10.10 CARES Act Funding - Laserfiche WebLink

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Federal Audit Requirements A local government receiving aid under this distribution is required to obtain a federal single audit if its expenditures of federal funds exceeds$750,000 in its fiscal year as explained below: §200.501 Audit requirements. (a)Audit required. A non-Federal entity that expends$750,000 or more during the non-Federal entity's fiscal year in Federal awards must have a single or program-specific audit conducted for that year in accordance with the provisions of this part. (b)Single audit. A non-Federal entity that expends$750,000 or more during the non-Federal entity's fiscal year in Federal awards must have a single audit conducted in accordance with §200.514 Scope of audit except when it elects to have a program-specific audit conducted in accordance with paragraph (c) of this section. (c)Program-specific audit election. When an auditee expends Federal awards under only one Federal program (excluding R&D) and the Federal program's statutes, regulations, or the terms and conditions of the Federal award do not require a financial statement audit of the auditee,the auditee may elect to have a program-specific audit conducted in accordance with §200.507 Program-specific audits. A program-specific audit may not be elected for R&D unless all of the Federal awards expended were received from the same Federal agency, or the same Federal agency and the same pass-through entity, and that Federal agency,or pass-through entity in the case of a subrecipient, approves in advance a program-specific audit. (d) Exemption when Federal awards expended are less than$750,000. A non-Federal entity that expends less than $750,000 during the non-Federal entity's fiscal year in Federal awards is exempt from Federal audit requirements for that year, except as noted in §200.503 Relation to other audit requirements, but records must be available for review or audit by appropriate officials of the Federal agency, pass-through entity, and Government Accountability Office (GAO). State Reporting Requirements Local governments will be required to report expenditures to the state monthly using an online portal. County Supplemental Appropriations Cities and towns with populations under 200 are not eligible for a direct allocation from the state. Instead, consistent with the legislative proposal, the home county for these cities and towns will receive supplemental aid to be distributed to those cities and towns.The amount of the county distribution to cities and towns is equal to the lesser of the state supplemental aid for that jurisdiction or the jurisdictions documented allowable costs. The city supplemental aid to counties is equal to the population of cities under 200 in the county multiplied by$75.34.The town supplemental aid to counties is equal to the population of towns under 200 in the county multiplied by$25.