Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures 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: FUNDACION PUERTORRIQUEÑA DE LAS HUMANIDADES HAS NOT ELECTED TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
The accompanying schedule of expenditures of federal awards (“the Schedule”) includes the federal grant activity of La Fundación Puertorriqueña de las Humanidades, Inc. (FPH) and is presented on the accrual basis of accounting under programs of the federal government for the year ended October 31, 2024. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of FPH, it is not intended to and does not present the financial position, changes in net assets, or cash flows of FPH.
The following is a reconciliation of the federal expenditures shown in the Statement of Activities and Changes in Net Assets under the net assets released from restrictions caption and the total expenditures in the Schedule of Expenditures of Federal Awards for the year ended October 31, 2024. EXPENSES PER FINANCIAL STATEMENTS $1,805,014 LESS: NON-FEDERAL FUNDS (413,625) TOTAL FEDERAL EXPENDITURES FOR THE YEAR ENDED OCTOBER 31, 2024 AS PER TEH SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS $1,391,389
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures 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: FUNDACION PUERTORRIQUEÑA DE LAS HUMANIDADES HAS NOT ELECTED TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
Expenditures 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: INDIRECT COST RATE
Accounting Policies: Expenditures 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: FUNDACION PUERTORRIQUEÑA DE LAS HUMANIDADES HAS NOT ELECTED TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
FPH HAS NOT ELECTED TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE
Title: SUBRECIPIENTS
Accounting Policies: Expenditures 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: FUNDACION PUERTORRIQUEÑA DE LAS HUMANIDADES HAS NOT ELECTED TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
DURING THE YEAR ENDED OCTOBER 31, 2024, FPH PROVIDED FEDERAL AWARDS TO SUBRECIPIENTS AS FOLLOWS: FEDERAL ASSISTANCE LISTING NO. 45.129/PROGRAM NAME: NATIONAL ENDOWMENT FOR THE HUMANITIES/PROMOTION OF THE HUMANITIES- FEDERAL/STATE PARTNERSHIP / AMOUNT PROVIDED TO SUBRECIPIENTS 2024 $249,260