Title: 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: INSEC elected not to use the 10% “de minims rate” as covered in 2 CFR §200.414 Indirect Costs
The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal awards activity of Instituto Socio-Económico Comunitario (INSEC), Inc. (hereinafter “INSEC”), under programs of the federal government for the year ended September 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 Entity, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Entity.
Title: 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: INSEC elected not to use the 10% “de minims rate” as covered in 2 CFR §200.414 Indirect Costs
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.
Title: SCHEDULE NOT IN AGREEMENT WITH OTHER FEDERAL AWARDS REPORTING
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: INSEC elected not to use the 10% “de minims rate” as covered in 2 CFR §200.414 Indirect Costs
The information included in the Schedule may not fully agree with other federal awards reports submitted directly to federal grantor agencies or pass-through entities because, among other reasons, the award report may (a) be prepared for a different fiscal period and (b) include cumulative (from prior years) data rather than data from the current year only.
Title: ASSISTANCE LISTING NUMBER
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: INSEC elected not to use the 10% “de minims rate” as covered in 2 CFR §200.414 Indirect Costs
The assistance listing number included in this Schedule were determined based on the program name, review of grant contract information. Assistance listings are detailed public descriptions of federal programs that provide grants, loans, scholarships, insurance, and other types of assistance awards.
Title: PASS-THROUGH AWARDS
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: INSEC elected not to use the 10% “de minims rate” as covered in 2 CFR §200.414 Indirect Costs
INSEC is a subrecipient of Oficina para el Desarrollo Socioeconómico y Comunitario de Puerto Rico (ODSEC). Under pass-through awards, a subrecipient is an entity that expends federal awards received from a pass-through entity to carry out a federal program. The state and local government redistributions of federal awards to INSEC are treated by INSEC as if 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: RESTRICTIONS
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: INSEC elected not to use the 10% “de minims rate” as covered in 2 CFR §200.414 Indirect Costs
Each federal program has its own use restrictions.
Title: GENERAL OBJECTIVES
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: INSEC elected not to use the 10% “de minims rate” as covered in 2 CFR §200.414 Indirect Costs
INSEC received federal awards from the following federal grantors/pass-through entities: U.S. Department of Health and Human Services (HHS) / Oficina para el Desarrollo Socioeconómico y Comunitario de Puerto Rico (ODSEC). All these federal grants are received for the development and promotion of social, educational, and cultural activities to alleviate the distressed social-economic conditions of people living in low-income communities.
Title: Community Services Block Grant (Assistance Listing No. 93.569)
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: INSEC elected not to use the 10% “de minims rate” as covered in 2 CFR §200.414 Indirect Costs
The objective of the Community Services Block Grant (CSBG) program is to provide assistance to a network of community-based organizations for programs and services to ameliorate the causes and consequences of poverty and to revitalize low-income communities. CSBG can be used to fund programs and other activities that assist low-income individuals and families attain self-sufficiency; provide emergency assistance; support positive youth development; promote civic engagement; and improve the organization infrastructure for planning and coordination among multiple resources that address poverty conditions in the community.
Title: Hurricanes Fiona and Ian Disaster Relief Supplemental (Assistance Listing No. 93.569)
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: INSEC elected not to use the 10% “de minims rate” as covered in 2 CFR §200.414 Indirect Costs
To provide information to states, territories, and tribes regarding the distribution of the Community Services Block Grant (CSBG) Disaster Supplemental Funds for Hurricanes Fiona and Ian and provide guidance on eligibility, distribution, allowable activities, reporting requirements, construction waivers, obligating and expending funds, and grant recipient monitoring.