Post assistance requirements...
Reports
Quarterly Financial Status Report, semi-annual and annual Program (participation and characteristics) Report for both the Comprehensive Services (i.e., an adult) and Supplemental Youth Services Programs.
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, (rev. June 24, 1997) "Audits of States, Local Governments, and Nonprofit Organizations," nonfederal entities that receive financial assistance of $500,000 or more in Federal awards in a year will have a single or program specific audit conducted for that year. Nonfederal entities which receive less than $500,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133.
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
Financial records, supporting documents, statistical records and all other pertinent records shall normally be retained for a period of 3 years after the grant is closed out. Participant records shall be retained for 5 years. Records must be retained longer in certain cases, such as when audit findings have not been resolved.
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.