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Title 7: Agriculture
Subtitle B: Regulations of the Department of Agriculture (Continued)
CHAPTER XVII: RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE (CONTINUED)
PART 1775: TECHNICAL ASSISTANCE GRANTS
Subpart B: Grant Application Processing
1775.21 - Audit or financial statements.
The grantee will provide an audit report or financial statements as follows:
(a) Grantees expending $500,000 or more Federal funds per fiscal year will submit an audit conducted in accordance with OMB Circular A-133. The audit will be submitted within 9 months after the grantee's fiscal year. Additional audits may be required if the project period covers more than one fiscal year.
(b) Grantees expending less than $500,000 will provide annual financial statements covering the grant period, consisting of the organization's statement of income and expense and balance sheet signed by an appropriate official of the organization. Financial statements will be submitted within 90 days after the grantee's fiscal year.
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