ReliAscent would like to remind Federal Contractors and Grantees that yet another critical audit deadline is approaching at the end of the month. This may affect your business---and thousands of small businesses across the country are not even aware of it (or what could happen if they do not undergo their audits in the coming weeks).
If your small business or non-profit expended $750,000 or more,in total, from any form of Federal Government awards (grants or contracts), you are required to have a single or program specific audit under CFR Part 200 Subpart F of the Uniform Administrative Requirements. For entities receiving DOE awards, the deadline for this audit is six months after your fiscal year end. For entities receiving NIH awards, the deadline is nine months after your fiscal year end. DoD contractors will be audited by the DCAA, but other agencies put the burden of audit on the awardee. You should check the wording in your award to be sure.
For those organizations needing audits, ReliAscent would like to remind our clients and all contractors & grantees, that we highly recommend our partner, the accounting and audit experts atClausen & Associates CPA. Clausen's experts can help your business get through this stressful process, and ensure your business stays compliant with Federal Government Requirements.
Time is almost out (especially if your award(s) came from the DoE or other agencies outside of HHS), so make sure tocontact Clausen CPAas soon as possible! Even if your awards originated with the HHS, now is not too early to talk with an audit professional.
If you are not sure,ReliAscentwould be happy to help you review the requirements in your award documents to see where your obligations may lie. Please don’t hesitate to contact us for this help.