Title: MAJOR FEDERAL PROGRAMS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal
awards activity of Hogar Manuel Mediavilla Negrón, Inc., (hereinafter Organization), under programs of the federal government for the year ended June 30, 2024. The information in this
schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. The Schedule is prepared from the Organization’s accounting records and is not intended to
present its financial position or the results of its operations.
2. The financial transactions are recorded by the Organization in accordance with the terms and
conditions of the grants, which are consistent with accounting principles generally accepted in
the United States of America.
3. Expenditures are recognized in the accounting period in which the liability is incurred, if
measurable or when actually paid, whichever occurs first.
De Minimis Rate Used: N
Rate Explanation: N/A
Major program is identified in the summary of auditors’ results section in the Schedule of Findings and Questioned Costs. Federal program is presented by federal agency.
Title: SCHEDULE NOT IN AGREEMENT WITH OTHER FEDERAL AWARDS REPORTING
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal
awards activity of Hogar Manuel Mediavilla Negrón, Inc., (hereinafter Organization), under programs of the federal government for the year ended June 30, 2024. The information in this
schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. The Schedule is prepared from the Organization’s accounting records and is not intended to
present its financial position or the results of its operations.
2. The financial transactions are recorded by the Organization in accordance with the terms and
conditions of the grants, which are consistent with accounting principles generally accepted in
the United States of America.
3. Expenditures are recognized in the accounting period in which the liability is incurred, if
measurable or when actually paid, whichever occurs first.
De Minimis Rate Used: N
Rate Explanation: N/A
The information included in the Schedule may not fully agree with other federal awards reports, submitted directly to federal grantor agency because, among other reasons, the award report may (a) be prepared for a different fiscal period and (b) include cumulative data (from prior years) rather than data from the current year only.
Title: ASSITANCE LISTING NUMBER
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal
awards activity of Hogar Manuel Mediavilla Negrón, Inc., (hereinafter Organization), under programs of the federal government for the year ended June 30, 2024. The information in this
schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. The Schedule is prepared from the Organization’s accounting records and is not intended to
present its financial position or the results of its operations.
2. The financial transactions are recorded by the Organization in accordance with the terms and
conditions of the grants, which are consistent with accounting principles generally accepted in
the United States of America.
3. Expenditures are recognized in the accounting period in which the liability is incurred, if
measurable or when actually paid, whichever occurs first.
De Minimis Rate Used: N
Rate Explanation: N/A
The Assistance Listing Number is a program identification number presented for programs in which such numbers are available. 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: RELATIONSHIP TO THE STATEMENT OF ACTIVITIES
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal
awards activity of Hogar Manuel Mediavilla Negrón, Inc., (hereinafter Organization), under programs of the federal government for the year ended June 30, 2024. The information in this
schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. The Schedule is prepared from the Organization’s accounting records and is not intended to
present its financial position or the results of its operations.
2. The financial transactions are recorded by the Organization in accordance with the terms and
conditions of the grants, which are consistent with accounting principles generally accepted in
the United States of America.
3. Expenditures are recognized in the accounting period in which the liability is incurred, if
measurable or when actually paid, whichever occurs first.
De Minimis Rate Used: N
Rate Explanation: N/A
The reconciliation of expenses in the Statement of Activities and Changes in Net Assets to the total
expenditures of federal awards in the Schedule of Expenditures of Federal Awards is as follows:
Expenses per Statements of Activities and Changes in Net Assets $ 7,845,625
Less: Unrestricted Funds Expenditures (Non-Federal) as follows:
Rehabilitation Project Costs GRCE (2,224,469)
Bad Debt (5,488,770)
Other (132,386)
Plus:
Transfer of Federal Funds to Developer 2,392,847
Expenditures recognized from FEMA 575,565
Total Expenditures of Federal Awards in the Schedule of
Expenditures of Federal Awards $ 2,968,412
Less: Unrestricted Funds Expenditures (Non-Federal) (2,356,857)
Pluss: Transfer of Federal Funds to Developer 3,228,501
Total Expenditures of Federal Awards in the Schedule of
Expenditures of Federal Awards $ 2,392,847
Title: PASS-THROUGH AWARDS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal
awards activity of Hogar Manuel Mediavilla Negrón, Inc., (hereinafter Organization), under programs of the federal government for the year ended June 30, 2024. The information in this
schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. The Schedule is prepared from the Organization’s accounting records and is not intended to
present its financial position or the results of its operations.
2. The financial transactions are recorded by the Organization in accordance with the terms and
conditions of the grants, which are consistent with accounting principles generally accepted in
the United States of America.
3. Expenditures are recognized in the accounting period in which the liability is incurred, if
measurable or when actually paid, whichever occurs first.
De Minimis Rate Used: N
Rate Explanation: N/A
The Organization is a subrecipient of a state governmental agencies that are identified in the Schedule. Under pass-through awards, a subrecipient is a nonfederal entity that receives a
subaward from a pass-through entity to carry out part of a federal program but does not include an individual that is a beneficiary of such program. State and local government redistributions of
federal awards to the Institution, known as subawards, are treated by the Institution as though they were received directly from the federal government. That is, federal awards expended as a subrecipient are subject to a single audit on the same basis as that of federal awards that are received directly. The Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (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. Pass-through entity numbers identified in the Schedule as "N/AV" are not available.
Title: GENERAL OBJECTIVES
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal
awards activity of Hogar Manuel Mediavilla Negrón, Inc., (hereinafter Organization), under programs of the federal government for the year ended June 30, 2024. The information in this
schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. The Schedule is prepared from the Organization’s accounting records and is not intended to
present its financial position or the results of its operations.
2. The financial transactions are recorded by the Organization in accordance with the terms and
conditions of the grants, which are consistent with accounting principles generally accepted in
the United States of America.
3. Expenditures are recognized in the accounting period in which the liability is incurred, if
measurable or when actually paid, whichever occurs first.
De Minimis Rate Used: N
Rate Explanation: N/A
Community Development Block Grant Program for Disaster (14.288) The Puerto Rico Community Development Block Grant Program for Disaster Recovery (CDBG-DR)
is carried out to ensure decent and affordable housing opportunities, provision of services,
assistance to the most vulnerable in our communities, and the expansion, and preservation of jobs.
Funds for this Program come form the United States Department of Housing and Urban
Development (HUD) Community Development Disaster Recovery Program to support disaster
recovery activities, including reconstruction and housing development.
Title: SUBRECIPIENTS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal
awards activity of Hogar Manuel Mediavilla Negrón, Inc., (hereinafter Organization), under programs of the federal government for the year ended June 30, 2024. The information in this
schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. The Schedule is prepared from the Organization’s accounting records and is not intended to
present its financial position or the results of its operations.
2. The financial transactions are recorded by the Organization in accordance with the terms and
conditions of the grants, which are consistent with accounting principles generally accepted in
the United States of America.
3. Expenditures are recognized in the accounting period in which the liability is incurred, if
measurable or when actually paid, whichever occurs first.
De Minimis Rate Used: N
Rate Explanation: N/A
For the year ended June 30, 2024, the Organization did not provide federal awards to any subrecipients
Title: SUBSIQUENT EVENT
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal
awards activity of Hogar Manuel Mediavilla Negrón, Inc., (hereinafter Organization), under programs of the federal government for the year ended June 30, 2024. The information in this
schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. The Schedule is prepared from the Organization’s accounting records and is not intended to
present its financial position or the results of its operations.
2. The financial transactions are recorded by the Organization in accordance with the terms and
conditions of the grants, which are consistent with accounting principles generally accepted in
the United States of America.
3. Expenditures are recognized in the accounting period in which the liability is incurred, if
measurable or when actually paid, whichever occurs first.
De Minimis Rate Used: N
Rate Explanation: N/A
On January 27, 2025, the OMB of the United States Federal Government instituted a pause
(freeze) on the disbursement of federal grant and loan funds, which became effective on January
28, 2025. The extent to which the funding freeze impacts our operations, financial results, and cash
flows, both current and future, will depend on future developments, which are highly uncertain and
cannot be predicted with any measure of certainty or probability.