The government doled out a lot of money to schools, nonprofits, and other government entities during the pandemic. But like most federal funds, there were strings attached.
One of those strings is the single audit. A federal single audit is a little different than other types of audits.
So, how do you know if your organization needs one?
Did your organization spend $750,000 or more in federal financial assistance? If so, then you need a single audit.
To help you prepare for a single audit, we put together this checklist you can follow. It also includes information specific to South Dakota. But the federal information is true for any school, nonprofit, or government entity. There are also templates with schedules and guidance included.
For other helpful audit tools, visit our Resource Center. And let us know if you have any questions.