How do the financial reporting requirements change when applicants expend more or less than $750,000 in federal awards annually?
Date Published: November 2017
An applicant that expends $750,000 or more in Federal awards during the agency’s fiscal year must have a single, or program-specific audit conducted for that year in accordance with the provisions of 2 CFR Part 200, Subpart F.
As indicated in 24 CFR 214.500 HUD must be provided a copy of the audit report within 30 days of its completion.
All independent annual audits must be completed in accordance with the following:
An entity that expends less than $750,000 in Federal awards during the entity's fiscal year is exempt from Federal audit requirements for that year. However, records must be available for review or audit by appropriate officials of the Federal agency, pass-through entity, and Government Accountability Office (GAO).