Under requirements of the Single Audit Act and of the Office of Management and Budget’s (OMB) Uniform Guidance, Subpart F, non-federal organizations that expend more than a threshold amount of federal grants and subgrants during their fiscal year must arrange for a single audit of those funds. Most RDOs expend the threshold amount. Meeting the requirement includes procuring the services of a qualified independent audit firm; preparing accounting records and financial statements; submitting the resulting audit report to the federal government; and following up and resolving any audit findings. Those steps are carried out to serve the underlying objectives of the single audit examination—to determine whether the organization’s financial information is accurate, whether its policies and procedures are well designed and followed, and whether it has complied with applicable laws, regulations, and award terms and conditions. Knowing what tests auditors will perform and what documentation they will be looking for is critical to meeting those objectives particularly since an organization’s “audit history” must be considered by awarding agencies in making decisions about whether to approve a grant and how it will be managed.
This session will highlight the changes that OMB has crafted in Subpart F and detail the practical steps that RDO’s can take to assure a satisfactory audit history.
This webinar is offered through the Economic Development District Community of Practice (EDD CoP), managed by the NADO Research Foundation. To learn more, visit: www.nado.org/EDDCoP. The EDD CoP is made possible through an award from the U.S. Economic Development Administration, U.S. Department of Commerce (ED22HDQ3070106). The statements, findings, conclusions, and recommendations are those of the presenter(s) and do not necessarily reflect the views of the U.S. Economic Development Administration or the U.S. Department of Commerce.
September 2024
Open to the selected cohort. Email Joe D’Antonio for information about the program at
[email protected].
Join us for a conversation describing effective strategies for engagement between EDDs and Tribal governments in the regions they serve. This webinar, hosted by NADO and the First Nations Development Institute, will introduce attendees to our Community of Practice Tribal Engagement content series and feature a panel with peer EDD leaders discussing their experience collaborating […]
The wealth creation framework known as WealthWorks seeks to build multiple types of capitals or assets in a community or region. This approach, recognized as a best practice in EDA’s CEDS Content Guidelines, emphasizes local ownership and control of businesses and assets in order to root wealth in a region. It is also intentionally inclusive, […]
One of the most common questions asked in organizations like RDO’s that expend federal grant funds is “Can we charge this to our grant?” The initial but often unsatisfactory answer is “It depends.” What it depends upon are the federal cost principles that are applicable to those grant awards when a grant or subgrant agreement […]
October 2024
One of the most misunderstood concepts in federal grants management is indirect cost recovery. How does a federally funded organization recover costs that do not benefit a particular grant or subgrant exclusively but are nonetheless necessary for the overall operation of the recipient or subrecipient? The related policy rules now contained in OMB’s Uniform Guidance […]
“Do we have to get bids?” is a frequently asked question at a federally funded recipient or subrecipient organization. The federal rules apply to grant-funded purchases of supplies, equipment, services, travel, and construction. The procurement standards contained in OMB’s Uniform Guidance (2 CFR 200.317-327) assume that a recipient or subrecipient already has policies for purchasing […]
The NADO Annual Conference is a highly anticipated event that brings together industry leaders, policymakers, and professionals from across the country to explore new ideas, share best practices, and discuss emerging trends in community and economic development.
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