Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Chicago Area Project (the "Agency") 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 Agency, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of the Agency.
De Minimis Rate Used: Y
Rate Explanation: The Agency has elected to use the ten percent de minimus indirect cost rate as allowed under the Uniform Guidance.
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.
Title: NONCASH ASSISTANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Chicago Area Project (the "Agency") 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 Agency, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of the Agency.
De Minimis Rate Used: Y
Rate Explanation: The Agency has elected to use the ten percent de minimus indirect cost rate as allowed under the Uniform Guidance.
There was no noncash assistance during the year ended June 30, 2023.
Title: LOANS OUTSTANDING
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Chicago Area Project (the "Agency") 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 Agency, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of the Agency.
De Minimis Rate Used: Y
Rate Explanation: The Agency has elected to use the ten percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The Agency had no loans or loan guarantees outstanding that were associated with federal funds at June 30, 2023.
Title: FEDERAL INSURANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Chicago Area Project (the "Agency") 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 Agency, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of the Agency.
De Minimis Rate Used: Y
Rate Explanation: The Agency has elected to use the ten percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The Agency did not have any insurance coverage in effect that was paid with federal funds during the year ended June 30, 2023.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Chicago Area Project (the "Agency") 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 Agency, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of the Agency.
De Minimis Rate Used: Y
Rate Explanation: The Agency has elected to use the ten percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Of the federal expenditures presented in the schedule, the Agency provided no federal awards to subrecipients.