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3.19 Audit Requirements

Audit Threshold

If you are a non-Federal entity that expended $500,000 or more in Federal funds (from all sources including pass-through subawards) in your organization’s fiscal year (12-month turnaround reporting period), then you are required to arrange for a single organization-wide audit conducted in accordance with the provisions of Office of Management and Budget (OMB) Circular A-133 [PDF - 176 Kb].

If you are a non-Federal entity that expended less than $500,000 a year in Federal awards, you are exempt from Federal audit requirements for that year. However, you must keep records that are available for review or audit by appropriate officials including the Federal agency, pass-through entity, and U.S. Government Accountability Office (GAO).