Can audit costs for PHAs that expend less than $300,000 per year in Federal dollars be paid out of

Real Estate Assessment Center REAC PHA-Finance Accounting Briefs Audit Cost Reimbursement (Accounting Issue #5) Background: OMB Circular A-133, issued June 24, 1997, was established pursuant to the Single Audit Act Amendments of 1996. It exempts PHAs expending less than the A-133 Threshold (*$300,000/$500,000) in Federal awards in a Fiscal Year (FY) from having to have a Single Audit. Listed below are key portions of key documents that have been published regarding this topic: A. OMB Circular A-133-June 24, 1997 revision . Subpart B-Audits section .200 (d)-Exemption when Federal awards expended are less than the A-133 Threshold (* $300,000/$500,000): “Non Federal entities that expend less than the A-133 Threshold a year in Federal awards are exempt from Federal audit requirements for that year except as noted in section .215 (a).” section .215(a)-Audit under this part in lieu of other audits: “An audit made in accordance with this part shall be in lieu of any financial audit required under individual Federal awards. To the extent this audit meets a Federal agency’s needs, it shall rely upon such audits. The provisions of this part neither limit the authority of Federal agencies, including the Inspector General or the GAO to conduct or arrange for additional audits nor authorize any auditee to constrain Federal agencies from carrying out additional audits. B. Notice PIH 98-14 This was a Notice issued by ...