Notes to SEFA
Title: Note 1 - Basis of presentation
Accounting Policies: a. The Schedule is prepared from COSEYs accounting records and is not intended to present its financial position or the results of its operations. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures may or may not be available or may be limited as to reimbursement.b. The financial transactions are recorded by COSEY in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America.c. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.d. COSEY has elected not to use the 10-percent de minims indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying supplementary Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grants activity of Corporacion de Servicios Educativos de Yabucoa (COSEY) and are presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Government Auditing Standards and Title 2 U.S. Code of Federal Regulation (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements For federal Awards (Uniform Guidance), Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of the financial statements.
Title: Note 3 - Assistance Listing Number (ALN)
Accounting Policies: a. The Schedule is prepared from COSEYs accounting records and is not intended to present its financial position or the results of its operations. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures may or may not be available or may be limited as to reimbursement.b. The financial transactions are recorded by COSEY in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America.c. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.d. COSEY has elected not to use the 10-percent de minims indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Assistance Listing Numbers (ALN) included in the Schedule are determined based on the program name, review of grant contract information and the public description of federal assistance listings included in the System for Award Management (SAM).
Title: Note 4 - Major Federal Programs
Accounting Policies: a. The Schedule is prepared from COSEYs accounting records and is not intended to present its financial position or the results of its operations. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures may or may not be available or may be limited as to reimbursement.b. The financial transactions are recorded by COSEY in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America.c. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.d. COSEY has elected not to use the 10-percent de minims indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The major program is identified in the Summary of Auditors Results Section in the Schedule of Findings and Questioned Costs.