Michigan Department of Education’s (MDE) Michigan School Accounting Manual Committee (1022 Committee) updated guidance on GASB 96, Subscription-Based Information Technology Arrangements.
The additional guidance is related to Subscription-Based Information Technology Arrangement (SBITA) purchases with grant funds, including an update to U.S. Department of Education guidance that allows SBITAs to be charged to a grant in full if certain criteria are met. The guidance also includes frequently asked questions related to SBITAs. The updated guidance is included in Accounting Manual, Section II – Requirements, E.20 GASB #96 Supplemental Guidance.
If you have questions about SBITAs, please contact your Yeo & Yeo auditor.
For additional guidance in navigating GASB Statement No. 96, Subscription-based Information Technology Arrangements (SBITA), read our whitepaper: What School Districts Need to Know About GASB 96 Implementation.
