Section 8: Fidelity Bond/Independent Management Standards Financial Management Standards The financial management system used by the applicant is to provide for an annual audit, if required, in accordance with 24 CFR part 44 for Local Governments and private, nonprofit organizations are subject to the audit requirements in OMB Circular A-110 and OMB Circular A-133, as applicable, which states that, that expend $750,000 or more in a year of Federal funds shall have a single or “Subrecipients audit for that year. Entities that expend less than $750,000 are exempt from federal requirements for that year, but all [financial and program] records are to be available for the grant period under audit for review by appropriate officials of the federal applicant and the pass-thru entity [the State of South Carolina, Governor’s Office of Economic Opportunity].” The subrecipient agrees to ensure the grant is administered in accordance with the requirements of this part and the guidelines and requirements for Local Governments outlined in OMB Circular A-102 and as they relate to the acceptance and use of ESG funds, and for nonprofit organizations as outlined in OMB Circular A-110 and A-122 and all other applicable federal and state requirements in effect for the period for which it receives grant funding; to include OEO fiscal controls and accounting procedures. Place the Single Audit Certification and/or Most recent certified Audit documents directly behind this section.
Section 8: Fidelity Bond/Independent Management Standards Financial Management Standards The financial management system used by the applicant is to provide for an annual audit, if required, in accordance with 24 CFR part 44 for Local Governments and private, nonprofit organizations are subject to the audit requirements in OMB Circular A-110 and OMB Circular A-133, as applicable, which states that, “Subrecipients that expend $750,000 or more in a year of Federal funds shall have a single or audit for that year. Entities that expend less than $750,000 are exempt from federal requirements for that year, but all [financial and program] records are to be available for the grant period under audit for review by appropriate officials of the federal applicant and the pass-thru entity [the State of South Carolina, Governor’s Office of Economic Opportunity].” The subrecipient agrees to ensure the grant is administered in accordance with the requirements of this part and the guidelines and requirements for Local Governments outlined in OMB Circular A-102 and as they relate to the acceptance and use of ESG funds, and for nonprofit organizations as outlined in OMB Circular A-110 and A-122 and all other applicable federal and state requirements in effect for the period for which it receives grant funding; to include OEO fiscal controls and accounting procedures. Place the Single Audit Certification and/or Most recent certified Audit documents directly behind this section.
Section%208-Fidelity%20Bond,%20Independent%20Audit%20and%20Financial%20Management%20Requ.docx