A nonprofit or governmental organization with federal expenditures in excess of $750,000 is required to have a single audit performed, which includes an audit of both the financial statements and the federal awards. The single audit focuses on how your entity manages its grants and ensures you followed the rules for dollars associated with grants or awards that are considered major programs.
A single audit is often referred to as a Uniform Guidance Single Audit. That’s because the
general provisions applicable to almost all federal awards are contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), the portion of the federal law that contains the requirements for obtaining, operating, and auditing federal programs.
With the influx of federal funding related to the CARES Act and other COVID-19 legislation, many entities will be faced with new compliance requirements where there were previously none. For those organizations that have never had a single audit, the audit is generally required if total federal expenditures (and loans) exceed $750,000 in the fiscal year.
The single audit can seem overwhelming even to experienced award recipients. An understanding of the sources of regulation and program requirements is the first step to ensuring compliance with your federal programs.
Why Choose Eide Bailly
Federal compliance can be tricky to navigate, especially if your organization is administering federal awards for the first time. A professional with experience in single audits can help guide your organization through this task, advising you on various compliance issues, as well as helping you prepare the data collection form and the reporting package for submission to the federal audit clearinghouse so you can tend to your organization's other needs.
Our professionals have many years of experience performing single audits. We stay up to date with all regulation changes, reducing the need for your staff to devote additional time to this mandatory function.
Our single audit experience includes auditing awards made by the Department of Education, Department of Housing and Urban Development, Department of Agriculture, Department of Commerce, Department of Interior, Department of Transportation, Department of Justice, Department of Labor, Department of the Treasury, Department of Health and Human Services, Homeland Security, National Foundation on the Arts and the Humanities, Environmental Protection Agency, Department of Energy, Office of the National Drug Control Policy, Department of Defense and the Bureau of Land Management, among others!