I'm looking
for help...
Aidpage is free!
   

Free downloads: GrantGate®  Federal Money Retriever®

Economic Adjustment Assistance

Published on AidPage by IDILOGIC on Jun 24, 2005

Post assistance requirements...

Reports

With the exception of strategy grants, quarterly financial reports are required until one year after final disbursement of funds. Reports on RLF grants are initially required semi-annually but may be graduated to annual reports with the consent of the agency. Grantees are also required to report on program performance and project outcomes at intervals prescribed by the agency in compliance with GPRA of 1993.

Note: This section indicates whether program reports, expenditure reports, cash reports or performance monitoring are required by the Federal funding agency, and specifies at what time intervals (monthly, annually, etc.) this must be accomplished.

Audits

In accordance with the provisions of OMB Circular No. A- 133 (Revised, June 27, 2003), recipients that are States, Local Governments, Nonprofit Organizations (to include Hospitals), and Institutions of Higher Learning shall be subject to the audit requirements contained in the 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 nonprofit governments that expend $500,000 or more in a year in Federal awards shall have a single or program-specific audit conducted for that year.

Note: This section discusses audits required by the Federal agency. The procedures and requirements for State and local governments and nonprofit entities are set forth in OMB Circular No. A-133. These requirements pertain to awards made within the respective State's fiscal year - not the Federal fiscal year, as some State and local governments may use the calendar year or other variation of time span designated as the fiscal year period, rather than that commonly known as the Federal fiscal year (from October 1st through September 30th).

Records

As necessary for audit and as required by OMB Circular No. A-110 and 15 CFR Part 24. All financial and programmatic records, supporting documents, statistical reports and other records of grantees or sub grantees 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 report, whichever is later, and be readily available for inspection and audit.

Note: This section indicates the record retention requirements and the type of records the Federal agency may require. Not included are the normally imposed requirements of the General Accounting Office. For programs falling under the purview of OMB Circular No. A-102, record retention is set forth in Attachment C. For other programs, record retention is governed by the funding agency's requirements.