Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards presents the expenditures of all Federal Awards Programs of Puerto Rico Conservation Trust (the Trust). The Trust’s reporting entity is defined in the notes to the consolidated financial statements. Assistance Listing Numbers are presented for those programs for which such numbers were available. Federal programs are presented, as appropriate, by Federal agency.
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
Matching costs, such as the nonfederal share of certain program costs, are not included in the accompanying Schedule.
The regulations and guidelines governing the preparation of Federal financial reports vary by Federal agency and among programs administered by the same agency. Accordingly, the amounts reported in the Federal financial reports do not necessarily agree with the amounts reported in the accompanying schedule, which is prepared on the basis of accounting described in Note 2. Office of Management and Budget under the Uniform Guidance requires that federal financial reports and claims for advances and reimbursements contain information that is supported by the books and records from which the basic financial statements have been prepared. The Trust prepares the federal financial reports and claims for reimbursements primarily based on information from the internal accounting records of the Puerto Rico Conservation Trust.
The grant amounts received are subject to audit and adjustment. If any expenditure is disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the Trust. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.
The Trust does not have a negotiated indirect cost rate; therefore, the Trust uses the ten percent de minimis indirect cost rate allowed by the Uniform Guidance.