The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Central Office for Recovery, Reconstruction and Resiliency (COR3 or Program), a division of the Puerto Rico Public Private Partnership Authority (Authority), under programs of the federal government for the year ended June 30, 2023. The information in this SEFA 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 SEFA presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority.
The SEFA was prepared using the cash 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 Authority has elected not to use the 10% Minimum Indirect Cost Rate allowed under the Uniform Guidance.
For the fiscal year 2022-2023, the Authority paid $2,015,546,052 of federal awards to the subrecipients through COR3.
The 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 reported in the governmental fund of the basic financial statements to the Schedule of Expenditures of Federal Awards (SEFA) is as follows. Expenses reported in the basic financial statements totaled $2,175,437,006. This amount was adjusted for non-federal expenses of $46,439,964, a $448,247 change in lease balances, a $8,285,711 change in accrued expenses, a $24,305 change in accrued payroll, and $29,513 in interest expenses, resulting in total expenses reported in the SEFA of $2,121,105,760.