Title: Note A - Basis of Presentation
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards (“the Schedule”) includes the federal
grant activity of the Chicago Urban League and Affiliate (collectively, “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 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.
Title: Note B – Summary of Significant Accounting Policies
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: N/A
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such 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.
Title: Note C – Indirect Cost Rate
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: N/A
In the absence of a Negotiated Indirect Cost Rate Agreement (NICRA), the Organization has elected to
use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The
Organization holds a NICRA with a pass-through grantor, National Urban League, whose rate varies
depending on the fiscal year and ranges from 30% to 36%.
Title: Note D – Other
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: N/A
The Organization did not have any outstanding federal loans or loan guarantees as of June 30, 2024, and
did not receive any federal noncash awards or insurance assistance for reimbursement losses during the
year ended June 30, 2024.
Title: Note E - Program Costs
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: N/A
The amounts shown as current year expenditures represent only the federal portion of the program costs.
Entire program costs, including the Organization’s portion, are more than shown. Such expenditures are
recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.