Notes to SEFA
The accompanying schedule includes the federal grant activity of The Magnificent Mile Association under programs of the federal government for the year ended December 31, 2024. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Expenditures reported on the schedule are presented 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.
The Magnificent Mile Association has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal expenditures are reported in the planning and advocacy revenues in the accompanying financial statements.