Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the grant expenditures of Chicago's North Shore Convention and Visitors Bureau (the Bureau) for the year ended June 30, 2025. The information in the Schedule 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Bureau, it is not intended to, and it does not, present the financial position, changes in net assets, or cash flows of the Bureau.
Expenditures reported on the Schedule are 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 period. The Bureau has elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.