“Single Audit” may be hard to understand and scary for any charity, government agency, tribal authority, or institution that spends $750,000 or more in federal money in a year. The Office of Management and Budget (OMB) sets the guidelines for this thorough review, known as a Uniform Guidance Audit, in 2 CFR Part 200. It looks at more than just the organization’s finances to see whether it follows complicated federal award rules. The purpose is to make sure that an organization’s financial accounts are accurate and that federal money was used in accordance with laws, regulations, and program requirements. It…
Thursday, July 23