Revenues
Policy
FIACCT 07-02_16 Federal Revenues- Single Audit Reporting Requirements
Effective: July 1, 1994
Revised: July 1, 1998
Purpose
This policy explains the procedures that are necessary in order for the State of Utah to be in compliance with the Single Audit requirements.
Procedures
Responsibility
Action
Single Audit Reporting Requirements
Department
Put together the following information for all federal revenue
recorded in revenue sources 2933 and 2937 (federal revenue received
as a subrecipient from grants with agencies outside state government
and state colleges and universities) and revenue sources in the range
of 3000 through 3999 (federal revenue collected directly from the
federal government):
- Grant Name
- Federal Granting Agency
- Federal Catalog Number
- Federal Award Number
- Expenditure Amount
- Name of the entity from which you received your subrecipient grants
- Amount of pass thru given to non-state recipients
- Status as of June 30 on previous year audit findings, including an updated corrective action plan for those findings which are not completed
This information is included in each federal contract. Use of the
Reporting Category in the Grants Accounting subsystem will enable
the user to obtain the above information from FINET.
Division of Finance
At year end, collect the federal revenue information from the
departments and complete the Schedule of Expenditures of
Federal Awards and the Summary Schedule of Prior Audit
Findings.