Notes to SEFA
Title: Note-Basis of Presentation
Accounting Policies: Summary of Significant Accounting Policies Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule)includes the federal grant activity of La Fundacion Puertorrique?a de las Humanidades,Inc. (FPH) and is presented on the accrual basis of accounting under programs of thefederal government for the years ended October 31, 2022 and 2021. The informationin this Schedule is presented in accordance with the requirements of the UniformGuidance. Because the Schedule presents only a selected portion of the operations ofFPH, it is not intended to and does not present the financial position, changes in netassets, or cash flows of FPH.The following is a reconciliation of the federal expenditures shown in the Statement of Activities and Changes in Net Assets under the net assets released from restrictions caption and the total expenditures in the Schedule of Expenditures of Federal Awards for the years ended October 31, 2022 and 2021. Funds Expenditures Expenses per Financial Statements 2022 $1,190,007 2021 $1,050,506 Less: Non-Federal Funds 2022 (79,747) 2021 (42,830) Total Federal Expenditures for the year ended October 31, 2022 and 2021 as per the schedule of Expenditures of Federal Awards 2022 $1,515,422 and 2021 $1,007,676
Title: Summary of Significant Accounting Policies
Accounting Policies: Summary of Significant Accounting Policies Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
Title: Subrecipients
Accounting Policies: Summary of Significant Accounting Policies Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the years ended October 31, 2022 and 2021, FPH provided federal awards tosubrecipients as follows: Federal Assistance Listing No. 45.129 Program Name: National Endowment for the Humanities/Promotion of the Humanities - Federal/State Partnership Amount Provided to Subrecipients 2022 $755,564 2021 $341,334