Common use of Subrecipient Audit Requirements Clause in Contracts

Subrecipient Audit Requirements. (1) A Subrecipient that expends $500,000 or more in federal funds is required to have an audit In compliance with OMB Circular A-133. The Subrecipient is responsible for submitting a data collection form and reporting package to the federal clearinghouse within nine months of the end of the audit period. The reporting package must also be submitted to the Recipient. Per Section .505 of the OMB Circular A-133, the reporting package consists of: (a) Financial Statements; (b) Schedule of Expenditures of Federal Awards; (c) Summary Schedule of Prior Audit Findings; (d) Corrective Action Plan for current year audit findings; and, (e) An Auditor’s Opinion (2) Subrecipients that receive any public funds (federal, state, or local government funds) are also subject to the audit requirements of Indiana Code 5-11-1-9 and the Indiana State Board of Accounts’ Guidelines For Examination of Entities Receiving Financial Assistance From Governmental Sources. A Subrecipient that is not a governmental entity must annually file an Entity Annual Report (form E-1) with the State Board of Accounts. If the Subrecipient’s disbursements are less than fifty-percent (50%) from public funds they must request and receive a waiver from these audit requirements. If the Subrecipient is a not for profit corporation, and their disbursements are less than $100,000, they may also request a waiver. Contact the Indiana State Board of Accounts at 000-000-0000 for a copy of their Guidelines for Examination of Entities Receiving Financial Assistance From Governmental Sources and information on obtaining a waiver. An audit in compliance with OMB Circular A-133 will meet the audit requirements of IC 5-11-1-9. However, a waiver from the State Board of Accounts from the audit requirements of IC 5-11-1-9 does not exempt the Subrecipient from audits required by OMB Circular A-133 or other audits provisions within this Agreement. (3) All Subrecipient audits shall be completed within 180 days after the ending date of the Subrecipient’s fiscal year. Two (2) copies of each audit report shall be delivered by the Subrecipient to the Recipient. One (1) copy will be retained and reviewed by the Recipient, with the remaining copy to be submitted by the Recipient to IOCRA. (4) If the Subrecipient is unable or unwilling to have an audit conducted in accordance with OMB Circular A-133, the Recipient shall take one or more of the following actions: (a) Withhold a percentage of federal CDBG funds until the applicable audit is completed satisfactorily; (b) Suspend further disbursements of federal CDBG funds until the audit is conducted; or (c) Terminate this Agreement in accordance with Section 13 of this Agreement.

Subrecipient Audit Requirements. (1) A Subrecipient that expends $500,000 or more in federal funds is required to have an audit In compliance with OMB Circular A-133. The Subrecipient is responsible for submitting a data collection form and reporting package to the federal clearinghouse within nine months of the end of the audit period. The reporting package must also be submitted to the Recipient. Per Section .505 of the OMB Circular A-133, the reporting package consists of: (a) Financial Statements; (b) Schedule of Expenditures of Federal Awards; (c) Summary Schedule of Prior Audit Findings; (d) Corrective Action Plan for current year audit findings; and, (e) An Auditor’s 's Opinion (2) Subrecipients that receive any public funds (federal, state, or local government funds) are also subject to the audit requirements of Indiana Code 5-11-1-9 and the Indiana State Board of Accounts’ ' Guidelines For Examination of Entities Receiving Financial Assistance From Governmental Sources. A Subrecipient that is not a governmental entity must annually file an Entity Annual Report (form E-1) with the State Board of Accounts. If the Subrecipient’s 's disbursements are less than fifty-percent (50%) from public funds they must request and receive a waiver from these audit requirements. If the Subrecipient is a not for profit corporation, and their disbursements are less than $100,000, they may also request a waiver. Contact the Indiana State Board of Accounts at 000-000-0000 for a copy of their Guidelines for Examination of Entities Receiving Financial Assistance From Governmental Sources and information on obtaining a waiver. An audit in compliance with OMB Circular A-133 will meet the audit requirements of IC 5-11-1-9. However, a waiver from the State Board of Accounts from the audit requirements of IC 5-11-1-9 does not exempt the Subrecipient from audits required by OMB Circular A-133 or other audits provisions within this Agreement. (3) All Subrecipient audits shall be completed within 180 days after the ending date of the Subrecipient’s 's fiscal year. Two (2) copies of each audit report shall be delivered by the Subrecipient to the Recipient. One (1) copy will be retained and reviewed by the Recipient, with the remaining copy to be submitted by the Recipient to IOCRA. (4) If the Subrecipient is unable or unwilling to have an audit conducted in accordance with OMB Circular A-133, the Recipient shall take one or more of the following actions: (a) Withhold a percentage of federal CDBG funds until the applicable audit is completed satisfactorily; (b) Suspend further disbursements of federal CDBG funds until the audit is conducted; or (c) Terminate this Agreement in accordance with Section 13 of this Agreement.