Delinquent Audit Exemption Notice. Failure to submit the Audit Exemption Notice, when required, may result in withholding payment from Department to Grantee an amount equal to one percent of the audit year’s grant funding until the Audit Exemption Notice is received.
Delinquent Audit Exemption Notice. Failure to submit the Audit Exemption Notice, when required, may result in withholding from the current funding an amount equal to one percent of the audit year’s grant funding until the Audit Exemption Notice is received. Other Audits AASA or federal agencies may also conduct or arrange for “agreed upon procedures” or additional audits to meet their needs. Subrecipient/Contractor Monitoring When passing federal funds through to a subrecipient (if the agreement does not prohibit the passing of federal funds through to a subrecipient), the Grantee must: Ensure that every subaward is clearly identified to the subrecipient as a subaward and includes the information required by 2 CFR 200.331(a). Evaluate each subrecipient’s risk for noncompliance as required by 2 CFR 200.331(b). Monitor the activities of the subrecipient as necessary to ensure that the subaward is used for authorized purposes, in compliance with federal statutes, regulations, and the terms and conditions of the subawards; that subaward performance goals are achieved; and that all monitoring requirements of 2 CFR 200.331(d) are met including reviewing financial and programmatic reports, following up on corrective actions, and issuing management decisions for audit findings. Verify that every subrecipient is audited as required by Subpart F of 2 CFR 200. The Grantee must also develop a subrecipient monitoring plan that addresses the above requirements and provides reasonable assurance that the subrecipient administers federal awards in compliance with laws, regulations, and the provisions of contracts, and that performance goals are achieved. The subrecipient monitoring plan should include a risk-based assessment to determine the level of oversight, and monitoring activities, such as reviewing financial and performance reports, performing site visits, and maintaining regular contact with subrecipients. The Grantee must establish requirements to ensure compliance for for-profit subrecipients as required by Title 2 (CFR), Section 200.501(h), as applicable. The Grantee must ensure that transactions with contractors comply with laws, regulations, and provisions of contracts or grant agreements in compliance with Title 2 (CFR), Section 200.501(h), as applicable.
