Notes to SEFA
Title: Basis for Accounting
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: The Foundation 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 Michigan Physical Fitness, Health and Sports Foundation, Inc. (the Foundation) under programs of the federal government for the year ended September 30, 2022. 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 on a selected portion of the operations of the Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Foundation.
Title: Relationship to Basic 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: The Foundation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The following schedule is a reconciliation between the federal grant revenue reported on the Statement of Activities and Changes in Net Assets and the Schedule of Federal Awards. Federal funds received and used for the purchase of nutrition and physical education materials are recognized as sales.Grant revenue - federal $13,664,153; Federal grant revenue spent on nutrition and physical education materials recognized as sales revenue, not federal grant revenue, in current year financial statements $80,864; Total federal grant revenues per Schedule of Federal Awards $13,745,017
Title: Schedule of Expenditures for SNAP-ED
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: The Foundation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures for the SNAP-ED grant are detailed as follows for the year ended September 30, 2022: Salaries and wages $1,482,968; Fringe benefits and payroll taxes $392,838; Professional services $2,884,128; Supplies and equipment $475,462; Postage and shipping $16,462; Travel $8,446; Professional development $3,740; Subrecipient awards $6,261,927; Indirect costs $888,364; Total expenses $12,414,335