ARRA Impact on State Government and Audit Issues. Presented by Rich Gilbert and Steve Blake. American Recovery and Reinvestment Act (ARRA) of 2009. Statement of Purpose: To preserve and create jobs and promote economic recovery To assist those most impacted by the recession
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Rich Gilbert and Steve Blake
Statement of Purpose:
Recipients must separately identify the ARRA expenditures on the SEFA and Data Collection FormSchedule of Expenditures of Federal Awards (SEFA)
Federal award number, CFDA number and amount of ARRA funds.
Subrecipient must separately account for ARRA funds and separately report ARRA expenditures on its SEFA
Subrecipient must separately report ARRA expenditures on the SEFARecipients Responsibility
The auditor shall use a risk-based approach to determine which Federal programs are major programs.
The auditor shall audit as major programs Federal programs with Federal awards expended that, in the aggregate, encompass at least 50 percent of total Federal awards expended.Major Program Determination
Impact on “Large” Loan balances [i.e. FFEL and Direct Lending]
Exclude the entire cluster if loan program determined to be large
Impact – much lower trigger for Type A program determination.Major Program Determination