Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Followed GAAP
De Minimis Rate Used: Y
Rate Explanation: De Minis
The accompanying schedule of expenditure of federal awards (the “Schedule) includes the federal grant activity of Chicago Recovering Communities Coalition (“CRCC”) 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 CRCC, it is not intended to and does not present the financial position, change in net assets, or cash flows of CRCC.
Title: Summary of Significant Accounting Policies
Accounting Policies: Followed GAAP
De Minimis Rate Used: Y
Rate Explanation: De Minis
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principal contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements Cost Principles for Non- profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represents adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
Title: Indirect Facilities and Administrative Costs
Accounting Policies: Followed GAAP
De Minimis Rate Used: Y
Rate Explanation: De Minis
The Organization elected not to use the 10% de minimums cost rate.
Title: Insurance
Accounting Policies: Followed GAAP
De Minimis Rate Used: Y
Rate Explanation: De Minis
There were no federal funds expended for insurance during the year ended December 31, 2023.
Title: Non-Cash Assistance
Accounting Policies: Followed GAAP
De Minimis Rate Used: Y
Rate Explanation: De Minis
The Organization did not receive any non-cash assistance for the year ended December 31, 2023.
Title: Subrecipients
Accounting Policies: Followed GAAP
De Minimis Rate Used: Y
Rate Explanation: De Minis
There were no subrecipients during the year ended December 31, 2023.