15 CFR Part 14, "Grants and Agreements with Institutions of Higher Education, Hospitals, other Non-Profit and Commercial Organizations" and 15 CFR Part 24, "Grants and Cooperative Agreements to State and Local Governments," as applicable. Audits: In accordance with the provisions of OMB Circular No. A- 133 (Revised, June 24, 1997), recipients that are States, Local Governments, Non-Profit Organizations (to include Hospitals), and Institutions of Higher Learning shall be subject to the audit requirements contained in Single Audit Act Amendments of 1996 (31 U.S.C. 7501-7507). Commercial organizations shall be subject to the audit requirements as stipulated in the award document. States, local governments, and non-profit governments that expend $300,000 or more in a year in Federal awards shall have a single or program- specific audit conducted for that year. Records: Documents, paper, and financial reports pertaining to the award must remain available to the Federal government for a minimum of 3 years from the date of submission of the final financial status report. All financial and programmatic records, supporting documents, statistical reports, and other records of grantees or subgrantees are required to be maintained by the terms of the agreement. The grantee must retain records for 3 years after completion of the project or submission of the final financial reports, whichever is later, and have them readily available for inspection and audit.
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