Definition of Federal Government Expenditures in the Single Audit Act- OMB Circular A-133
DID YOU KNOW that $500,000 is made up
of more than expenditures? (03/22/04)
The Office of Management and Budget has issued a revision to Circular
A-133, Audits of State and Local Governments for Non-Profit Organizations
increasing the audit threshold from $300,000 to $500,000 of Federal
Awards for Fiscal Year ending after December 31, 2003. (03/22/04)
In order to comply with OMB Circular A-133 standards, all PHAs
and non-profit Multifamily Projects expending $500,000 or more in
Federal funds must have an independent audit conducted by an IPA.
To determine whether your PHA or non-profit Multifamily Project
has expended more than $500,000, you should consult the definition
of Federal government expenditures according to
According to OMB Circular A-133, Section .205(d), loans and loan
guarantees for the proceeds of which were received and federal awards
for which the proceeds were received and expended in prior years
are still considered to be expended in the current year if the laws,
regulations, and the provisions of contracts or grant agreements
impose continuing compliance requirements. Thus, OMB Circular A-133
requires independent audits conducted by an IPA as long as you must
comply with provisions in your regulatory agreement in addition
to the repayment of the loan. Capital grants are also included in
this calculation of Federal funds.
To assist you in determining if your PHA or Non-Profit Organization
is required to have an independent audit in accordance with OMB
Circular A-133, we have designed the following questionnaires.
These questionnaires are intended to provide assistance in making
the determination, however, you should obtain and review the requirements
in OMB Circular A-133 to ensure your determination of total federal
expenditures is complete and accurate.