The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Alston Wilkes Society and its affiliates (“the Society”) under programs of the federal government for the year ended December 31, 2023. 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 purpose of the schedule is to present information relating to expenditures of the Society under grants and contracts programs of the federal government for the year ended December 31, 2023. Because the SEFA presents only a selected portion of the operations of the Society, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Society.
The accompanying schedule of expenditures of federal awards is prepared using the accrual method of accounting. Such expenditures are recognized as incurred using the cost accounting principles contained in the Uniform Guidance and Federal Acquisition Regulations. Under the guidance, certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures include costs that can be identified with specific projects (e.g., salaries and fringe benefits, travel, and materials) plus allocations of the applicable indirect costs (e.g., grant and contract administration, general administration, operating overhead, material burden, and engineering services). Negative amounts on the schedule of expenditures of federal awards, if any, represents adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
For new awards or modifications of existing awards after December 26, 2014, the expenditures reported in the SEFA follow the cost principles contained in the Uniform Guidance. For existing awards prior to December 26, 2014, the expenditures follow the cost principles contained in OMB Circular A-122, Cost Principles for Non-Profit Organizations. The cost principles indicate that certain types of expenditures are not allowable and certain allowable costs are limited as to reimbursement.
The Society has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Management has reviewed the activity of the Alston Wilkes Society subsequent to year-end through September 05, 2025, the date the statements were available to be issued, for items of significance that would be required by professional standards to be disclosed in these statements including subsequent events for federal awards.