reimbursement.
(2) Expenditures for certain awards include indirect costs, relating primarily to facilities operation and maintenance, general, divisional, and departmental administrative services, which are allocated to direct cost objectives (including federal award programs) based on negotiated formulas with individual grantors.
De Minimis Rate Used: Y
Rate Explanation: PRTEC used the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The information included in the schedule may not fully agree with other federal award reports submitted directly to federal granting agencies.
Title: RECONCILIATION OF EXPENDITURES PRESENTED IN THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO THE EXPENSES PRESENTED IN THE FINANCIAL STATEMENTS
Accounting Policies: (1) Expenditures reported on 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 are not allowable or are limited as to reimbursement.
(2) Expenditures for certain awards include indirect costs, relating primarily to facilities operation and maintenance, general, divisional, and departmental administrative services, which are allocated to direct cost objectives (including federal award programs) based on negotiated formulas with individual grantors.
De Minimis Rate Used: Y
Rate Explanation: PRTEC used the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Description Amount
Total Expenditures per SEFA $ 1,517,479
Less: Expenditures for capital Assets (20,363)
Plus: Other Unrestricted expenses 105,182
Total expenses per financial statements $ 1,602,298