Title: 2010 Sales Tax Series Section 5307 and 5309 Capital Grant Receipts Revenue Bonds:
Accounting Policies: General:
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the CTA. The CTA reporting entity is defined in Note 2 to the CTA’s financial statements.
Basis of Presentation:
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Chicago Transit Authority 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). Because the Schedule presents only a selected portion of the operations of Chicago Transit Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the CTA.
Basis of Accounting:
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State and Local Governments, 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. 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 Cost Rate:
The CTA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Subrecipients:
Of the Federal expenditures presented in the schedule, the CTA provided federal awards to following subrecipients:
Subrecipient: Chicago Police Department
Program Title: Rail and Transit Security Grant Program
Assistance Listing Number: 97.075
Amount Provided: $924,503
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended December 31, 2010, the CTA issued $550 million in sales tax revenue bonds for the purpose of funding various capital projects. The revenue bonds will be repaid from 2014 through 2040. This principal along with interest over a period of thirty years will be repaid through future Federal Transit Administration (FTA) Section 5337 grants. Accordingly, projects funded with the bond proceeds of the refunded bonds are considered to be federally funded and will be recorded in the schedule of expenditures of federal awards in 2014 through 2040 in the amount of the principal payment of the Series 2010 sales tax bonds. During the year ended December 31, 2023, the current year grant award for principal and interest payments amounted to $13,252,749 and $28,591,741 respectively, which is included in the Schedule under projects IL-54-0001, IL-90-X693, IL-2022-036, and IL-2023-045.
During the year ended December 31, 2023, the CTA incurred $(939,885) in expenditures related to these projects. Following is a schedule of the costs incurred on CTA fiscal year 2010 Capital Bond Issue funded projects.
Cumulative
Expenditures
Project 2023 Incurred
Number Description Expenditures to Date
10808 Perform Mid Life Overhaul $ 340,476 $ 5,297,276
10809 Perform Rail Car Overhaul - 9,000,000
10810 Oracle Upgrade ERP - 8,000,000
10866 ISRP Greenline Track - 1,605,786
10989 Rehab Rail Station – 95th - 825,718
17146 RPM CTA Bond Core - -
17156 RPM CTA Bond Non-Core (1,313,319) 3,377,197
18229 Rail Car Rehabilitation - 41,145,092
18230 Purchase Rail Cars - 220,854,853
18231 Purchase Rail Cars (IDOT Matched) - 98,841,212
18233 Support Services (30,647) 1,741,957
18236 Purchase Rail Cars - 353,314
19502 Replace Buses - NOVA - 51,032,016
19503 Rehab North Red Station 63,605 37,896,504
19623 Infrastructure Project Track - Milwaukee - 2,294,593
19666 Infrastructure Project Track - Wilson - 4,501,045
19690 Infrastructure Project Track - RLC - 3,000,000
19850 Infrastructure Project Track - Station - 5,216,559
Total $ (939,885) $ 494,983,122
A reconciliation of projects funded by the 2010 Section 5307 and 5309 revenue bonds to the amount claimed on the schedule through principal payments is as follows as of December 31, 2023:
Capital expenditures during previous years $ 495,923,007
Capital expenditures during 2023 (939,885)
Cumulative expenditures incurred through December 31, 2023 494,983,122
Less:
Grant proceeds received for principal payments in previous years (81,804,619)
Grant proceeds received for principal payments during 2023 (13,252,749)
Capital expenditures to be recorded in future years in the
schedule of expenditures of federal awards $ 399,925,754
Title: 2014 Sales Tax Receipts Revenue Bonds:
Accounting Policies: General:
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the CTA. The CTA reporting entity is defined in Note 2 to the CTA’s financial statements.
Basis of Presentation:
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Chicago Transit Authority 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). Because the Schedule presents only a selected portion of the operations of Chicago Transit Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the CTA.
Basis of Accounting:
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State and Local Governments, 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. 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 Cost Rate:
The CTA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Subrecipients:
Of the Federal expenditures presented in the schedule, the CTA provided federal awards to following subrecipients:
Subrecipient: Chicago Police Department
Program Title: Rail and Transit Security Grant Program
Assistance Listing Number: 97.075
Amount Provided: $924,503
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended December 31, 2014, the CTA issued $550 million in sales tax revenue bonds for the purpose of funding various capital projects. The revenue bonds will be repaid from 2015 through 2049. Projects funded with the bond proceeds are considered to be federally funded and will be recorded in the schedule of expenditures of federal awards in the amount of the principal payment of the Series 2014 sales tax bonds. During the year ended December 31, 2023, the current year grant award for principal and interest payments amounted to $0 and $28,354,025 respectively, which is included in the Schedule under projects IL-2016-025, IL-2019-023, IL-2022-036, and IL-2023-045.
During the year ended December 31, 2023, the CTA incurred $3,160,485 in expenditures related to these projects. Following is a schedule of the costs incurred on CTA fiscal year 2014 Capital Bond Issue funded projects.
A reconciliation of projects funded by the 2014 Sales Tax Receipts Revenue Refunding bonds to the amount claimed on the schedule through principal payments is as follows as of December 31, 2023:
Capital expenditures during previous years $ 513,971,543
Capital expenditures during 2023 3,160,485
Cumulative expenditures incurred through December 31, 2023 517,132,028
Less:
Grant proceeds received for principal payments in previous years -
Grant proceeds received for principal payments during 2023 -
Capital expenditures to be recorded in future years in the
schedule of expenditures of federal awards $ 517,132,028
Title: 2015 Refunding Series Section 5307 and 5337 Capital Grant Receipts Revenue Bonds:
Accounting Policies: General:
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the CTA. The CTA reporting entity is defined in Note 2 to the CTA’s financial statements.
Basis of Presentation:
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Chicago Transit Authority 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). Because the Schedule presents only a selected portion of the operations of Chicago Transit Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the CTA.
Basis of Accounting:
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State and Local Governments, 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. 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 Cost Rate:
The CTA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Subrecipients:
Of the Federal expenditures presented in the schedule, the CTA provided federal awards to following subrecipients:
Subrecipient: Chicago Police Department
Program Title: Rail and Transit Security Grant Program
Assistance Listing Number: 97.075
Amount Provided: $924,503
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended December 31, 2015, the CTA issued $176 million in revenue bonds for the purpose of refunding a portion of the outstanding 5307 (Series 2004B and 2006A) and 5309 (Series 2008A) bonds. The revenue bonds will be repaid from 2018 through 2026. This principal along with interest over a period of eleven years will be repaid through future Federal Transit Administration (FTA) Section 5307 and 5337 grants. Accordingly, projects funded with the bond proceeds of the refunded bonds are considered to be federally funded and will be recorded in the schedule of expenditures of federal awards in 2018 through 2026 in the amount of the principal payment of the Series 2015 refunding bonds. During the year ended December 31, 2023, the current year grant award for principal and interest payments amounted to $13,855,000 and $2,137,969, respectively, which is included in the Schedule under project IL-2023-045.
Title: 2017 Refunding Series Section 5307 and 5337 Capital Grant Receipts Revenue Bonds:
Accounting Policies: General:
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the CTA. The CTA reporting entity is defined in Note 2 to the CTA’s financial statements.
Basis of Presentation:
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Chicago Transit Authority 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). Because the Schedule presents only a selected portion of the operations of Chicago Transit Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the CTA.
Basis of Accounting:
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State and Local Governments, 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. 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 Cost Rate:
The CTA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Subrecipients:
Of the Federal expenditures presented in the schedule, the CTA provided federal awards to following subrecipients:
Subrecipient: Chicago Police Department
Program Title: Rail and Transit Security Grant Program
Assistance Listing Number: 97.075
Amount Provided: $924,503
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended December 31, 2018, the CTA issued $226 million in revenue bonds for the purpose of refunding a portion of the outstanding 5307 (Series 2008A) and 5309 (Series 2008 and Series 2008A) bonds. The revenue bonds will be repaid from 2019 through 2026. This principal along with interest over a period of nine years will be repaid through future Federal Transit Administration (FTA) Section 5307 and 5337 grants. Accordingly, projects funded with the bond proceeds of the refunded bonds are considered to be federally funded and will be recorded in the schedule of expenditures of federal awards in 2019 through 2026 in the amount of the principal payment of the Series 2017 refunding bonds. During the year ended December 31, 2023, the current year grant award for principal and interest payments amounted to $28,195,000 and $3,207,002 respectively, which is included in the Schedule under project IL-2023-045.
Title: 2017 Second Lien Sales Tax Receipts Revenue Bonds:
Accounting Policies: General:
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the CTA. The CTA reporting entity is defined in Note 2 to the CTA’s financial statements.
Basis of Presentation:
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Chicago Transit Authority 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). Because the Schedule presents only a selected portion of the operations of Chicago Transit Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the CTA.
Basis of Accounting:
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State and Local Governments, 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. 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 Cost Rate:
The CTA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Subrecipients:
Of the Federal expenditures presented in the schedule, the CTA provided federal awards to following subrecipients:
Subrecipient: Chicago Police Department
Program Title: Rail and Transit Security Grant Program
Assistance Listing Number: 97.075
Amount Provided: $924,503
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended December 31, 2017, the CTA issued $296 million in sales tax revenue bonds for the purpose of funding various capital projects. The revenue bonds will be repaid from 2018 through 2051. Projects funded with the bond proceeds are considered to be federally funded and will be recorded in the schedule of expenditures of federal awards in the amount of the principal payment of the Series 2017 sales tax bonds. During the year ended December 31, 2023, the current year grant award for principal and interest payments amounted to $0 and $14,451,822 respectively, which is included in the Schedule under projects IL-54-0004, Il-54-0005, IL-2016-025, IL-2020-054, IL-2022-036 and IL-2023-045.
During the year ended December 31, 2023, the CTA incurred $3,623,443 in expenditures related to these projects. Following is a schedule of the costs incurred on CTA fiscal year 2017 Capital Bond Issue funded projects.
A reconciliation of projects funded by the 2017 Sales Tax Receipts Revenue Refunding bonds to the amount claimed on the schedule through principal payments is as follows as of December 31, 2023:
Capital expenditures during previous years $ 243,882,663
Capital expenditures during 2023 3,623,443
Cumulative expenditures incurred through December 31, 2023 247,506,106
Less:
Grant proceeds received for principal payments in previous years -
Grant proceeds received for principal payments during 2023 -
Capital expenditures to be recorded in future years in the
schedule of expenditures of federal awards $ 247,506,106
Title: 2020A Second Lien Sales Tax Receipts Revenue Bonds:
Accounting Policies: General:
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the CTA. The CTA reporting entity is defined in Note 2 to the CTA’s financial statements.
Basis of Presentation:
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Chicago Transit Authority 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). Because the Schedule presents only a selected portion of the operations of Chicago Transit Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the CTA.
Basis of Accounting:
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State and Local Governments, 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. 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 Cost Rate:
The CTA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Subrecipients:
Of the Federal expenditures presented in the schedule, the CTA provided federal awards to following subrecipients:
Subrecipient: Chicago Police Department
Program Title: Rail and Transit Security Grant Program
Assistance Listing Number: 97.075
Amount Provided: $924,503
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended December 31, 2020, the CTA issued $368 million in revenue bonds to pay for projects included in the Capital Improvement Plan and repay a portion of CTA’s Second Lien Sales Tax Receipts Capital Improvement Notes. The revenue bonds will be repaid from 2023 through 2055.This principal along with interest over a period of thirty-two years will be repaid through future Federal Transit Administration (FTA) Section 5307 and 5337 grants. Accordingly, projects funded with the bond proceeds of the refunded bonds are considered to be federally funded and will be recorded in the schedule of expenditures of federal awards in 2023 through 2055 in the amount of the principal payment of the Series 2020A refunding bonds. During the year ended December 31, 2023, the current year grant award for principal and interest payments amounted to $0 and $4,775,949, respectively, which is included in the Schedule under projects IL-2019-023 and IL-2021-047.
Title: Taxable Series 2020B Sales Tax Receipts Revenue Refunding Bonds:
Accounting Policies: General:
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the CTA. The CTA reporting entity is defined in Note 2 to the CTA’s financial statements.
Basis of Presentation:
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Chicago Transit Authority 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). Because the Schedule presents only a selected portion of the operations of Chicago Transit Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the CTA.
Basis of Accounting:
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State and Local Governments, 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. 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 Cost Rate:
The CTA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Subrecipients:
Of the Federal expenditures presented in the schedule, the CTA provided federal awards to following subrecipients:
Subrecipient: Chicago Police Department
Program Title: Rail and Transit Security Grant Program
Assistance Listing Number: 97.075
Amount Provided: $924,503
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended December 31, 2020, the CTA issued the Taxable Sales Tax Receipts Revenue Bonds, Series 2020B, in the amount of issued $534 million. The bonds were issued to refund the outstanding Sales Tax Receipts Revenue Bonds Series 2011 and repay a portion of CTA’s Second Lien Sales Tax Receipts Capital Improvement Notes. The revenue bonds will be repaid from 2021 through 2040. This principal along with interest over a period of nineteen years will be repaid through future Federal Transit Administration (FTA) Section 5307 and 5337 grants. Accordingly, projects funded with the bond proceeds of the refunded bonds are considered to be federally funded and will be recorded in the schedule of expenditures of federal awards in 2021 through 2040 in the amount of the principal payment of the Series 2020B refunding bonds. During the year ended December 31, 2023, the current year grant award for principal and interest payments amounted to $21,847,427 and $16,659,587, respectively, which is included in the Schedule under projects IL-2020-054, IL-2022-036, and IL-2023-045.
During the year ended December 31, 2023, the CTA incurred $26,914,641 in expenditures related to these projects. Following is a schedule of the costs incurred on CTA fiscal year 2020B Capital Bond Issue funded projects.
A reconciliation of projects funded by the 2020B Sales Tax Receipts Revenue Refunding bonds to the amount claimed on the schedule through principal payments is as follows as of December 31, 2023:
Capital expenditures during previous years $ 228,119,022
Capital expenditures during 2023 26,914,641
Cumulative expenditures incurred through December 31, 2023 255,033,663
Less:
Grant proceeds received for principal payments in previous years (23,599,965)
Grant proceeds received for principal payments during 2023 (21,847,427)
Capital expenditures to be recorded in future years in the
schedule of expenditures of federal awards $ 209,586,271
Title: 2021 Refunding Series Section 5307 and 5337 Capital Grant Receipts Revenue Bonds:
Accounting Policies: General:
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the CTA. The CTA reporting entity is defined in Note 2 to the CTA’s financial statements.
Basis of Presentation:
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Chicago Transit Authority 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). Because the Schedule presents only a selected portion of the operations of Chicago Transit Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the CTA.
Basis of Accounting:
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State and Local Governments, 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. 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 Cost Rate:
The CTA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Subrecipients:
Of the Federal expenditures presented in the schedule, the CTA provided federal awards to following subrecipients:
Subrecipient: Chicago Police Department
Program Title: Rail and Transit Security Grant Program
Assistance Listing Number: 97.075
Amount Provided: $924,503
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended December 31, 2021, the CTA issued $121 million in revenue bonds for the purpose of refunding a portion of the outstanding 5307 (Series 2010 and Series 2011) and 5309 (Series 2009) bonds. The revenue bonds will be repaid from 2021 through 2029. This principal along with interest over a period of nine years will be repaid through future Federal Transit Administration (FTA) Section 5307 and 5337 grants. Accordingly, projects funded with the bond proceeds of the refunded bonds are considered to be federally funded and will be recorded in the schedule of expenditures of federal awards in 2021 through 2029 in the amount of the principal payment of the Series 2021 refunding bonds. During the year ended December 31, 2023, the current year grant award for principal and interest payments amounted to $8,760,000 and $4,893,760, respectively, which is included in the Schedule under project IL-2023-045.
Title: NON-CASH AND FEDERAL INSURANCE
Accounting Policies: General:
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the CTA. The CTA reporting entity is defined in Note 2 to the CTA’s financial statements.
Basis of Presentation:
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Chicago Transit Authority 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). Because the Schedule presents only a selected portion of the operations of Chicago Transit Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the CTA.
Basis of Accounting:
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State and Local Governments, 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. 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 Cost Rate:
The CTA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Subrecipients:
Of the Federal expenditures presented in the schedule, the CTA provided federal awards to following subrecipients:
Subrecipient: Chicago Police Department
Program Title: Rail and Transit Security Grant Program
Assistance Listing Number: 97.075
Amount Provided: $924,503
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no non-cash awards or Federal Insurance maintained in the current year.