1 000 000 or 750 000 USD – when a recipient of a Federal award must go through an audit?

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20 Січня 2025, 9:23

Recently, the changes into Code of Federal Regulations (CFR) in part of audit requirements have been introduced.

Therefore, as per 2 CFR 200.501 – a non-Federal entity that expends $1,000,000 or more during the non-Federal entity’s fiscal year in Federal awards must have a single or program-specific audit conducted for that year.

An auditee may simultaneously be a recipient, a subrecipient, and a contractor. Unless a program is exempt by Federal statute, Federal awards expended as a recipient or a subrecipient are subject to audit. Payments received for goods or services provided as a contractor under a Federal award are not subject to audit under this part.

USAID requirements

Standard Provisions for Non-U.S. Nongovernmental Organizations – A Mandatory Reference for ADS Chapter 303, stipulates that beginning in recipient’s 2025 fiscal year, the recipient must have an annual single or program-specific audit, consistent with 2 CFR Part 200, Subpart F, for any recipient fiscal year in which the recipient expends $1,000,000 or more in all federal awards, either as a recipient, subrecipient, or contractor. For fiscal year 2024 and earlier, the audit threshold is $750,000.

Subawards: if the recipient provides USAID resources to other organizations to carry out the USAID-financed program and activities, the recipient is responsible for monitoring such subrecipients or contractors.

Deadlines: audit report must be submitted to the AO within 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period (whichever is earlier).

 

 

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