Title: Coronavirus State and Local Fiscal Recovery Funds Award Description
Accounting Policies: The significant accounting policies used in preparing the SEFA was the Generally Accepted Accounting Policies (GAAP). The auditing standard used was the Generally Accepted Auditing Standads (GAAS). The compliance requirements used were described in the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. Federal program expenditures included in the accompanying schedule are presented on the accrual basis of accounting. The Authority has elected to use the de minimis rate for indirect costs as allowed under Uniform Guidance. For the year ended June 30, 2022, 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 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 Authoritys basic financial statements.
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, 2022, 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 Federal Recovery Funds Program (CSFRF). The maximum amount received under these awards are $42,261,500. Under the terms of the agreement, the CSFRF Fund 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 CSFRFs total maximum obligation.During the year ended June 30, 2022, the Authority requested for reimbursement $27,755,898 of which $12,261,500 was passed through to subrecipient Choose Chicago.
Title: Basis of Presentation
Accounting Policies: The significant accounting policies used in preparing the SEFA was the Generally Accepted Accounting Policies (GAAP). The auditing standard used was the Generally Accepted Auditing Standads (GAAS). The compliance requirements used were described in the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. Federal program expenditures included in the accompanying schedule are presented on the accrual basis of accounting. The Authority has elected to use the de minimis rate for indirect costs as allowed under Uniform Guidance. For the year ended June 30, 2022, 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 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 Authoritys basic financial statements.
The accompanying Schedule of Federal Awards for the Department of Treasury Coronavirus State and Local Fiscal Recovery Funds presents the activity of the CSFRF financial assistance of the Authority.
Title: Indirect Costs
Accounting Policies: The significant accounting policies used in preparing the SEFA was the Generally Accepted Accounting Policies (GAAP). The auditing standard used was the Generally Accepted Auditing Standads (GAAS). The compliance requirements used were described in the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. Federal program expenditures included in the accompanying schedule are presented on the accrual basis of accounting. The Authority has elected to use the de minimis rate for indirect costs as allowed under Uniform Guidance. For the year ended June 30, 2022, 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 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 Authoritys basic financial statements.
Federal program expenditures included in the accompanying schedule are presented on the accrual basis of accounting. The Authority has elected to use the de minimis rate for indirect costs as allowed under Uniform Guidance. For the year ended June 30, 2022, 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 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 Authoritys basic financial statements.
Title: Noncash Assistance and Federal Insurance
Accounting Policies: The significant accounting policies used in preparing the SEFA was the Generally Accepted Accounting Policies (GAAP). The auditing standard used was the Generally Accepted Auditing Standads (GAAS). The compliance requirements used were described in the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. Federal program expenditures included in the accompanying schedule are presented on the accrual basis of accounting. The Authority has elected to use the de minimis rate for indirect costs as allowed under Uniform Guidance. For the year ended June 30, 2022, 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 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 Authoritys basic financial statements.
The Authority did not receive any noncash federal awards, federal insurance, or loans or guarantees during the year ended June 30, 2022.