The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awards activities of La Perla de Gran Precio, Inc. (the Organization) under programs of the federal government for the year ended December 31, 2025. The information in this Schedule is presented in accordance with the requirements of the 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 La Perla de Gran Precio, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of La Perla de Gran Precio, Inc.
Expenditures reported in 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 allowed or are limited as to reimbursement. Negative amounts shown in the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Additional policies are the following: (a) The financial transactions are recorded by the Organization in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. (b) Expenditures are recognized in the accounting period in which the liability is incurred.
The assistance listing numbers included in the Schedule are determined based on the program’s name. The assistance listing number is a program identification, whose first two digits identify the federal department or agency that administers the program, and the last three numbers are assigned by numerical sequence.
Major programs are identified in the Summary of Audits Results Section of the Schedules of Findings and Questioned Cost.
The Organization has elected not to use the minimis indirect cost rate permitted under 2 CFR 200.414(f).
The dollar threshold for Type A and Type B programs amounted to $1,000,000.
Certain of the Organization's Federal awards require matching contributions as a condition of the award. During the year ended December 31, 2025, the Organization provided the use of Organization’s facilities as non-Federal cost sharing for certain Federal programs. The value assigned to the use of the facilities amounted to $180,744 and was determined based on the applicable requirements of the grant agreements. Accordingly, it is not recognized as contribution revenue or rental expense in the accompanying financial statements and is not included in the Schedule of Expenditures of Federal Awards. The Organization also satisfied matching requirements through supportive services provided directly to program participants and through cash contributions from other sources, amounting to $191,785 during the year ended December 31, 2025. The costs of these services are recorded as program expenses in the accompanying statement of activities, and the related revenues are recognized in the period earned. Their designation as matching contributions does not give rise to additional revenue or expense in the accompanying financial statements and is not included in the Schedule of Expenditures of Federal Awards.