Post assistance requirements...
Grantees must complete Standard Form 270 to receive disbursements. Progress reports are required prior to making subsequent disbursement and shall be submitted in accordance with 15 CFR Part 14, "Grants and Agreements with Institutions of Higher Education, Hospitals, other Nonprofit and Commercial Organizations" and 15 CFR Part 24, "Grants and Cooperative Agreements to State and Local Governments," as applicable.
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 (Revised June 27, 2003), recipients that are States, Local Governments, Nonprofit Organizations (to include Hospitals), and Institutions of Higher Learning shall be subject to the audit requirements contained in Single Audit Act Amendments of 1996 (31 U.S.C. 7501-7507). Commercial organizations shall be subject to the audit requirements as stipulated in the award document. States, local governments, and nonprofit governments that expend $500,000 or more in a year in Federal awards shall have a single or program-specific audit conducted for that year.
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).
Documents, paper, and financial reports pertaining to the award must remain available to the Federal government for a minimum of three years from the date of submission of the final financial status report. All financial and programmatic records, supporting documents, statistical reports, and other records of grantees or subgrantees are required to be maintained by the terms of the agreement. The grantee must retain records for three years after completion of the project or submission of the final financial reports, whichever is later, and have them readily available for inspection and audit.
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.