Finding Text
2 CFR 200.501 requires a non-Federal entity that expends $750,000 or more during the non-Federal
entity's fiscal year in Federal awards must have a single or program-specific audit conducted for that year
in accordance with the provisions of this part. A non-Federal entity that expends $750,000 or more in
Federal awards during the non-Federal entity's fiscal year must have a single audit conducted in
accordance with § 200.514 except when it elects to have a program-specific audit conducted in
accordance with paragraph (c) or (d) of this section.
2 CFR §200.512(a)(2) states that an audit, the data collection form, and the reporting package must be
submitted within 30 calendar days after the auditee receives the auditor's report(s) or nine months after
the end of the audit period (whichever is earlier).
2 CFR Subpart F §200.510(b) requires the auditee prepare a Schedule of Expenditures of Federal
Awards (the Schedule) for the period covered by the Academy’s financial statements which must include
the total federal awards expended as determined in accordance with § 200.502.
At a minimum, the schedule must:
(1) List individual Federal programs by Federal agency.
(2) For Federal awards received as a subrecipient, the name of the pass-through entity and identifying
number assigned by the pass-through entity must be included.
(3) Provide total Federal awards expended for each individual Federal program and the ALN number
or other identifying number when the ALN information is not available.
(4) Include the total amount provided to subrecipients from each Federal program.
(5) For loan or loan guarantee programs described in § 200.502 Basis for determining Federal awards
expended, paragraph (b), identify in the notes to the schedule the balances outstanding at the end
of the audit period.
(6) Include notes that describe the significant accounting policies used in preparing the schedule, and
note whether or not the auditee has elected to use the 10 percent de minimis cost rate as covered
in § 200.414 Indirect (F&A) costs. The Academy’s internal control procedures did not identify expenses sufficiently to identify the need for
a Single Audit.
The Schedule has been presented in this report. Noncompliance with grant requirements as well as errors
and omissions on the Schedule could have an adverse effect on future grant awards by the awarding
agencies in addition to an inaccurate assessment of major federal programs that would be subjected to
audit.