[Anonymous]

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.

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.

Answer: B. Nonprofit organizations that expend $500,000 or more in a year in federal awards shall have a single or program-specific audit conducted for that year in accordance with the provisions of OMB Circular A-133.

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The answer says B, but as of January 1, 2015, the amount is actually increased to $750,000. If something like this shows up on the exam, should you choose 500,000 or 750,000?

[jeff]

The AICPA's guidelines say that 6 mo after the new rule's effective date – the rule change is eligible for testing.

For exam purposes – it's still $500k. I've heard some providers are using $750k, which I don't agree with.

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

[Anonymous]

Thanks. Time to make corrections to my flashcards….

[jschrei2]

I'm using CPAExcel and they have switched over to the $750k threshold. Considering I spent much of the last year working on a Statewide Single Audit, and know way more about Federal Regulations than I would ever like to, I was surprised that they were using the $750k threshold when the new “Supercircular” was not effective until December 26, 2014. And it applies to audits of fiscal years beginning on or after that date. So for a 6/30 year end, it won't be effective until FY 16.

In fact, I'm going to a training on the Supercircular in a couple weeks. I can't wait (sarcasm intended). I have to say, I much prefer financial statement audits as opposed to compliance audits.

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[jschrei2]

Oh and if you really want to know even more about the Supercircular, look up 2 CFR 200.

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AUD- 93
BEC-86

[benboccio]

Is this 750k now? Does anyone have a source?

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NINJA 4EVER

[Author]

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