On Friday, April 8th, updates were posted to the Federal Register and to the Office of Management and Budget Compliance Supplement Part IV for the Coronavirus State and Local Fiscal Recovery Fund (CSLRF) Program, Assistance Listing 21.027 available HERE.
This update allows for an alternative to the Single Audit/Program Specific Audit for those recipients meeting certain criteria –
The recipient’s total CSLFRF award is at or below $10 million
Expenditures of federal awards from OTHER programs are less than $750,000
Recipients who meet the criteria above may elect to have a compliance examination engagement in lieu of a Single Audit or Program Specific Audit. The deadline for submission of this report is the same as those for Single Audits and Program Specific Audits – 30 calendar days after receipt of the auditor’s report(s), or nine months after the end of the audit period. Treasury will be posting additional instructions on where and how to submit reports on its CSLFRF website.
It is important to note adopting this flexibility option does not change any of the requirements for any of the eligible uses or reporting. These funds are still subject to all other requirements of the Uniform Guidance.
Additional guidance will be forthcoming, so stay tuned. As always, your Mauldin & Jenkins professional is available to assist you with any questions.