Notes to SEFA
Title: 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 where certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ann Arbor SPARK and Affiliate has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity
of Ann Arbor SPARK and Affiliate under programs of the federal government for the year ended December 31,
2024. The information in this Schedule is presented in accordance with the 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 Ann Arbor SPARK and Affiliate, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of Ann Arbor SPARK and Affiliate.
Title: Reconciliation to the Financial Statements
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 where certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ann Arbor SPARK and Affiliate has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
Accelerator grants on the Statement of Activities $ 3,698,530
Nonfederal grant revenue (state and other grants) ( 2,230,613)
Expenditures per Schedule of Expenditures of Federal Awards $ 1,467,917
Title: Subrecipients
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 where certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ann Arbor SPARK and Affiliate has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
Amounts provided to subrecipients for the year ended December 31, 2024 were as follows:
Federal
Assistance
Listing
Subrecipients Number Total
Jewish Family Services 21.027 $ 106,700
Monroe County Business Alliance 21.027 32,737
Grand Valley State University 21.027 130,568
Monroe County Business Alliance 21.027 63,798
Howell Area Chamber of Commerce 21.027 172,777
Washtenaw Community College 21.027 42,324
$ 548,904