Single Audit Reporting Package Extension
Earlier this year, the Office of Management and Budget (OMB) released Memorandum 21-20, directing federal agencies to provide a blanket six-month extension for single audit reporting to the Federal Audit Clearinghouse. The extension applies to all recipients and sub-recipients that have fiscal year ends through June 30, 2021, by extending the reporting package deadline six months beyond the normal due date.
For example, entities with fiscal years ending June 30, 2021, that have not yet completed their single audits, will have until September 30, 2022, to complete and file their single audits with the Federal Audit Clearinghouse (six months beyond the normal deadline of March 31, 2022).
“Despite the extension, I recommend that if an organization can file their Single Audit sooner, they should. Generally speaking, it’s better to submit than wait,” said Ron Marklund, principal shareholder, audit and review department at Dugan & Lopatka.
No approval is needed to use the extension; however, the reason for the delayed submission should be documented. Unlike the previous single audit reporting package extensions in response to COVID-19, there is no specification from the OMB that the new six-month extension only apply to recipients of COVID-19-related funding; instead, it applies to all entities that meet the single audit requirements.
Related Article: For Nonprofits, It’s the Year of the Single Audit. Here’s What You Need to Know.
CARES funding helped many nonprofits stay afloat during COVID-19. Now, it’s making many more face a Single Audit for the first time. In this short article, we break down what this means, how it works, and what you can do to prepare. Click the link to read the article.
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