Notes to SEFA
The accompanying schedules of expenditures of federal awards and state financial assistance (the “Schedules”) includes the federal and state award activity of the American Littoral Society under programs of the federal and state governments for the year ended December 31, 2024. The information in these schedules 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). Because the schedule presents only a selected portion of the operations of American Littoral Society they are not intended to and do not present financial position, changes in net assets, or cash flows of American Littoral Society.
Expenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
American Littoral Society has not elected to use the 15 percent de minimis indirect cost rate (effective October 2024) as allowed under the Uniform Guidance. Instead, the Society entered into indirect cost negotiation agreements for each year with the United States Department of the Interior. As a recipient of federal funds, the regulations require the Society to obtain annual indirect cost rates.