Notes to SEFA
Title: Coronavirus State and Local Fiscal Recovery Funds Award Description
Accounting Policies: The federal program expensditures in the accompanying schedule are presented on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected to use the de minimis rate for indirect costs as allowed under Uniform Guidance.
Metropolitan Pier and Exposition Authority (the “Authority”) and the Illinois Emergency Management Agency
entered into a memorandum of understanding (“MOU”) under the American Rescue Plan Act of 2021 on
January 14, 2023, which commenced on July 1, 2021. MPEA and the Illinois Emergency Management Agency
and Department of Homeland Security entered into a MOU under the American Rescue Plan Act of 2021 on
June 30, 2023, which commenced on July 1, 2023. Under these two MOUs, the Authority received grant
appropriations as a subrecipient of the State of Illinois. As a subrecipient, the Authority obtained funding
from the State CURE Fund, which consisted of federal funds from the Coronavirus State and Local Fiscal
Recovery Funds Program (“CSLFRF Program”). The maximum amount received under these awards is
$42,261,500. Under the terms of the agreement, the CSLFRF Program reimburses the Authority for allowable
costs incurred from March 3, 2021, through December 31, 2024, and expended by December 31, 2026. The
reimbursements are not to exceed the CSLFRF Program’s total maximum obligation.
During the year ended June 30, 2024, the Authority requested $2,949,789 for reimbursement.
Title: Basis of Presentation
Accounting Policies: The federal program expensditures in the accompanying schedule are presented on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected to use the de minimis rate for indirect costs as allowed under Uniform Guidance.
The accompanying Schedule of Federal Awards for the U.S. Department of the Treasury—Coronavirus State
and Local Fiscal Recovery Funds (“SEFA”) presents the activity of the CSLFRF financial assistance of the
Authority.
Federal program expenditures included in the accompanying schedule are presented on the accrual basis of
accounting.
Title: Indirect Costs
Accounting Policies: The federal program expensditures in the accompanying schedule are presented on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected to use the de minimis rate for indirect costs as allowed under Uniform Guidance.
The Authority has elected to use the de minimis rate for indirect costs as allowed under Uniform Guidance.
For the year ended June 30, 2024, there were no indirect costs charged to the grant agreement.
For purposes of the schedule, federal awards include all grants and cooperative agreements entered
into directly between the Authority and agencies and departments of the federal government, as well as
federal awards passed through to the Authority by other governmental entities or not‐for‐profit
organizations. The schedule should be read in conjunction with the Authority’s basic financial statements.
Title: Noncash Assistance and Federal Insurance
Accounting Policies: The federal program expensditures in the accompanying schedule are presented on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected to use the de minimis rate for indirect costs as allowed under Uniform Guidance.
The Authority did not receive any noncash federal awards, federal insurance, or loans or guarantees during
the year ended June 30, 2024.