Post assistance requirements...
Quarterly Financial (and related statistics) as well as programmatic progress reports, are submitted by the grantee.
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 A-133 (Revised, June 27, 2003), "Audits of States, Local Governments, and Non-Profit Organizations," non-Federal entities that expend financial assistance of $500,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Non-Federal entities that expend less than $500,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular A-133. Nonprofit organizations are subject to periodic inspection by PHAB OIA and FEMA GMB Financial Management Personnel. Recipients may also be subject to financial audits conducted by the DHS, Office of the Inspector General. A-133 audits must be made of the recipient organization in accordance with generally accepted auditing standards. These audits should be performed via scheduled intervals, usually annually, but not less frequently than every two years. A copy of each audit report, description of any adverse findings and their resolution and a copy of each audit transmittal letter shall be sent to the Office of Inspector General, DHS and the FEMA GMB.
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).
Separate financial records must be maintained by the grantee for 3 years from the day on which the grantee submits its last expenditure report for the report period. Records shall be retained beyond the 3 year period if audit findings have not been 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.