Notes to SEFA
Title: See Covesheet tab for accounting policies
Accounting Policies: BasisofPresentation:Theaccompanyingscheduleofexpendituresoffederalawards(theschedule)includesthefederalawardactivityoftheCorporation,andispresentedontheaccrualbasisofaccounting.TheinformationinthisscheduleispresentedinaccordancewiththerequirementsofTitle2U.S.CodeofFederalRegulationsPart200,UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"), Because theschedulepresentsonlyaselectedportionoftheoperationsoftheCorporation,itisnotintendedtoanddoesnotpresentthe financial position, changes in net assets, or cash flows.SummaryofSignificantAccountingPolicies:ExpendituresreportedontheSchedulearereportedontheaccrualbasisofaccounting.SuchexpendituresarerecognizedfollowingthecostprinciplescontainedintheUniformGuidance,whereincertaintypesofexpendituresarenotallowableorarelimitedastoreimbursement.TheCorporationhaselectednottousethe 10-percent de minims indirect cost rate allowed under the Uniform Guidance.DuringtheyearendedDecember31,2022,theCorporationdidnotreceiveanyotherFederalassistanceotherthanwhatisstated above.DuringtheyearendedDecember31,2022,theCorporationdidnothaveanysubrecipients.TheCorporationisasubrecipient of the City of Chicago in the of $1,010,854.No other single audits were performed during the year.
De Minimis Rate Used: N
Rate Explanation: TheCorporationhaselectednottousethe 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
See Covesheet tab for accounting policies