State and Federal Reporting for Compliance with the Federal Single Audit Act
The Office of Budget and Management (OMB) issued a new circular, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, referred to as the Uniform Guidance 2CFR 200 which supersedes OMB Circular A-133. The new policy changes raises the dollar threshold for requirement of a Single Audit to $750,000 or more in expenditures in an entity’s fiscal year beginning on or after December 26, 2014.
The following language can be referenced in the loan award document which also includes the corresponding CFDA Number:
Federal Reporting Requirements for Federal Awards
For fiscal years ending before December 25, 2015, a Single Audit conducted in accordance with OMB Circular A-133 is required if the Loan Recipient expends $500,000 or more in federal assistance during its fiscal year. For fiscal years ending on or after December 25, 2015, for all Loan Recipients expending $750,000 or more in federal assistance during its fiscal year a Single Audit shall be conducted in accordance with 2 CFR Chapter I, Chapter II, Part 200, Subpart F. Upon receipt of the single audit report, the Loan Recipient must submit the data collection form and reporting package to the Federal Audit Clearinghouse or to the listed repository of record under 2 CFR Subpart F – Audit Requirements within 30 calendar days or within nine (9) months after the end of its fiscal year. The Loan Recipient shall furnish a copy of the single audit report to the Department of Environmental Conservation within nine (9) months after the end of its fiscal year.
The Single Audit report is submitted to the Department of Environmental Conservation subrecipient contact. Click the link for contact information.
State Reporting Requirements for Federal Awards
If this Agreement is funded in whole or in part by federal funds, the loan recipient will complete the Subrecipient Annual Report as required by the Vermont Agency of Administration under Bulletin Number 5. By acceptance of this Agreement, the loan recipient agrees to complete the Subrecipient Annual Report within 45 days after its fiscal year end . The Subrecipient Annual Report is to be sent to the Vermont Department of Finance and Management and must inform the State if a single audit is required for the prior fiscal year.
The submission of the Subrecipient Annual Report is required within 45 days of the end of the fiscal year, regardless of if a Single Audit is required.