Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Invest Puerto Rico Inc. (the Organization) under programs of the federal government for the fiscal year ended June 30, 2025. The information in this 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position and changes in net position of the Organization. Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the financial statements. All federal awards received directly from federal agencies as well as federal awards passed through from other local government agencies are included in the Schedule.
The Schedule has been prepared using the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited 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.
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.