Post assistance requirements...
Annual program plan for next year's funding must include a progress report on the prior year's program and accomplishments.
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 State and Local governments, and Nonprofit Organizations, nonfederal entities that expend $500,000 or more in a year in Federal awards shall have a single or program-specific audit conducted for that year. Nonfederal entities that expend less than $500,000 a year in Federal awards are exempt for Federal audit requirements for that year. For direct procurement contracts, audit will be conducted in accordance with the Federal Acquisition Regulation.
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).
The project sponsor shall retain records for 3 years following submission of a final expenditure report and other project deliverables.
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.