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Chapters:

3.19 Audit Requirements

Audit Threshold

For fiscal years beginning on or after December 26, 2014. Non-Federal entities that expend $750,000 or more in Federal funds (from all sources including pass-through subawards) in the organization’s fiscal year are required to arrange for a single organization-wide audit conducted in accordance with the provisions of Title 2 C.F.R. Subpart F (§ 200.500 et seq.).

For fiscal years beginning before December 26, 2014. Non-Federal entities (other than for-profit/commercial entities) that expend $500,000 or more in Federal funds (from all sources including pass-through subawards) in the organization’s fiscal year are required to arrange for a single organization-wide audit conducted in accordance with the provisions of Office of Management and Budget (OMB) Circular A-133 Compliance Supplement 2014.

Non-Federal entities that expend less than the applicable audit threshold a year in Federal awards are exempt from Federal audit requirements for that year. However, non-Federal entities must keep records that are available for review or audit by appropriate officials including the Federal agency, pass-through entity, and U.S. Government Accountability Office (GAO).