2021 Compliance Supplement – A Summary of Major Changes: What Auditees Need to Know

Each year, the Office of Management and Budget (OMB) issues a 2 CFR Part 200, Appendix XI Compliance Supplement (Compliance Supplement). The Compliance Supplement provides a road map that auditors must follow when performing a Single Audit (established under the Single Audit Act of 1984), and it can be used as a tool by auditees to better understand the audit process and what the auditors will be testing.

With the large number of new Federal COVID-19 programs being authorized, and the amount of new Single Audits being undertaken this year because of them, the Compliance Supplement is as important as ever.

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It’s Your First Single Audit, What Do You Need to Know?

In March 2020, in response to the ongoing COVID-19 crisis, Congress and President Trump passed and signed the $2 trillion economic stimulus bill known as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Within this stimulus package were billions of funds from the government that are now subject to the Single Audit Act of 1984, as amended, and the Office of Management and Budget (OMB) 2 CFR 200 subpart F – Audit Requirements.

These funding sources are expected to cause a significant increase in organizations requiring a Single Audit for 2020. Since many organizations have never had to prepare for a Single Audit before,

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Uniform Guidance Procurement: What to Expect in Your Single Audit

Grace periods are history and, by now, not-for-profit organizations (NFPs) administering federal grants subject to the Uniform Guidance must have procurement policies in place and operating in accordance with them. The Uniform Guidance contained procurement standards that resulted in significant changes to how many NFPs procure goods and services under federally funded awards. Naturally, this leaves many NFPs wondering – How are the procurements of goods and services subject to requirements of the Uniform Guidance going to be audited as part of the Single Audit, and how can we prepare? To provide insights into these questions, NFPs can consult the Compliance Supplement issued by the U.S.

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New Opportunities for Funding Indirect Costs

By Vincent Stevens, CPA, CGMA and Troy Rector, CPA

Imagine asking supporters of your nonprofit to donate to pay for all the administrative fees necessary to run the organization – items such as human resources, accounting and technology. Most funders – individual donors, foundations and government granters – like to fund the actual work, the direct costs a nonprofit spends to help those it serves. But for an organization to be healthy and do direct programming, it also has to pay for the back office infrastructure. All of these so-called “indirect costs” are necessary for the organization to fulfill its mission of helping those it serves.

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