The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and related federal programs provided crucial federal funding to state and local governments, not-for-profit organizations, and for-profit entities. Companies receiving any form of funding under the CARES Act or other federal funding programs should review the program to determine applicable reporting and audit requirements. Use the link below to access a summary of audit requirements by federal agency and program.
Based on an update from the U.S. Department of Health and Human Services (“HHS”) on July 22, 2020, and as noted in the summary referenced above, recipients of Provider Relief Fund payments, as well as other federal programs (including commercial entities), will be subject to Single Audit requirements if the entity expended $750,000 or more of federal funds received during its fiscal year.
Some for-profit companies may be subject to Single Audit requirements for the very first time. The information below provides further information on a Single Audit, how companies can begin to prepare, and how to maintain compliance while using the payments received. Single audits are due 9 months after an entity’s fiscal year-end.