Chapter 11. Audits
| Chapter 11. AUDITS | ||
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They are, but unfortunately, we have to be too. If your town or network receives more than $500,000 in federal funds from ALL sources, not just LSTA, then an audit of your grant funds that meets the requirements of OMB Circular A-133 is required. If your town or network did not meet this threshold (and you may be one of the lucky ones), then you can stop reading because you are exempt and you need only send a letter saying so. If your city, town or network did, then you're stuck.
According to the SINGLE AUDIT ACT AMENDMENTS of 1996 (P.L. 104-156), external or internal audits must be made in accordance with generally accepted government auditing standards (GAGA) issued by the Comptroller General of the United States, which are applicable to federal audits. No, we are not making this up!
Your town's regular annual or bi annual audit should meet the requirements (Agreement: #13). These requirements, we hope, will be comprehensible to those in your town who do this sort of thing. Since librarians don't, it is your responsibility only to see that it gets done, that audits for the ENTIRE period of disbursements and expenditures are covered (that usually means local audits for two fiscal years ending in June) and that they are sent to us. Now, that's not so bad, is it?
A reminder letter about your audit being due will be sent to you after June 2007, however, it is not due to us until thirty days after the audit is completed by your city/town. The one for the previous year should be sent at the same time. Please send two copies of each.
For private non profit organizations, you will probably have to hire someone to complete an audit. Audits of non profit organizations must also be in compliance with OMB Circular A 133, issued June 30, 1997.
In order to comply with the audit requirement, you may choose one of the following two options:
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send two copies of the entire audit report
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send two copies of the audit cover letter, the entire audit findings, and the section of the audit pertaining to your LSTA grant (i.e. the Federal Financial Assistance portions)
If you select option #1 above, be sure that it is the entire report. Often the Federal Financial Assistance portion of the audit is bound separately but it is essential we receive that part.
Your auditor may ask for the program's Catalog of Federal Domestic Assistance or CFDA Number. The CFDA # for LSTA is 45.310.
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| Chapter 10. FOLLOW UP REPORT AND EVALUATION | . |
Chapter 12. ORDERS AND INVOICES |