Notes to SEFA
Title: See Covesheet tab for accounting policies
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal
award activity of the Corporation, and is presented on the accrual basis of accounting. 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, changes in net assets, or cash flows.Summary of Significant 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. The Corporation has elected not to use
the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.During the year ended December 31, 2023, the Corporation did not receive any other Federal assistance other than what is
stated above.During the year ended December 31, 2023, the Corporation did not have any subrecipients. The Corporation is a
subrecipient of the City of Chicago in the of $1,029,512.No other single audits were performed during the year.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use
the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
See Covesheet tab for accounting policies