Submitted by Galasso Learning Solutions
Further information will be made available as it happens. Upcoming GLS Governmental courses will feature deeper content on this topic, as will future SCACPA communications.
While many of you are still very knee deep in the 2023 busy season, GLS wanted to inform you that OMB released an updated version of the Uniform Guidance and issued an accompanying implementation memorandum as well as reference guides. The update does include the change in the Single Audit Threshold to $1 million dollars. It also increases the threshold for equipment to $10,000. The effective date for the final guidance is October 1, 2024. Federal agencies may elect to apply the final guidance to Federal awards issued prior to October 1, 2024, but they are not required to do so.
Here is the current Pre-Publication text for your light reading:
https://www.cfo.gov/assets/files/Final%202%20CFR%20Guidance%…