The Circular A-133 (aka single audit) rules currently require organizations receiving federal funds to get a compliance audit if they spend $500,000 or more in federal awards in a fiscal year. In an effort by the federal government to reduce administrative burden, this threshold will increase to $750,000, effective for fiscal years beginning on or after January 1, 2015. Read more about the changes on the Office of Management and Budget (OMB) website here.
March 2, 2014