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DHS Financial Reporting Requirements March 2001
SUBRECIPIENTS • Contractors classified as subrecipient and expending $300,000 or more in Federal Funds shall have a single audit or program specific audit performed(per Federal Single Audit Act and OMB A-133.)
SUBRECIPIENTS Government and Non-Profit subrecipients must submit: • To DHS: either a written notification or a reporting package pertaining to the Single Audit (unless complete audit report is requested). • To the State Auditor: the complete Single Audit report.
SUBRECIPIENTSWritten Notification • Period covered by the audit AND • Name, amount, and CFDA number AND • Statement disclosing no audit findings AND • Statement of prior audit findings-with no findings related to DHS
SUBRECIPIENTSReporting Package (as discussed in A-133) • Financial statements and schedule of expenditures of Federal Awards. AND • Summary schedule of prior audit findings. AND • Auditor’s reports AND • Corrective action plan
SUBRECIPIENTS • All subrecipients must also turn in a copy of auditor’s management’s letter to DHS. • For the State Auditor: only if there are findings in any report covered in the Audit!
SUBRECIPIENTS • Government and non-profit subrecipients must file the required reports within 9 months after fiscal year ending or 30 days after the audit is completed.
SERVICE PROVIDERSThose receiving $150,000 or more in total revenues: • Non-profit entities receiving 50% OR MORE of their revenue from Government sources and all Government Agencies shall submit to DHS and the State Auditor a copy of the entire audit report using GAS “yellowbook” standards.
SERVICE PROVIDERSThose receiving $50,000 or more but less than $150,000 in total revenues: Non Profit entities receiving 50% OR MORE of their revenues from Government Sources and all Government Agencies shall submit to DHS and the State Auditor: • 1. Unaudited CPA compilation or review • 2. Statement of functional expenses.
SERVICE PROVIDERS Non profit entities receiving $150,000 or more in total revenues BUT LESS THAN 50% of the revenues are from Government sources shall submit to DHS: • 1. Unaudited CPA compilation or review • 2. Statement of functional expenses. No reporting requirement to the State Auditor.
SERVICE PROVIDERS Non-profit entities receiving $50,000 or more BUT LESS THAN $150,000 in total revenues and less than $50% of the revenues are from government sources shall submit to DHS: • 1) Financial Statements (see Definition) • 2) Statement of Functional Expenses No reporting requirement to the State Auditor
A Basic Financial Statement Includes: • balance sheet, • income statement, • statement of cash flows, • notes to the financial statements.
SERVICE PROVIDERSService Providers receiving LESS THAN $50,000 in Total Revenues: • Non Profit entities receiving 50% MORE THAN of their revenues from Government sources and all Government Agencies shall submit to the State Auditor unaudited financial information on a form approved by the State Auditor.
SERVICE PROVIDERS All service providers receiving LESS THAN $50,000 in total revenues shall submit to DHS unaudited financial information including at a minimum: • 1) Balance Sheet • 2) Income & Expense Statement
For -Profit Service Providers • Reporting requirements shall be the same requirements for non-profit contractors relating to DHS requirements. • There is no reporting requirement for the State Auditor.
SERVICE PROVIDERS • All Service Providers shall submit to DHS and the State Auditors Office the required audited or unaudited reports within 6 months after the end of their fiscal year