DATE: January 25, 2021
TO: Local Public Agencies and their Independent Auditors
FROM: LHTAC
RE: When a Single Audit is triggered by local participation in a federal aid project
The 2 CFR 200 Single Audit requires entities that receive more than $750,000 of federal funds in a given year, to undergo the Single Audit. There has been some confusion in the past as to whether Federal Aid funds, Stimulus funds, and Governor’s Discretionary are included in the $750,000 threshold. Part of the confusion has been with how to handle the asset once it is turned over to the local entity. Some auditors feel you need to record all project costs, which may exceed the $750,000 threshold. (more…)