News & Insights
Accounting for Food Service-related Revenues and Expenditures (Updated)
February 24th, 2022
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Audit |
COVID-19 Relief Services
NEW (January 2022): Accounting for Pandemic EBT (P-EBT) Local Costs Grant
The P-EBT Local Level Administrative Cost Grant is a federal award (CFDA#10.649). Accounting guidance for these funds is as follows:
- Revenue: Major Class 414, Suffix 0110
- Expenditures: Grant Code 664
P-EBT revenue should be recognized in FY22 in the Fund that the district incurred the most expenses from administering P-EBT in FY21 (including allowability to record these funds in the General Fund). Expenditures using Grant Code 664 should match revenue reported – this may require the use of “net-zero reclassifying entries” as described in the Revenue and Expenditure Recognition Considerations section of this guidance document.
Resource: Michigan Department of Education, Office of Financial Management, Financial Accounting Guidance During the COVIC-19 Pandemic, Last Updated January 21, 2022