FEMA
FEDERAL AUDIT REQUIREMENTS
With
the recent flooding and the corresponding disaster declaration
on July 7, 2006, many local
towns and villages will be requesting and receiving FEMA
(Federal Emergency Management Agency) Public Assistance Grants
and Hazard
Mitigation Grants through the New York State Emergency Management
Office (http://www.semo.state.ny.us).
One of the first questions a Village Mayor or Town Supervisor
may have is, do we need
an Audit?; followed
by, what documentation and/or record keeping do we need and
how do we organize it.
A
single audit must be conducted if a sub recipient (local
town
or village) expended federal funds of $500,000 or more
(from all sources) in a fiscal year. A program-specific audit
may
be conducted if a sub recipient has expended funds from
only one
federal grant program.
If
a sub recipient has expended less than $500,000 in federal
funds (from all sources) in
a fiscal year, it is exempt
from the federal audit requirements but must still keep
records that
are available for audit and review purposes.
Gruver,
Zweifel and Scott, LLP is experienced in performing FEMA
audits and
organizing the required record keeping
and documentation
that makes the process less stressful. If you have
questions about FEMA and your situation we can help. Please
contact
us for a consultation.
