Post assistance requirements...
Reports are due in accordance with the terms and conditions of the award. The Department's financial assistance standard terms and conditions generally require that financial and performance reports be submitted on a semi-annual basis.
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.
Audits are required at lease biennially by DOC Office of the Inspector General auditors, or an independent public accountant, and are subject to the Audit Act of 1984, 312 U.S.C. 7501-7507. Recipients that are subject to the provisions of OMB Circular No. A-133, "Audit of States, Local Governments, and Nonprofit Organizations," and that expend $300,000 or more in Federal awards shall have an audit performed in accordance with the requirements contained in OMB Circular No. A-133. In accordance with 15 CFR Part 14.26, for-profit recipients shall have a project audit performed no less than once every two years in accordance with the Generally Accepted Government Auditing Standards. See OMB Circular No. A-133, Federal Register, Vol. 62, No. 125, dated June 30, 1997 (Audits of States, Local Governments, and Nonprofit Organizations and Information Collection Under OMB Review).
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).
All financial and programmatic records, supporting documents, statistical reports, and other records of grantees or subgrantees are required to be maintained by the terms of the agreement. The grantee must retain records for 3 years from the date when the final financial status report is submitted unless otherwise directed by DOC/NOAA pursuant to the exception or 15 CFR Part 24, as applicable. In cases where litigation, claim or an audit is initiated prior to expiration of the three-year period, records must be retained until the action and resolution of any issues associated with it are complete or until the end of the three-year retention period; whichever is latest.
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.