Single Audit Revisions – The Government Needs Your HelpPosted on March 8 2012 by admin
Imaging looking at your Schedule of Expenditures of Federal Awards (SEFA) and noting that the total is $502,000. Some of you might think, “Why couldn’t we have spent $3,000 less and save ourselves the cost of a single audit?” And you’re not alone. The United States OMB is working on reforming the Federal Grant process, which may make you very happy.
The proposed changes would not require a full single-audit (as we know it now) until your SEFA total is $3 million. The changes would increase the single audit requirement to $1 million, and even the single audits performed on entities with Federal Expenditures between $1-3 million would be more focused on two compliance requirements, decided by the funding source.
There is much more to the proposed changes that can be reviewed here. The OMB is currently asking for comments from the public, meaning you, to help them decide if reform is a good idea or not, and which parts of the proposed changes are most important.
Consider letting the OMB know what you think, as your input will be invaluable to making the necessary changes.
Our Not-For-Profit niche is a strong team of experienced professionals who focus their work in the not-for-profit industry. Henry & Horne has been a stable local firm in Arizona for 55 years, and the Not-For-Profit niche has a long history of working with charitable organizations and other tax exempt organizations of all kinds. Our focus is exceptional client service and building relationships with our clients to promote communication throughout the year, not just at the time of the annual audit. We highly value and are very proud to be helping those who help others.
Before posting a comment on a blog post please be aware that we do not give free advice to non-clients by email, comment response, or phone. Thank you!
- Are you baffled by Schedule A?
- The Rules of Raffles
- Henry & Horne, LLP Team Members Make a Difference for Mesa Resident
- Properly Classifying Property Held for Sale
- What Type of Lease Do You Have?
- Should Rent be Included on Section B?
- Requirements for Communications to Attendees at Your Special Event
- Changes for Single Audit Submission
- Team Members Volunteer with ICAN
- Exempt Organizations and Sales Tax