We recently had an inquiry regarding “What funds count for federal funds for single audit?” Unfortunately, the answer to this inquiry isn’t exactly straight forward.
Organizations that expend $750,000 or more of federal funds annually are required to have a Single Audit. Recipients of federal funds are responsible for identifying their federal awards and determining if they are subject to Single Audit requirements. In trying to determine if you are required to have a Single Audit, the first step is to determine the source of grant funds.