Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Acción Social de Puerto Rico, Inc. and is presented using the accrual basis of accounting. The information in this schedule is presented in accordance with the requirement of 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 Acción Social de Puerto Rico, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Acción Social de Puerto Rico, Inc.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the ten (10) percent of the minimum indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Acción Social de Puerto Rico, Inc. and is presented using the accrual basis of accounting. The information in this schedule is presented in accordance with the requirement of 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 Acción Social de Puerto Rico, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Acción Social de Puerto Rico, Inc.
Title: RECONCILIATION TO FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Acción Social de Puerto Rico, Inc. and is presented using the accrual basis of accounting. The information in this schedule is presented in accordance with the requirement of 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 Acción Social de Puerto Rico, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Acción Social de Puerto Rico, Inc.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the ten (10) percent of the minimum indirect cost rate allowed under the Uniform Guidance.
The reconciliation of expenses in the statement of activities to the Schedule of Expenditures of Federal Awards is as follows:
Expenditures per the statement of activities $ 13,577,161
Depreciation expense (574,095)
Non-federal expense (288,844)
Capital expense 538,963
Expenditures per Schedule of Expenditures of Federal Awards $ 13,253,185
Title: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Acción Social de Puerto Rico, Inc. and is presented using the accrual basis of accounting. The information in this schedule is presented in accordance with the requirement of 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 Acción Social de Puerto Rico, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Acción Social de Puerto Rico, Inc.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the ten (10) percent of the minimum indirect cost rate allowed under the Uniform Guidance.
The Organization did not elect to use the ten (10) percent of the minimum indirect cost rate allowed under the Uniform Guidance.