Notes to SEFA
Title: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 the 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 Corporation has elected to not use the
10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Basis of Presentation: The accompanying schedule of expenditures of federal awards (the "Schedule")
includes the federal award activity of the Corporation under programs of the federal government for the
year ended June 30, 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). Because the Schedule
presents only a selected portion of the operations of the Corporation, it is not intended to and does not
present the financial position, statements of activities, functional expenses, or cash flows of the corporation.
Basis of Accounting: Expenditures reported on the Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in the 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. The Corporation has elected to not use the
10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Subrecipients: Of the federal expenditures presented in the schedule, Illinois Action for Children provided
the following federal awards to subrecipients:
IDHS – Child Care and Development Fund Cluster AL# 93.596
Carole Robertson Center $ 355,482
Centers for New Horizon 98,421
Good Shepherd Center 646,262
Other 384,430
Total Subrecipient payments $ 1,484,595
Head Start AL# 93.600
A Step Up Career Academy $ 97,241
Calumet City’s Kids Academy 84,276
Total Subrecipient payments $ 181,517
Loans and Loan Guarantees: There were no federal loans outstanding for the year ended June 30, 2023.
Insurance: Illinois Action for Children has no federal insurance for the year ended June 30, 2023.