Overview

Latest Updates

Federal Single Audit Requirements

In 2024, the Office of Management and Budget revised the Uniform Guidance for Federal Awards, Subpart F – Audit Requirements. This revision increased the threshold for the requirement of a federal single audit from $750,000 to $1,000,000. The revisions also clarify compliance requirements, update definitions, and address cybersecurity measures. These changes are effective for fiscal years beginning on or after October 1, 2024.

State Single Audit Requirements

In 2024, Public Act 24-132 revised audit requirements under the State Single Audit Act.  Key changes in sections 11 and 12 include an increase to threshold for the requirement of a state single audit from $300,000 to $500,000 and clarification regarding State Single Audit report extension limits. 

Education Stabilization Funds

The Education Stabilization Fund (ESF) was established, with the passing of the CARES Act in March 2020, to provide direct economic assistance to K-12 schools, CRRSA Act (December 2020), and the ARP Act (March 2021) were passed to address the continued impact of COVID-19 through additional funding to the ESF.  ESF awards were provided to grantees under 23 subprograms. An alphabetic character at the end of the 84.425 ALN was used to delineate the specific subprogram. Each subprogram has its own funding requirements and compliance requirements.

Please note: Many auditees will have received and expended funds under multiple ESF subprograms. For major program purposes, auditors must evaluate 84.425 in its entirety. All ESF subprogram expenditures must be considered as part of the ESF program for major program determination purposes.