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SINGLE AUDIT DATA COLLECTION FORM UPDATE

  Print Version

By Samantha Dudley, MBA, CPA Manager

Entities that expend $500,000 or more in federal funding in any year are required to have a single audit (also referred to as an OMB A-133 audit) completed to assist the federal government in its duties of monitoring the use of funds and compliance with applicable laws and funding requirements. Once a single audit is completed, the data collection form and audit reporting packages are required to be submitted electronically to the Federal Audit Clearinghouse (FAC).

The FAC was set up to receive, process, and distribute audit reporting packages to the federal agencies providing funding. Submissions to the FAC are required within 30 days after the audit report is released to the entity or 9 months after the entity's fiscal year end, whichever occurs first.

The data collection form, which is used to summarize the audit results, for ease of processing the audits, has been revised for 2013 and is awaiting final approval. As a result, audits with fiscal years ending in 2013 are unable to complete their submissions to the FAC at this time. The Office of Management and Budget (OMB) has granted an automatic extension until January 31, 2014 for those audits that have been or will be completed for fiscal years ending 2013 prior to the issuance of the revised 2013 data collection form.

For more information on the FAC or data collection form, please refer to https://harvester.census.gov/fac/.

 

If you have any questions regarding the article above or any other issue affecting your not-for-profit organization please contact your Blue & Co. advisor or e-mail us at blue@blueandco.com or call us at 800-717-BLUE

 

Please visit our website at http://www.blueandco.com for more information regarding the services we provide.

CIRCULAR 230 DISCLOSURE: To ensure compliance with recently-enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including any attachments, is not intended or written by us to be used, and cannot be used, by anyone for the purpose of avoiding federal tax penalties that may be imposed by the federal government or for promoting, marketing or recommending to another party any tax-related matters addressed herein.


 

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