Notes to SEFA
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of
the Chicago Federation of Labor Workforce and Community Initiative (the “Organization”) under programs of the federal
government for the year ended June 30, 2024. 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 Organization, it is not intended to and does not present the financial position, changes
in net assets, or cash flows of the Organization.
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 Title 2 Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
Pass-through entity identifying numbers are presented when applicable and available.
NON-CASH ASSISTANCE
There were no federal non-cash or donated services received during the year ended June 30, 2024.
FEDERAL AWARDS IN THE FORM OF LOANS / LOAN GUARANTEES / INTEREST SUBSIDIES
There were no federal awards expended in the form of loans, loan guarantees, or interest subsidies at June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed
under the Uniform Guidance.