Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Unifoem Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For pass-through awards, The Aurhority records the expenditures of federal programs in the year in which the pass-through entity makes the reimbursement of the cost to the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditure of Federal Awards (the Schedule) includes the federal grant activity of the Puerto Rico and Municipal Isalands Maritime Transport Authority (The Authority), (a component unit of the Commonwealth of Puerto Rico), under programs of the federal government for the year ended June 30, 2019. The information in the 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). Therefore, some amounts presented in the Schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements. 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 posotion and changes in the net position of the Authority.
Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Unifoem Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For pass-through awards, The Aurhority records the expenditures of federal programs in the year in which the pass-through entity makes the reimbursement of the cost to the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
The Catalog of Federal Domestic Assitance (CFDA) number 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: Note A - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Unifoem Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For pass-through awards, The Aurhority records the expenditures of federal programs in the year in which the pass-through entity makes the reimbursement of the cost to the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
State or local government redistributions of federal awards to the Authority, know as "pass-through awards", should be treated by the Authority as though they were received directly from the federal government. The Uniform Guidance requires the scehdule to include the name of the pass-through entity and the identifying number assigned by the pass-through entoty for the federal awards recived as a sub-recipient. Numbers identified as N/A are not applicable.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Unifoem Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For pass-through awards, The Aurhority records the expenditures of federal programs in the year in which the pass-through entity makes the reimbursement of the cost to the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost pronciples contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For pass-through awards, the AUthority records the expenditres of federal programs in the year in which the pass-though entity makes the reimbursement of the cost to the Authority.
Title: Note C - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Unifoem Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For pass-through awards, The Aurhority records the expenditures of federal programs in the year in which the pass-through entity makes the reimbursement of the cost to the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
The Authority has elected not to use the 10-percent de minimis cost rate allowed under the Uniform Guidance.