A nonprofit that spends $1,000,000 or more in federal awards in a fiscal year needs a single audit for that year. The threshold applies to fiscal years that began on or after Oct. 1, 2024; before that it was $750,000.
What counts
- Federal grants, including money that passes through a state or county
- Federal loans and loan guarantees, in some cases
- Noncash assistance, such as food commodities
The audit report is due 30 days after you receive it, or nine months after the fiscal year ends, whichever comes first.
Sources: 2 CFR 200.501 and 2 CFR 200.512.