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Reporting and Auditing Requirements – Nonprofit Organizations - Section E Each contract should be evaluated to determine whether it should be treated as establishing a subrecipient relationship or is otherwise subject to audit. Such contracts should include an audit provision that refers to the current federal audit circular. If there is any doubt regarding the audit requirement for a particular contract, the contracting department should be contacted. (AUDIT CONSIDERATIONS FOR SUBRECIPIENT FUNDING – APPENDIX C) Program-Specific Audit The Comptroller of the Treasury requires that program-specific audits of state funds, when approved, be conducted in accordance with Government Auditing Standards (Yellow Book). The basic report outline is: • the auditor’s opinion; • a detailed schedule of revenues and expenditures (expenses); • (This schedule can be structured to double as the schedule of expenditures of state awards) • a schedule of expenditures of state awards (if the option in the previous item is not implemented); • a yellow book internal control and compliance letter. Program specific audits of federal funds must be approved by the grantor and the Comptroller’s Office. The financial report would normally include similar information as is required for state funds, except that the yellow book internal control and compliance report would be omitted and the A133 report on compliance and internal control would be issued. Care needs to be taken to ensure that any additional requirements of the federal granting agency are complied with. Any program specific audit submitted to the Comptroller’s Office that has not been preapproved will not be acceptedSee Section I. Formatted: Font: Bold, Italic, Font color: Blue Financial Reporting General Audit reports for nonprofit organizations shall conform to the requirements of the Financial Accounting Standards Board (FASB). Additional Requirements of the Comptroller’s Office 1. An opinion on whether the accompanying information is fairly stated in all material respects in relation to the basic financial statements taken as a whole is preferred for ALL supplementary information. However, at a minimum the Schedule of Expenditures of Federal Awards and State Financial Assistance must be opined on in relation to the basic financial statements. E-2
Reporting and Auditing Requirements – Nonprofit Organizations - Section E 2. A Schedule of Expenditures of Federal Awards and State Financial Assistance. (This schedule is required if the organization has expended any direct federal assistance or subrecipient funds, regardless of the amount expended. Assistance in the form of loans must separately identify both the federal and state portions. In addition, the composition of the schedule should conform to the example in Appendix A, which exceeds OMB requirements.) The schedule should include in the receipts and expenditures state passthrough funding, whether it is federal or state dollars. The notes on the schedule should indicate that the funding was passed through to another entity. E-3
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APPENDIX E MISCELLANEOUS Audit Proc
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EXAMPLE OF A PROPOSAL EVALUATION ME
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