Notes to SEFA
Title: Basis of presentation
Accounting Policies: (2)Summary of significant accounting policies:a)The Schedule is prepared from the Universitys accounting records and is not intended to present its financial position or the results of its operations. b)The financial transactions are recorded by the University 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.
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 award activity of Tiber Health, Public Benefit Corporation (d/b/a Ponce Health Sciences University) ("the University") and is presented on the accrual basis of accounting. The information in this Schedule 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University.
Title: Pass-through awards to subrecipients
Accounting Policies: (2)Summary of significant accounting policies:a)The Schedule is prepared from the Universitys accounting records and is not intended to present its financial position or the results of its operations. b)The financial transactions are recorded by the University 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For the year ended June 30, 2022, there were no awards passed through to subrecipients.
Title: Indirect costs
Accounting Policies: (2)Summary of significant accounting policies:a)The Schedule is prepared from the Universitys accounting records and is not intended to present its financial position or the results of its operations. b)The financial transactions are recorded by the University 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For the year ended June 30, 2022, the University did not claim any indirect costs under the federal program included in the accompanying schedule of federal expenditures.