Title: Basis of Presentation
Accounting Policies: A. Expenditures reported in the Schedule are reported on the modified acrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in the Office of Management and Budget Circular A-87, State and Local Governments, or the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulations Part 200, wherein certain types of expenitures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: AEDA has elected not to use the 10 percent de minimis indiret cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule" includes the federal award activities of the Agricultural Enterprises Development Administration ("AEDA") a componet unit of the Commonwealth of Puerto Rico, under programs of the Federal government for the fiscal year ended June 30, 2023. The information in thos Schedule is presented in accordance with the requirments of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Pronciples, and Audit Requirements for Federal Awards. ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of AEDA, it is not intended to and does not present the financial position, changes in net position, or cash flows of AEDA.
Title: Summary of Significant Accounting Polices
Accounting Policies: A. Expenditures reported in the Schedule are reported on the modified acrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in the Office of Management and Budget Circular A-87, State and Local Governments, or the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulations Part 200, wherein certain types of expenitures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: AEDA has elected not to use the 10 percent de minimis indiret cost rate allowed under the Uniform Guidance.
A. Expenditures reported in the Schedule are reported on the modified acrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in the Office of Management and Budget Circular A-87, State and Local Governments, or the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulations Part 200, wherein certain types of expenitures are not allowable or are limited as to reimbursement.
Title: Summary of Significant Accounting Polices
Accounting Policies: A. Expenditures reported in the Schedule are reported on the modified acrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in the Office of Management and Budget Circular A-87, State and Local Governments, or the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulations Part 200, wherein certain types of expenitures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: AEDA has elected not to use the 10 percent de minimis indiret cost rate allowed under the Uniform Guidance.
B. Negative amounts, if any, shown on the Schedule represent adjustments or cresits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Summary of Significant Accounting Polices
Accounting Policies: A. Expenditures reported in the Schedule are reported on the modified acrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in the Office of Management and Budget Circular A-87, State and Local Governments, or the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulations Part 200, wherein certain types of expenitures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: AEDA has elected not to use the 10 percent de minimis indiret cost rate allowed under the Uniform Guidance.
C. Pass-through entity identifying numbers are presented where available and applicable.
Title: Summary of Significant Accounting Polices
Accounting Policies: A. Expenditures reported in the Schedule are reported on the modified acrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in the Office of Management and Budget Circular A-87, State and Local Governments, or the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulations Part 200, wherein certain types of expenitures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: AEDA has elected not to use the 10 percent de minimis indiret cost rate allowed under the Uniform Guidance.
D. Numbers identified as N/A are not applicable. Numbers identified as N/AV are not available.
Title: Summary of Significant Accounting Polices
Accounting Policies: A. Expenditures reported in the Schedule are reported on the modified acrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in the Office of Management and Budget Circular A-87, State and Local Governments, or the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulations Part 200, wherein certain types of expenitures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: AEDA has elected not to use the 10 percent de minimis indiret cost rate allowed under the Uniform Guidance.
E. AEDA has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Schedule not in agreement with other Federal Awards Reports
Accounting Policies: A. Expenditures reported in the Schedule are reported on the modified acrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in the Office of Management and Budget Circular A-87, State and Local Governments, or the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulations Part 200, wherein certain types of expenitures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: AEDA has elected not to use the 10 percent de minimis indiret cost rate allowed under the Uniform Guidance.
The information included in the Schedule may not fully agree with other federal award report submitted directly to federal granting agencies.
Title: Federal Assisting Listing Number
Accounting Policies: A. Expenditures reported in the Schedule are reported on the modified acrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in the Office of Management and Budget Circular A-87, State and Local Governments, or the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulations Part 200, wherein certain types of expenitures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: AEDA has elected not to use the 10 percent de minimis indiret cost rate allowed under the Uniform Guidance.
The Federal Assistance Listing Number, formerly know as the Catalog of Federal Domestic Assistance (CFDA) Number, is a five-digit number assigned in the awarding document for all Federal assistance award mechanisms, including Federal grants and cooperative agreements.
Title: Relationship to Statement of Revenues, Expenditures, and Changes in Fund Balances- Governmental Funds
Accounting Policies: A. Expenditures reported in the Schedule are reported on the modified acrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in the Office of Management and Budget Circular A-87, State and Local Governments, or the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulations Part 200, wherein certain types of expenitures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: AEDA has elected not to use the 10 percent de minimis indiret cost rate allowed under the Uniform Guidance.
Expenditures of federal awards are reported in AEDA's Statement of Revenues, Expenditures and Change in Fund Balances - Governmental Funds in the Other Governmental Funds column as follows: Incentive Fund-$1,259,983 and Federal Fund-$2,514,721.