Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: The Schedule includes all federal grants to Choose Chicago which had activity during the year ended December 31, 2024. This Schedule has been prepared on the accrual basis of accounting. 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.
De Minimis Rate Used: Y
Rate Explanation: Choose Chicago has elected to use the 10% de minimis indirect cost rate that is allowed under the Uniform Guidance. As a result, indirect costs are applicable for fiscal year 2024 as Choose Chicago did charge indirect costs to its federal programs for the year ended December 31, 2024.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activities of the Chicago Convention and Tourism Bureau, Inc. d/b/a Choose Chicago (Choose Chicago) under programs of the federal government for the year ended December 31, 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 (the Uniform Guidance). As the Schedule presents only a selected portion of the operations of Choose Chicago, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Choose Chicago.
Title: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
Accounting Policies: The Schedule includes all federal grants to Choose Chicago which had activity during the year ended December 31, 2024. This Schedule has been prepared on the accrual basis of accounting. 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.
De Minimis Rate Used: Y
Rate Explanation: Choose Chicago has elected to use the 10% de minimis indirect cost rate that is allowed under the Uniform Guidance. As a result, indirect costs are applicable for fiscal year 2024 as Choose Chicago did charge indirect costs to its federal programs for the year ended December 31, 2024.
Basis of Accounting
The Schedule includes all federal grants to Choose Chicago which had activity during the year ended December 31, 2024. This Schedule has been prepared on the accrual basis of accounting. 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.
De Minimis Indirect Cost Rate
Choose Chicago has elected to use the 10% de minimis indirect cost rate that is allowed under the Uniform Guidance. As a result, indirect costs are applicable for fiscal year 2024 as Choose Chicago did charge indirect costs to its federal programs for the year ended December 31, 2024.
Title: NOTE 3 SUBSEQUENT EVENTS
Accounting Policies: The Schedule includes all federal grants to Choose Chicago which had activity during the year ended December 31, 2024. This Schedule has been prepared on the accrual basis of accounting. 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.
De Minimis Rate Used: Y
Rate Explanation: Choose Chicago has elected to use the 10% de minimis indirect cost rate that is allowed under the Uniform Guidance. As a result, indirect costs are applicable for fiscal year 2024 as Choose Chicago did charge indirect costs to its federal programs for the year ended December 31, 2024.
Subsequent events have been evaluated through June 6, 2025, which is the date the schedule was available for issuance.