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Frequently Asked Questions
- Entities that expend $750,000 or more in its fiscal year in total federal awards must have a federal single audit performed.
- If an entity expends total federal awards of less than $750,000, the entity should notify the Office of Internal Audit in writing (email to firstname.lastname@example.org) no later than six (6) months after the end of the entity’s fiscal year of the entity's exemption from the Federal Single Audit Act’s audit requirements, together with a statement of the amount of federal awards expended.
State Financial Assistance
Non-state entities that expend $300,000 or more in its fiscal year in State Financial Assistance must have a state single audit performed. Under certain circumstances, an auditee may elect to have a program-specific audit conducted. C.G.S. Section 4-231 should be consulted for specific guidance relative to this option.
Non-state entities that expend less than $300,000 in its fiscal year in State Financial Assistance are exempt from the state audit requirements for that year. A State Single Audit Filing Exemption Notification must be submitted (See Compliance Supplement – Part 16) to the Office of Policy and Management (OPM) no later than sixty (60) days subsequent to the entity’s fiscal year end. Additionally, records must be available for review or audit by appropriate officials of the state agency.