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Is Your Organization Going to Be Subject to a Federal Single Audit?
Posted by Michelle Sylvia Spriggs on Tue, Aug 18, 2020 @ 05:43 PM

Federal aid swiftly followed the disruption caused by the COVID-19 pandemic, with new programs coming from the Coronavirus Aid, Relief and Economic Security (CARES) Act and additional funding to existing programs. For-profit and not-for-profit organizations of all types received support in the form of grants and may now find themselves with new reporting requirements. For-profit organizations that received coronavirus relief funds may even be facing their first Single Audit under the Office of Management and Budget (OMB)’s Uniform Grant Guidance (UGG).

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Topics: not-for-profit, compliance, OMB, NFP, single audit, Uniform Grant Guidance, COVID-19, PPP, extension, payment protection plan, Office of Management and Budget, Coronavirus Relief Fund, Education Stabilization Fund, UGG

Memo Clarifies Single Audit Relief Provisions
Posted by Michelle Sylvia Spriggs on Tue, Jun 30, 2020 @ 11:21 AM

Thanks to a recent memo from the Office of Management and Budget (OMB), some organizations subject to the Uniform Grant Guidance will no longer be provided an extension to file their Single Audit with the Federal Audit Clearinghouse. Memo M-20-26, Extension of Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations eliminates a previous six-month extension that had been granted to organizations with fiscal year ends falling between Dec. 31, 2019, through June 30, 2020. Those Single Audits would be due within the normal due date under the Uniform Grant Guidance, nine months after the fiscal year end.

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Topics: not-for-profit, compliance, OMB, NFP, single audit, Uniform Grant Guidance, COVID-19, PPP, extension, payment protection plan, Office of Management and Budget, Appendix XI

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