Title: Basis of presentation
Accounting Policies: The Schedule is prepared from the Foundation’s accounting records and is not intended to present its financial position or the results of its operations. The financial transactions are recorded by the Foundation in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. Expenditures reported on the schedule are reported on 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 is limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The foundation has federally negotiated indirect cost agreements applicable to various programs with approved rates ranginf from 5% to 10%
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grants activity of Puerto Rico Community Foundation, Inc. and Subsidiary (the “Foundation”). The information inactivity of Puerto Rico Community Foundation, Inc. and Subsidiary (the “Foundation”). The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards the “Uniform Guidance”). Because the Schedule presents only a portion of the activities of the Foundation, it is not intended to, and does not present the financial position, changes in net assets, and cash flows of the foundation.
Title: Summary of significant accounting policies:
Accounting Policies: The Schedule is prepared from the Foundation’s accounting records and is not intended to present its financial position or the results of its operations. The financial transactions are recorded by the Foundation in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. Expenditures reported on the schedule are reported on 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 is limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The foundation has federally negotiated indirect cost agreements applicable to various programs with approved rates ranginf from 5% to 10%
The Schedule is prepared from the Foundation’s accounting records and is not intended to present its financial position or the results of its operations. The financial transactions are recorded by the Foundation in accordance with the terms and conditions of the grants, which are consistent with accounting principles
generally accepted in the United States of America. Expenditures reported on the schedule are reported on 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 is limited as to reimbursement.
Title: Federal Assistance Listing numbers (FALN)
Accounting Policies: The Schedule is prepared from the Foundation’s accounting records and is not intended to present its financial position or the results of its operations. The financial transactions are recorded by the Foundation in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. Expenditures reported on the schedule are reported on 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 is limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The foundation has federally negotiated indirect cost agreements applicable to various programs with approved rates ranginf from 5% to 10%
The FALN numbers included in the Schedule are determine based on the program name, review of grant contract information and the assistance listing in the System for the Award Management (SAM) web site. FALN numbers are presented for those programs for which such numbers were available.
Title: Major Federal Programs
Accounting Policies: The Schedule is prepared from the Foundation’s accounting records and is not intended to present its financial position or the results of its operations. The financial transactions are recorded by the Foundation in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. Expenditures reported on the schedule are reported on 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 is limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The foundation has federally negotiated indirect cost agreements applicable to various programs with approved rates ranginf from 5% to 10%
Major programs are identified in the summary of auditors' results section in The Schedule of Findings and Questioned Cost. Federal programs are presented by federal agency.
Title: Matching Cost
Accounting Policies: The Schedule is prepared from the Foundation’s accounting records and is not intended to present its financial position or the results of its operations. The financial transactions are recorded by the Foundation in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. Expenditures reported on the schedule are reported on 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 is limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The foundation has federally negotiated indirect cost agreements applicable to various programs with approved rates ranginf from 5% to 10%
Matching cost such as the nonfederal share of certain program cost are not included in the accompanying schedule
Title: Indirect Cost
Accounting Policies: The Schedule is prepared from the Foundation’s accounting records and is not intended to present its financial position or the results of its operations. The financial transactions are recorded by the Foundation in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. Expenditures reported on the schedule are reported on 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 is limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The foundation has federally negotiated indirect cost agreements applicable to various programs with approved rates ranginf from 5% to 10%
The foundation has federally negotiated indirect cost agreements approved rates ranging from 5% to 10%
Title: Program Clusters
Accounting Policies: The Schedule is prepared from the Foundation’s accounting records and is not intended to present its financial position or the results of its operations. The financial transactions are recorded by the Foundation in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. Expenditures reported on the schedule are reported on 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 is limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The foundation has federally negotiated indirect cost agreements applicable to various programs with approved rates ranginf from 5% to 10%
The uniform guidance define cluster programs as a group of closed related programs that share common compliance requirements. According to this definition the Economic Development and CDBG Disaster Recovery Grants are clusters