Preparing your SEFA

The SEFA (Schedule of Expenditures of Federal Awards) is a supplemental schedule to financial statements. Under the Uniform Guidance (2 CFR 200), a non-federal entity that expends $750,000 or more in federal awards during the entity’s year is required to have a Single Audit conducted. The SEFA is the primary basis auditors use to determine …

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Properly Identifying and Reporting Federal Funding

If your entity utilizes grant funding, it is important to identify if that funding is obtained from the federal government, whether by direct funding or a pass-through agency. Per Circular A-133 section 300, the grantee is responsible for identifying federal awards that must be reported on a supplementary statement to the financial statements: the Schedule …

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Single Audit Revisions – The Government Needs Your Help

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, …

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