Post assistance requirements...
An annual performance report is required on the use of funds to meet program requirements including the grantee's objectives and the national objectives of the program.
This section indicates whether program reports, expenditure reports, cash reports or performance monitoring are required by the Federal funding agency, and specifies at what time intervals (monthly, annually, etc.) this must be accomplished.
In accordance with the provisions of OMB Circular No. A- 133, "Audits of State and Local Governments and Non-Profit Organizations," nonfederal entities that expend $300,000 or more in Federal awards in a year shall generally have a single audit conducted for that year. (The auditee may elect to have a program-specific audit conducted under certain limited circumstances.)
This section discusses audits required by the Federal agency.
The procedures and requirements for State and local governments and nonprofit entities are set forth in OMB Circular No. A-133.
These requirements pertain to awards made within the respective State's fiscal year - not the Federal fiscal year,
as some State and local governments may use the calendar year or other variation of time span designated as the fiscal year period,
rather than that commonly known as the Federal fiscal year (from October 1st through September 30th).
The applicant must maintain records with regard to eligibility, national objectives, financial management, citizen participation, relocation, other resources, acquisition, housing assistance to units and households, equal opportunity, environmental impact, labor standards and other requirements set forth in regulations. Records shall be retained for four years after submission of the report in which the activity is reported as completed, except as otherwise prescribed in the published regulations.
This section indicates the record retention requirements and the type of records the Federal agency may require.
Not included are the normally imposed requirements of the General Accounting Office.
For programs falling under the purview of OMB Circular No. A-102, record retention is set forth in Attachment C.
For other programs, record retention is governed by the funding agency's requirements.