Nonprofit Blog

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Tuesday, February 19, 2013

OMB Proposes Major Changes to Circular A-133

Posted by Grant Lam

The U.S. Office of Management and Budget (OMB) has issued for comment, proposed guidance on OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations (Circular A-133), which proposes significant revisions to Circular A-133.  Some of the proposed changes include increasing the single audit threshold from $500,000 to $750,000, changes to the major program determination process, reduction of compliance requirements subject to testing and revisions to cost principles. The proposed revisions may have a significant impact to certain organizations as it may impact the allowability of federal expenditures and the audit requirements to which organizations are subject to.  

A copy of the proposed guidance can be found here

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