a final report summarizing the activities and accomplishments of the project in relation to the approved goals and objectives are required by OCS. Audits: "In accordance with the provisions of OMB Circular No. A- 133 (Revised, June 24, 1997), "Audits of States, Local Governments, and Non-Profit Organizations," nonfederal entities that receive financial assistance of $300,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $300,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133. Insofar as is practicable, the audits will be conducted in accordance with standards established by the Comptroller General for the audits of governmental organizations, programs, activities and functions. Private nonprofit organizations must submit financial and compliance audits for the period covered by the grant in accordance with the provisions of OMB Circular No. A-133 "Audits of Institutions of Higher Education and other Nonprofit Institutions." Records: Grant recipients are required to keep all financial, business and program reports necessary for program review and audit to insure that funds have been expended in accordance with the regulations, grant terms and conditions of this program. Audits 172 must be kept on file for at least 3 years. FINANCIAL INFORMATION:
|
