Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes thefederal award activity of the Chicago Humanities Festival (the Festival). The information in thisSchedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presentsonly a selected portion of the operations of the Festival, it is not intended to and does not presentthe financial position, changes in nest assets, or cash flows of the Festival. The Schedule includesfederal funded projects received directly from federal agencies and the federal amount ofpassthrough awards received by the Festival through non-federal entities.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.