[shinallsm]

Nonprofit organizations are required to have a single or program-specific audit under OMB Circular A-133 if the organization expends:

A.

$300,000 or more in a year in federal awards.

Correct B.

$500,000 or more in a year in federal awards.

C.

$750,000 or more in a year in federal awards.

D.

$1 million or more in a year in federal awards.

Becker states on page a6-63 that if you spend more than 750k in a federal assistance you are required. However, Ninja is saying 500k, so which is right ?

REG - 90 - 10/31/14
FAR - 77 - 1/3/15
AUD - 89 - 4/1/15
BEC - ?? - 5/27/15

[Sleep Optional]

When I took audit last year it was 500k. However it looks like the amount was revised to 750k for the beginning of 2015:

https://www.ppcpas.com/insights/the-omb-raises-the-threshold-for-omb-a-133-compliance-audits

BEC x1 - Passed
REG x2 - Passed
Audit x1 - Passed
FAR x2 - Passed

BEC: ☑ x1 attempt(s)
REG: ☑ x2 ''
AUD: ☑ x1 ''
FAR: ☑ x2 ''

Done!

[jeff]

Yes – and for exam purposes, NINJA is correct.

New rules are tested 6 mo after their effective date.

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Author]

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