By Melisa F. Galasso, CPA, Galasso Learning Solutions LLC
This article originally appeared in the Spring 2024 issue of the South Carolina CPA Report
On April 4, the Office of Management and Budget uploaded a “Pre-publication Version” of the Uniform Grants Guidance 2024 Revision. The changes were intended to provide simplification and burden reduction.
The 2024 Revision comes with many updates, including an increase in the threshold for Single Audits from $750,000 to $1,000,000. This will reduce the burden on smaller entities as they would no longer be subject to a Single Audit.
In addition, the 2024 Revision increases the Type A threshold for Major Program Determination to $1,000,000, consistent with the Single Audit Threshold. The threshold for differentiating a supply from equipment was also increased to $10,000 from the extant $5,000. The Revision also includes changes to § 200.204 Notices of funding opportunities to simplify and streamline NOFOs.
The Uniform Grants Guidance 2024 Revision also increases the amount of fixed amount subawards that a recipient may provide with prior written approval from the Federal agency from $250,000 to $500,000. The Revision also increases de minimus indirect cost rate from 10% to 15%. Auditors who provide single audits and those subject to single audit requirements should continue to follow these changes. The final version will be included in the Code of Federal Regulations, Title 2, Part 200.
