Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures consist of direct and indirect costs which are recognized as incurred using the accrual method of accounting and the cost accounting principles for non-profit organizations, under those cost principles, certain types of expenditures are not allowable or are limited to reimbursement
De Minimis Rate Used: N
Rate Explanation: The Advertising Council utilitizes a negotiated indirect rate agreed upon by a government cognizant agent.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) has been prepared using the accrual basis of accounting and in accordance with the OMB Uniform Guidance. The purpose of the Schedule is to provide a summary of those activities of The Advertising Council, Inc. (the “Council”) for the year ended June 30, 2024, which have been financed by the U.S. Federal Government. Because the Schedule presents only a selected portion of the activities of the Council, it is not intended to, and does not, present either the financial position, changes in net assets or cash flows of the Council. Assistance Listing Numbers and pass-through numbers are provided when available. Indirect costs and fixed charges included in the amounts on the Schedule are based on contractually agreed-upon rates with the federal awarding agencies rather than the 10% de minimis rate as described in Section 200.414 of the Uniform Guidance. The contract number for the Federal Programs received via a subcontract is indicated by the addition of the name of the subcontractor, if no subcontractor is identified it is a direct award. The Council did not have any federal funds passed through to sub recipients, therefore this column is excluded from the Schedule
Title: Summary of Significant Accounting Policies for Federal Award Expenditures
Accounting Policies: Expenditures consist of direct and indirect costs which are recognized as incurred using the accrual method of accounting and the cost accounting principles for non-profit organizations, under those cost principles, certain types of expenditures are not allowable or are limited to reimbursement
De Minimis Rate Used: N
Rate Explanation: The Advertising Council utilitizes a negotiated indirect rate agreed upon by a government cognizant agent.
Expenditures consist of direct and indirect costs which are recognized as incurred using the accrual method of accounting and the cost accounting principles for non-profit organizations, under those cost principles, certain types of expenditures are not allowable or are limited to reimbursement.