Notes to SEFA
Title: RECONCILIATION OF GRANTS AND CONTRACTS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Atlantic Council of the United States, Inc. (the Council) under programs of the federal government for the year ended December 31, 2024. 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). The Schedule presents only a selected portion of the operations of the Council; accordingly, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Council.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 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.
De Minimis Rate Used: N
Rate Explanation: The Council has a federally negotiated indirect cost rate and as a result does not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Total grants and contracts revenue recorded in net assets with donor restrictions is made up of the following as of December 31, 2024:
U.S. Government Grants $ 5,909,040
Other Government Grants 10,054,823
Total Government Grants $ 15,963,863