A Single Audit is known as an U.S. Office of Management and Budget (OMB) Circular A-133 or Yellow Book audit. This is a specialized audit obtained by an organization that has received federal funding. If your organization has expended over $750,000 of Federal funds, your organization may need a single audit performed.
Also, in 1998, the Florida Single Audit Act was enacted to establish state audit and accountability requirements for state financial assistance provided to non-state entities. Each non-state entity that expends a total amount of state financial assistance equal to or in excess of $500,000 in any fiscal year shall be required to have a state single audit, or a project-specific audit, for such fiscal year in accordance with the requirements of the Florida Single Audit Act.
If your organization has received its first large grant, you will need to learn about the Single Audit process. Our firm can help your nonprofit determine if a Single Audit is required and our firm complies with stringent standards required for individuals performing these types of audits.