The U.S. Department of Treasury has confirmed that the Coronavirus Economic Relief for Transportation Services (CERTS) Program grant recipients are not required to subject their firm to a “Single Audit.”
The Single Audit test model examines non-federal entity post-award reporting requirements under the Single Audit Act. These requirements may be facilitated by a more streamlined approach for SF-SAC/SEFA reporting.
This is noteworthy for operators because recently, a UMA Member was advised by their accountant that as a recipient of the CERTS grant, they may be required to comply with the “Single Audit” mandate that applies to many federal grant recipients.
The primary purpose of this kind of audit is to determine if certain federal grant recipients of amounts greater than $750,000 have complied with direct and material requirements for each program. In most cases, the “Single Audit” applies to states and local governments, not-for-profit organizations, Indian tribes, and institutions of higher education.
Operators may wish to retain this article to share with their accounting professional.
Related:
93 House Members urge leadership to exempt CERTS grant funds from federal taxation
