COM 0568.000 1996-1998 - Laserfiche WebLink

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OMB Circular No. A-133 http://wwwl.Whitehouse.g...circulars/a133/a133.htm1 e management; eligibility; matching, level of effort, earmazking; and, reporting. Vendor means a dealer, distributor, merchant, or other seller providing goods or services that aze required for the conduct of a Federal program. These goods or services may be for an organization's own use or for the use of beneficiaries of the Federal program. Additional guidance on distinguishing between a subrecipient and a vendor is provided in §_.210. Subpart B--Audits §_.200 Audit requirements. (a) Audit required. Non-Federal entities that expend $300,000 or more in a yeaz in Federal awards shall have a single or program-specific audit conducted for that year in accordance with the provisions of this part. Guidance on determining Federal awards expended is provided in §_.205. (b) Single audit. Non-Federal entities that expend $300,000 or more in a yeaz in Federal awazds shall have a single audit conducted in accordance with §_.500 except when they elect to have a program-specific audit conducted in accordance with paragraph (c) of this section. (c) Program-specific audit election. When an auditee expends Federal awards under only one Federal program (excluding R&D) and the Federal program's laws, regulations, or grant agreements do not require a financial statement audit of the auditee, the auditee may elect to have aerogram-specif-ic audit conducted in accordance with §_.235. Aerogram-specific audit may not be elected for R&D unless all of the Federal awazds expended were received from the same Federal agency, or the same Federal agency and the same pass-through entity, and that Federal agency, orpass-through entity in the case of a subrecipient, approves in advance aerogram-specific audit. (d) Exemption when Federal awards expended are less than $300,000. Non-Federal entities that expend less than $300,000 a yeaz in Federal awards are exempt from Federal audit requirements for that yeaz, except as noted in §_.215(a), but records must be available for review or audit by appropriate officials of the Federal agency, pass-through entity, and General Accounting Office (GAO). (e) Federally Funded Research and Development Centers (FFRDC). Management of an auditee that owns or operates a FFRDC may elect to treat the FFRDC as a sepazate entity for purposes of this part. §_.205 Basis for determining Federal awards expended. (a) Determining Federal awards expended. The determination of when an awazd is expended should be based on when the activity related to the awazd occurs. Generally, the activity pertains to events that require the non-Federal entity to comply with laws, regulations, and the provisions of contracts or grant agreements, such as: expenditure/expense transactions associated with grants, cost-reimbursement contracts, cooperative agreements, and duect appropriations; the disbursement of funds passed through to subrecipients; the use of loan proceeds under loan and loan guarantee programs; the receipt of property; the receipt of surplus property; the receipt or use of program income; the distribution or consumption of food commodities; the disbursement of amounts entitling the non-Federal entity to an interest subsidy; and, the period when insurance is in force. (b) Loan and loan guazantees (loans). Since the Federal Government is at risk for loans until the debt is 8 of 32 10/20/97 11:15:32