Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: The Schedule includes all Federal grants to Choose Chicago which had activity during the year ended December 31, 2022. This Schedule has been prepared on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activities of Choose Chicago (the “Bureau”) under programs of the federal government for the year ended December 31, 2022. 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). As the Schedule presents only a selected portion of the operations of Choose Chicago, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Choose Chicago.
Title: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
Accounting Policies: The Schedule includes all Federal grants to Choose Chicago which had activity during the year ended December 31, 2022. This Schedule has been prepared on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: N/A
Basis of Accounting - The Schedule includes all Federal grants to Choose Chicago which had activity during the year ended December 31, 2022. This Schedule has been prepared on the accrual basis of accounting. 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. De Minimis Indirect Cost Rate - Choose Chicago does not have a federally approved indirect cost rate or elected to use the10% de minimis indirect cost rate that is allowed under the Uniform Guidance. As a result, indirect costs are not applicable for fiscal year 2022 as Choose Chicago did not charge any indirect costs to any of its federal programs for the year ended December 31, 2022.
Title: NOTE 3 RECONCILIATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO FINANCIAL STATEMENTS
Accounting Policies: The Schedule includes all Federal grants to Choose Chicago which had activity during the year ended December 31, 2022. This Schedule has been prepared on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: N/A
See Table on Page 4 of the audit report.
Title: NOTE 4 SUBSEQUENT EVENTS
Accounting Policies: The Schedule includes all Federal grants to Choose Chicago which had activity during the year ended December 31, 2022. This Schedule has been prepared on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: N/A
Subsequent events have been evaluated through ________, 2024, which is the date the schedule was available for issuance.