Post assistance requirements...
Quarterly and annual progress reports are required as well as a final performance report. Annual and final financial status reports are due not later than 90 days following the end of the budget/project periods.
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.
In accordance with the provisions of OMB Circular No. A- 133, "Audits of States, Local Governments, and Non-Profit Organizations," entities that expend financial assistance of $500,000 or more in a year shall have an audit made in accordance with Circular No. A-133. In addition, 45 CFR Part 74.26 requires that for-profit recipients and subrecipients have an audit performed in accordance with Government Auditing Standards or Circular No. A-133.
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).
There is a 3-year record retention requirement: records shall be retained beyond the 3-year period if the final audit has not been done or findings resolved.
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.