Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activities of the Puerto Rico Convention Center District Authority (the Authority) and is presented on the accrual basis of accounting. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the financial statements. The information in the Schedule is presented in accordance with the requirements of Uniform Guidance 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
The Schedule is prepared from the Authority’s accounting records and is not intended to present its financial position or the results of its operations, changes in net position, or cash flows of the Authority. The financial transactions are recorded by the Authority 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 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.
The Federal Assistance Listing Numbers (formerly Catalog of Federal Domestic Assistance (CFDA) numbers) are the publicly available listings of Federal assistance programs. The first two digits identify the federal department or agency that administers the program, and the last three numbers are assigned by numerical sequence.
Major programs are identified in the summary of auditors’ results section in the Schedule of Findings and Questioned Costs. Federal programs are presented by federal agency. 5) Indirect
The Authority has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
For the fiscal year ended June 30, 2024, the Authority transferred $1,959,601 federal awards to a subrecipient.