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Attachment C <br /> Page 1 of 3 <br /> An Overview of Single Audit Requirements of States, <br /> Local Governments, and Non - Profit Organizations <br /> New rules apply to non - federal entities for audits of fiscal years beginning after <br /> June 30, 1996. To meet audit requirements of U.S. Office of Management and <br /> Budget (OMB) Circular A -133, grantees must use the version published by OMB <br /> in the Federal Register on June 30, 1997 (62 F.R. 35278). Grantees must submit <br /> all documents required by OMB Circular A -133, including Form SF -SAC: Data <br /> Collection Form, to: <br /> Single Audit Clearinghouse <br /> 1201 East 10 Street <br /> Jeffersonville, Indiana 47132 <br /> Below is a summary of the changes to single audit requirements: <br /> (1) The dollar threshold for when an entity is required to have an audit is <br /> raised from $25,000 to $300,000, significantly reducing audit costs for <br /> • many small entities (based on expenditure of federal awards, not receipts). <br /> (2) A new risk -based approach will be used to determine which federal <br /> programs are characterized as "major." <br /> (3) Required reporting is now due from the auditee /entity within "the earlier <br /> of 30 days after the receipt of the auditor's report(s), or within nine <br /> months after end of the audit period." <br /> (4) The report filing process, which incirides a data collection form (the SF- <br /> SAC), has been streamlined. <br /> (5) Federal agencies are required to update the Compliance Supplement <br /> annually. <br /> (6) Responsibility is clarified for all parties involved: auditee, federal agency, <br /> pass - through entity (primary grantee), and auditor. <br />