Title: BASIS OF PRESENTATION
Accounting Policies: A. Expenditures reported the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulation Part 200, wherein certain types of expenditures are not allowable or are limited as to reimbursement.B. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.C. Pass-through entity identifying numbers are presented where available and applicable.D. The Institution has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 includes the Federal grant activity of Educational Associates, Inc., DBA Humacao Community College (Not-For-Profit Organization) (Institution). The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Institution, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Institution.
Title: SCHEDULE NOT IN AGREEMENT WITH OTHER FEDERAL AWARD REPORTING
Accounting Policies: A. Expenditures reported the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulation Part 200, wherein certain types of expenditures are not allowable or are limited as to reimbursement.B. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.C. Pass-through entity identifying numbers are presented where available and applicable.D. The Institution has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The information included in the Schedule may not fully agree with other Federal award reports submitted directly to Federal granting agencies. This is because among other reasons, the award reports (1) may be prepared for a different fiscal period and (2) may include cumulative (from prior years) data rather than data from the current year only.
Title: FEDERAL ASSISTANCE LISTING NUMBER
Accounting Policies: A. Expenditures reported the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulation Part 200, wherein certain types of expenditures are not allowable or are limited as to reimbursement.B. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.C. Pass-through entity identifying numbers are presented where available and applicable.D. The Institution has elected not to use the 10 percent de minimis indirect cost rate 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 Number, formerly known as the Catalog of Federal Domestic Assistance (CFDA) Number, is a five-digit number assigned in the awarding document for all Federal assistance award mechanisms, including Federal grants and cooperative agreements.
Title: RESTRICTIONS
Accounting Policies: A. Expenditures reported the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulation Part 200, wherein certain types of expenditures are not allowable or are limited as to reimbursement.B. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.C. Pass-through entity identifying numbers are presented where available and applicable.D. The Institution has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Each Federal Program has its own use restrictions. Those restrictions are included in the Federal Assistance Listing.
Title: RELATIONSHIPS FROM SCHEDULE TO STATEMENT OF ACTIVITIES
Accounting Policies: A. Expenditures reported the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulation Part 200, wherein certain types of expenditures are not allowable or are limited as to reimbursement.B. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.C. Pass-through entity identifying numbers are presented where available and applicable.D. The Institution has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Total Expenditures of Federal Awards (As per Schedule) $4,853,515Less Amounts Reported in the Accompanying Schedule andNot Reported in the Statement of Activities:Agency Transactions (See Note 2, on page 15) (1,338,416)Add: State Awards (CEPR) 23,146Total Net Assets Released from Restrictions by Satisfaction ofSpecific Purpose Restriction (See Note 6, on page 18) $3,538,245
Title: GENERAL OBJECTIVES PER FEDERAL FINANCIAL AWARDS
Accounting Policies: A. Expenditures reported the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles contained in Subpart E of Title 2 U.S. Code of Federal Regulation Part 200, wherein certain types of expenditures are not allowable or are limited as to reimbursement.B. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.C. Pass-through entity identifying numbers are presented where available and applicable.D. The Institution has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Students Financial Assistance Cluster:Federal Supplemental Educational Opportunity Grants (FSEOG) (Assistance Listing Number 84.007)To provide eligible undergraduate post-secondary students with demonstrated financial need with grant assistance to help meet educational expenses.Federal WorkStudy Program (FWS) (Assistance Listing Number 84.033)To provide part-time employment to eligible post-secondary students to help meet educational expenses and encourage students receiving program assistance to participate in community service activities.Federal Pell Grant Program (PELL) (Assistance Listing Number 84.063)To provide eligible undergraduate post-secondary students who have demonstrated financial need with grant assistance to help meet educational expenses.Higher Education Institutional Aid:STEM Student-Centered Success Strategies and New Transfer Degree Options (Assistance Listing Number 84.031C)To provide support for the kinds of activities being supported under the existing Title III Part B programs, to strengthen the academic quality of their institutions.Education Stabilization Fund:Higher Education Emergency Relief Fund Student Aid Portion (Assistance Listing Number 84.425E)To provide students with emergency financial aid grants to help cover expenses related to the disruption of campus operations due to coronavirus.Higher Education Emergency Relief Fund Institutional Portion (Assistance Listing Number 84.425F)To provide support to cover any costs associated with significant changes to the delivery of instruction due to the coronavirus.Higher Education Emergency Relief Fund Minority Serving Institutions (Assistance Listing Number 84.425L)To provide support to cover any costs associated with significant changes to the delivery of instruction due to the coronavirus.