Subrecipient Audit Requirements Clause Samples
The Subrecipient Audit Requirements clause establishes the obligation for subrecipients of grant or contract funds to undergo financial audits. Typically, this clause applies to organizations or entities that receive federal or other significant funding through a primary recipient, requiring them to conduct regular audits in accordance with specific standards, such as the Single Audit Act or OMB Uniform Guidance. By mandating these audits, the clause ensures accountability for the use of funds, helps detect misuse or mismanagement, and supports compliance with applicable laws and regulations.
POPULAR SAMPLE Copied 1 times
Subrecipient Audit Requirements. Subrecipients, except for-profit entities, must submit a certification of total federal grant expenditures upon request from DHEC. If Subrecipient expends $750,000 or more in federal awards from all sources during the fiscal year, Subrecipient must have a single or program-specific audit conducted for that fiscal year, in accordance with the provisions of 2 CFR Part 200, Subpart F. Subrecipient is responsible initiating the process to implement the audit. Entities which are audited as part of the State of South Carolina Statewide Single Audit are required to furnish the auditor’s report on findings and the Subrecipient’s corrective action plan. Subrecipient shall complete and submit the audit within the earlier of 30 calendar days after receipt of the auditor's report(s), or nine months after the end of the audit period. Subrecipient agrees to send one copy of any audit conducted under the provisions of 2 CFR Part 200, Subpart F, to: SC Department of Health and Environmental Control Finance Director Bureau of Financial Management ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Columbia, SC 29201 Or, Email to: ▇▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇.▇▇▇ Non-federal entities that expend less than $750,000 a year in total federal awards, from all sources, are exempt from the Federal audit requirements of 2 CFR Part 200, Subpart F for that year, but records must be available for review or audit by appropriate officials of the federal agency, pass- through entity, and General Accounting Office (GAO). A subrecipient is prohibited from charging the cost of an audit to federal awards if the subrecipient expended less than $750,000 from all sources of federal funding in the Subrecipient's fiscal year. If the subrecipient expends less than $750,000 in federal funding from all sources in the subrecipient's fiscal year, but obtains an audit paid for by non-federal funding, then DHEC requests a copy of that audit to be sent to: SC Department of Health and Environmental Control Finance Director Bureau of Financial Management ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Columbia, SC 29201 Or, Email to: ▇▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇.▇▇▇ For profit Subrecipients are exempt from the audit requirements set forth in 2 CFR §200.501 Audit Requirements. In all such cases DHEC requires submission of an audited financial statement. DHEC reserves the right to request pre-award audits and post-award audits in addition to monitoring during the agreement. In all cases the Subrecipient is expected to promptly address audit findings through a corrective action plan. Failure to ...
Subrecipient Audit Requirements. (1) A Subrecipient that expends $500,000 or more in federal funds is required to have an audit In compliance with OMB Circular A-133. The Subrecipient is responsible for submitting a data collection form and reporting package to the federal clearinghouse within nine months of the end of the audit period. The reporting package must also be submitted to the Recipient. Per Section .505 of the OMB Circular A-133, the reporting package consists of:
(a) Financial Statements;
(b) Schedule of Expenditures of Federal Awards;
(c) Summary Schedule of Prior Audit Findings;
(d) Corrective Action Plan for current year audit findings; and,
(e) An Auditor’s Opinion
(2) Subrecipients that receive any public funds (federal, state, or local government funds) are also subject to the audit requirements of Indiana Code 5-11-1-9 and the Indiana State Board of Accounts’ Guidelines For Examination of Entities Receiving Financial Assistance From Governmental Sources. A Subrecipient that is not a governmental entity must annually file an Entity Annual Report (form E-1) with the State Board of Accounts. If the Subrecipient’s disbursements are less than fifty-percent (50%) from public funds they must request and receive a waiver from these audit requirements. If the Subrecipient is a not for profit corporation, and their disbursements are less than $100,000, they may also request a waiver. Contact the Indiana State Board of Accounts at ▇▇▇-▇▇▇-▇▇▇▇ for a copy of their Guidelines for Examination of Entities Receiving Financial Assistance From Governmental Sources and information on obtaining a waiver. An audit in compliance with OMB Circular A-133 will meet the audit requirements of IC 5-11-1-9. However, a waiver from the State Board of Accounts from the audit requirements of IC 5-11-1-9 does not exempt the Subrecipient from audits required by OMB Circular A-133 or other audits provisions within this Agreement.
(3) All Subrecipient audits shall be completed within 180 days after the ending date of the Subrecipient’s fiscal year. Two (2) copies of each audit report shall be delivered by the Subrecipient to the Recipient. One (1) copy will be retained and reviewed by the Recipient, with the remaining copy to be submitted by the Recipient to IOCRA.
(4) If the Subrecipient is unable or unwilling to have an audit conducted in accordance with OMB Circular A-133, the Recipient shall take one or more of the following actions:
(a) Withhold a percentage of federal CDBG funds until the applicable...
Subrecipient Audit Requirements. Subrecipients, except for-profit entities, must submit a certification of total federal and state grant expenditures upon request from DHEC. If Subrecipient expends $750,000 or more in federal awards from all sources during the fiscal year, Subrecipient must have a single or program-specific audit conducted for that fiscal year, in accordance with the provisions of 2 CFR Part 200, Subpart F.