Notes to SEFA
Title: Coronavirus State and Local Fiscal Recovery Funds Award Description
Accounting Policies: The federal program expenditures 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 (“IEMA”) entered into a Memorandum of Understanding (“MOU”) under the American Rescue Plan Act of 2021 (“ARPA”) on January 14, 2023, which commenced on July 1, 2021. Under this MOU, 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 are $42,261,500. Under the terms of the agreement, the CSLFRF Program reimburses the Authority for allowable costs incurred March 3, 2021, through December 31, 2024, and expended by December 31, 2026. The reimbursements are not to exceed CSLFRF Program's total maximum obligation. During the year ended June 30, 2023, the Authority requested $11,555,814 for reimbursement.
Title: Basis of Presentation
Accounting Policies: The federal program expenditures 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 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 expenditures 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 minimus rate for indirect costs as allowed under Uniform Guidance. For the year ended June 30, 2023, 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 expenditures 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, 2023.