Agenda - Council - 01/22/1985 - Laserfiche WebLink

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I I I I I I I I I I I . Governments receiving $100,000 and over per year In federal I financial assistance are required to have an annual sinQle audit unless they are currently performin9 such audits on a biennial I basls as r~ulred bY their constitution or a statute. If so, they may continue such schedule. Such audits, however, shall cover both years within the biennlal peziod. Governments that are simply performing the examination on a biennial basis because of nonstatutory regulations or policy are required to move to an annual audit cycle for fiscal years beginning after December 31, [986, unless such state or loca! government codifies a require- merit for biennial audits in its constitution or statutes by 3anuary l, 1987. · Governments ~eceivin9 between $25~000 and $100,000 pe.~__year tn federal financial assistance may elect elther to have an annua) single audit or to comply with the audit ~equirements, if any, ef the federal programs under uhlch they receive funds· · Governments receiving less than $25~000 per year in fede~ financial assistance are not required to have an audit pe~form~ unde~ ~ federal requirements, but are expected to mainta appTopriate secords to document their compliance with applicab federal statutes or ~egulations.