Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Corporación para la Promoción de Puerto Rico como Destino, Inc. (the “Organization”) under programs of the federal government for the 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
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 to reimbursement
The federal Assistance Listing Numbers (AL) (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 amounts shown in the current year federal expenses represent only the federal grant portion of the program costs
The reconciliation of expenses in the funds’ financial statements to the schedule of expenditures of federal awards is as follows: Expenses as per statement of revenues, expenditures and change in fund balance- Governmental Fund $15,101,340 Less: Interest earned on bank account reimbursed to the Federal Government not considered an expenditure in the schedule of expenditures of federal awards $46,561 Expenses per schedule of expenditures of federal awards $15,054,779