Notes to SEFA
The accompanying schedule of expenditures of federal awards (“the Schedule”) includes the federal award activity of Foundation for Puerto Rico, Inc. ("the Organization") under programs of the federal government for the year ended December 31, 2024. 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, changes in net assets, or cash flows of the Organization. The financial information for the schedule is taken from the Organization's books, records, and financial statements. The amounts, however, may not agree with the amounts in the Federal Financial Reports.
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 and Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, reflected in the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The FALN numbers included in the Schedule are determined based on the program name, review of grant contract information and the assistance listings in the System for Award Management (SAM.gov) website. FALN numbers are presented for those programs for which such numbers are available.
Matching costs, such as the nonfederal share of certain program costs, are not included in the Schedule.
The Organization elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance for the year ended December 31, 2024 in two of its federal programs. In the other hand, the Organization has agreed a different indirect cost rate for another of its federal programs for the year ended December 31, 2024.
For the year ended December 31, 2024, there were no awards passed-through to subrecipients.