What is a 2 CFR 200.501 Subpart F audit
200.501 Audit requirements. (a) Audit required. A non-Federal entity that spends $750,000 or more on Federal awards during the non-Federal entitys fiscal year is required to have an audit conducted for that year in accordance with the provisions of this part, either on a single or program-specific basis.
What does 2 CFR stand for
This document is intended to answer frequently asked questions regarding the Office of Management and Budgets (OMB) implementation of the updates to Title 2 of the Code of Federal Regulations (2 CFR), also known as the Uniform Guidance. Publication Date: May 03, 2021.
What is the 2 CFR 200
Uniform Guidance (2 C.F.R. Part 200): For Federal awards to non-Federal entities, 2 C.F.R. Part 200 establishes uniform administrative requirements, cost principles, and audit requirements.
What is the 2 CFR 700
2 CFR Part 700 — Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards is found in the electronic code of regulations.
Who is subject to uniform guidance audit
If you spent less than $750,000 on grants that are subject to the UGA during your fiscal year, you are exempt from having to file a UGA this year.
What is uniform guidance audit
For use in auditing federal assistance and federal grant programs, as well as their respective recipients, Subpart F of the Uniform Guidance is a sizable and comprehensive guide produced by the US federal government.
What did 2 CFR 200 Replace
OJP awards made before January 2015 are NOT changed or affected by Part 200 Uniform Requirements, a DOJ regulation that largely replaces 28 C.F.R. Parts 66 and 70, as well as the OMB Circulars on cost principles and audit requirements.
What entities are required to be audited
While organizations that fall under the Incorporated Association Act and large charities with annual revenue of more than $1 million must have their financial reports audited, medium-sized charities with annual revenue of more than $250,000 are exempt from this requirement.
What is a Federal cognizant audit agency
The cognizant agency for audit is required to: (i) Provide technical audit advice and liaison assistance to auditees and auditors; and (ii) Obtain or conduct quality control reviews on selected audits made by non-Federal auditors and share the findings with other interested organizations.
What is the purpose of the audit requirements in Subpart F
The goal of this section is to establish guidelines for federal agencies to follow when auditing non-federal organizations that use federal awards.
What is a program-specific audit
A single audit is one that examines both an entitys financial statements and all of its federal awards (from all applicable federal programs). A program-specific audit is permitted when the grantee or subrecipient expends federal awards under just one federal program.
Are audit costs allowable
The cost of audits performed in accordance with this parts provisions is an allowable charge to Federal awards, unless otherwise prohibited by law.
What is the single audit threshold
Spending more than $750,000 of federal funds in a calendar year necessitates a federal single audit, regardless of whether those funds were received directly from the federal government or were passed through from a state or local government.
What is the Single Audit Act
Congress passed the Single Audit Act in 1984, which mandated organization-wide financial and compliance audits for the majority of governmental recipients of federal assistance (such as state and local governments) every year.
What is needed to make a normally unreasonable cost an allowable expense in a grant
When determining whether a cost is reasonable, the following factors must be taken into account: (a) Whether the cost is of a type that is typically accepted as ordinary and required for the operation of the non-Federal entity or the proper and effective performance of the Federal award.
What is OMB uniform guidance
The Office of Management and Budgets (OMB) Uniform Guidance, or “guidance,” is simply a set of authoritative rules and regulations about federal grants that are intended to keep Congress, grant-making organizations, and applicants all on the same page.
Are for profit entities subject to single audit
For-profit organizations are only currently required to give the Single Audit-required federal agency or pass-through entity the audit results directly.
What is a schedule of expenditures of federal awards
The management prepares a financial statement schedule called the Schedule of Expenditures of Federal Awards (SEFA), which lists an organizations federal assistance expenditures for the fiscal year by federal agency, grant number, and amount.