FAC Explorer

Audit 394611

FY End
2025-06-30
Total Expended
$2.21M
Findings
1
Programs
2
Organization: El Corredor Tecno Economico De Puerto Rico Y El Caribe (PR)
Year: 2025 Accepted: 2026-03-26
Auditor: ROMAN TORO & CO CONTADORES PUBLICOS AUTORIZADOS CSP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1186862 2025-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
14.228 COMMUNITY DEVELOPMENT BLOCK GRANTS/STATE'S PROGRAM AND NON-ENTITLEMENT GRANTS IN HAWAII $1.82M Yes 1
11.307 ECONOMIC ADJUSTMENT ASSISTANCE $19,254 Yes 0

Contacts

Name Title Type
YN6GBH85MEF7 Nelson Perea Auditee
7878053700 Janice Roman Auditor
No contacts on file

Notes to SEFA

El Corredor Tecno Económico de Puerto Rico y El Caribe, Inc. (PRTEC) is a non-profit corporation organized under the laws of the Commonwealth of Puerto Rico, on July 2, 2001. The Organization was formed to enable economic development of Puerto Rico, with emphasis in the commercialization of new innovative technologies. PRTEC is supported by contributions received from the Puerto Rico Department of Housing and private sources.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of PRTEC and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of federal financial reports and in the combined financial statements, and is not intended to, and does not present, the financial position, changes in net assets, or cash flows of El Corredor Tecno Económico de Puerto Rico y el Caribe, Inc.
(1) 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. (2) Expenditures for certain awards include indirect costs, relating primarily to facilities operation and maintenance, general, divisional, and departmental administrative services, which are allocated to direct cost objectives (including federal award programs) based on negotiated formulas with individual grantors.
PRTEC used the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Federal Assistance Number is a five-digit number assigned in the awarding document for all federal assistance award mechanisms, including federal grants and cooperative agreements. The first two digits reflect the major federal agency, and the final three digits following the decimal indicate the federal program funding the project. Assistance listings are detailed public descriptions of federal programs that provide grants, loans, scholarships, insurance, and other types of assistance awards.
The Uniform Guidance requires the schedule to include the name of the pass-through entity and identifying number assigned by the pass-through entity for federal awards received as a subrecipient. Numbers identified as N/AV are not available. PRTEC have included the names it uses internally for certain grants to facilitate the identification of federal programs by pass-through agencies.
The information included in the schedule may not fully agree with other federal award reports submitted directly to federal granting agencies.
Total Expenditures per SEFA 2,211,691 Plus Other Unrestricted Expenses 101,999 Total expenses poer financial statements 2,305,897

Finding Details

Finding 2025-001
2025-001 Type of finding: Federal Award Situation: Significant deficiency; Compliance with federal regulations. Assistance Listing No: All Programs Compliance Requirements: Reporting Prior-Year(s) Audit Finding(s): None Questioned Costs: Not determined. Condition: The Single Audit reporting package, as defined and required in 2 CRF 200.512 for fiscal year ended June 30, 2024, was not submitted timely. Context: Despite the Organization’s best efforts to provide, on a timely basis, the information needed to complete the audit, data collection form and reporting package according to 2 CRF 200.512, the audit, data collection form and reporting package for the fiscal year ended June 30, 2024 was submitted to the Federal Audit Clearinghouse on May 15, 2025. Criteria: As per 2 CRF 200.512, the audit, data collection form, and reporting package must be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period. Cause: The Organization was not able to provide on a timely basis, the information needed to complete the audit for the year ended on June 30, 2024. This situation prevented the submission of the data collection form and reporting package by the due date of March 31, 2025. Effect: Because of the situation described above, the Organization did not comply with the report submission requirement, since the audit was not submitted within nine months after their fiscal period end date. Auditor’s recommendation: Management should continue to fulfill their auditee responsibilities as stated in 2 CRF 200.508 which among other things, require management to prepare appropriate financial statements and provide the auditor with access to personnel, accounts, books, records, supporting documentation, and other information as needed for the auditor to perform the audit and to ensure that subsequent financial reporting packages are submitted timely. View of Responsible officials and corrective actions: To make sure that all pertinent documents & information related to 2024-25 financial statements are delivered to our auditor with sufficient time for them to complete said year’s single audit and submit it to the corresponding agency.