Recommended By: Kim Fusco
The U.S. Office of Management and Budget has issued an online public inspection version of the new grant reform rules. This is anticipated to effect single audits for years beginning on or after January 1, 2015. The new guidance increases the audit threshold from $500,000 to $750,000 of Federal awards. The new guidance is expected to eliminate the single audit requirement for approximately 5,000 of the 37,500 entities that currently receive a single audit. The new grant reform rules include many other specific measures intended to increase the efficiency and effectiveness of federal grant programs.
Here is a related acticle from Nonprofit Quarterly – http://nonprofitquarterly.org/policysocial-context/23424-federal-omb-rules-on-grants-and-contracts-get-a-to-z-overhaul.html
As a Principal in Ellin & Tucker’s Audit, Accounting, and Consulting Department, Kim is dedicated to performing high-quality audit, tax, and advisory services to numerous not-for-profit organizations and foundations. As Chair of the firm’s Not-For-Profit Services Group, Kim’s extensive knowledge of not-for-profit audit and accounting standards, including OMB A-133 audits, have helped grow the firm’s not-for-profit services group practice to more than 100 organizations in the Baltimore region.