Where can I find information about DUNS numbers and CCR registration?
The
DUNS & CCR Information page in the Policies & Procedures section of this website contains information about DUNS and CCR for grantees and contractors.
Why did I get a letter from the Department of Finance & Management?
Your organization has an open grant or loan from the State of Vermont that contains federal funds. You are therefore considered a “subrecipient” of the State of Vermont (also referred to as grantee or grant recipient), and you must submit certain reports to the Department of Finance and Management annually. This letter is notice of that requirement, and is timed to coincide with the end of your fiscal year.
The letter I received lists only one grant and I fully spent it last year. Why did I get a letter again this year? Can I just disregard it?
You received the letter because your grant has an open period for all or part of your most recent fiscal year. If you reported the grant as fully expended last year, you should call or email the Finance & Management contact person listed on the letter. They can quickly review what was previously reported and determine if anything is due this year. Do not simply disregard the letter.
I just received a letter from Finance & Management, but my fiscal year ended 6 months ago. Why did I get a letter now?
Your fiscal year start and end months are entered in a statewide grants database by state granting agencies. The annual letter to you is generated using this data and you will normally receive your annual letter within 2 weeks after your fiscal year ends. If you get a letter at a different time of year, it is likely that the fiscal year information is incorrect in the database and must be updated. Please call or email the Finance & Management contact person named in the letter and they will update the State’s records and determine what, if anything, is due from you at this time.
What is a Subrecipient?
A Subrecipient is an organization who receives a grant or loan of federal funds from a non-federal organization, such as the State of Vermont. Subrecipients are also referred to as grant recipients or as grantees.
I have a current grant from the State, but I don’t know if it’s federal or not. How can I find out?
Review your grant award document. It should disclose the source of funds. All federal grant awards issued from the State of Vermont must disclose the Catalog of Federal Domestic Assistance (CFDA) number, federal agency, etc. in accordance with Agency of Administration Bulletin 5. In a nutshell, if your grant award document contains CFDA information, it is considered a federally funded grant.
All grants listed at the end of Finance & Management’s annual letter to you are considered federal grants by the State of Vermont granting agency. If you look at your grant award but you still can’t tell if a grant is from federal funds or not, please contact your grant contact person directly and they will be able to tell you.
I have a loan, not a grant. Am I a subrecipient?
Yes. Per federal regulations, expenditures for projects covered by a federal loan are reportable in the same way as a grant.
What reports do subrecipients have to submit to Finance & Management?
Why does the State of Vermont need to know if my organization requires a Single Audit?
If your organization requires a single audit, the granting agency of the State of Vermont must review your audit report to determine if there are any audit findings that may affect the federal funds passed through the State. If the audit report does contain findings, federal regulations require the State to review how you will resolve the findings and to issue a Management Decision Letter to you within 6 months after the audit report was published.
How do I know if my organization needs a Single Audit?
Your organization is required to have a single audit if it expends $500,000 or more in federal grant assistance during its fiscal year. This grant assistance may come directly from the Federal government, from the State of Vermont, or from another organization such as UVM, a local Supervisory Union, etc. Your business manager, controller, treasurer or other financial official should compile federal expenditures from all sources and determine if you exceed the $500,000 threshold. It is for this reason that the
Certification of Audit Requirement must be completed by the financial official in your organization who has access to grant information for the entire organization.
My organization gets audited every year. Is that a Single Audit?
Not necessarily. A Single Audit is specifically related to federal programs and must be conducted by a qualified auditor in accordance with OMB Circular A-133 and Generally Accepted Government Auditing Standards. The work involved in a single audit is in addition to that of a typical financial statement audit, though it may occur simultaneously. The auditor will most often issue a separate single audit report, or it will create a separate section of the financial statement audit report for the A-133 (Single Audit) portion. The single audit report will include a
Schedule of Expenditure of Federal Assistance which summarizes all of your organization’s federal funds by CFDA# and also indicates the source of the federal funds. If your organization does not typically exceed the $500,000 single audit threshold, chances are you have a financial statement audit each year, and not a single audit.
My organization needs a single audit. What do I do next?
You must complete the
Certification of Audit Requirement and return it to the Department of Finance and Management within 45 days after the end of your fiscal year. You also must hire a qualified auditing firm to conduct your audit and you must ensure that your audit report is issued within 9 months after your fiscal year ended. You can find more information about single audit requirements on this federal website:
http://harvester.census.gov/fac/index.html. That website also contains a helpful
brochure issued by the Grants Management Committee which will give you an overview of single audit requirements.
When do I file the Certification of Audit Requirement and Subrecipient Schedule of Federal Expenditures? Do I have to remember to do it each year?
The reports are due annually, within 45 days after your fiscal year ends. Shortly after your fiscal year ends, you will get a letter from the Department of Finance & Management requesting that you submit the reports. The letter contains a list of all grants/loans from a State of Vermont agency with an open grant period for all or part of your most recently completed fiscal year and blank copies of both reports. If you require a single audit, you only have to file the
Certification of Audit Requirement. If you do not require a single audit, you must also submit the
Subrecipient Schedule of Federal Expenditures. Both are due within 45 days after your fiscal year ends.
I spent less than $500,000 so I don’t need a Single Audit. What do I have to do now?
When you file the
Certification of Audit Requirement, you must also file the
Subrecipient Schedule of Federal Expenditures. This form requires you to report each federal grant that you had and the total amount of you expended against it during your most recently completed fiscal year. Include federal grants from all sources, even those that didn’t come from a State of Vermont agency. Please note that you should report your expenditures against federal grants, not what you’ve been paid or reimbursed. Many subrecipients incur an expense and are reimbursed later. You should not report your reimbursements, just expenses. Although the granting agency may require you to send them backup documentation in order to be reimbursed, you do not need to submit any backup documentation to the Department of Finance & Management.
What will happen if I don’t file the Certification of Audit Requirement or Subrecipient Schedule of Federal Expenditures within 45 days after my fiscal year ends?
If these reports are not received by the Department of Finance & Management by the due date, your organization will be placed in a delinquent status. The state granting agency will follow up with you on this status and a continued failure to comply with the requirement could result in sanctions. Possible sanctions are a hold on future grant payments to your organization, denial of future grant requests, a request for repayment of the grant, etc. Timely filing of these reports is a condition of your grant award and failure to do so will put you out of compliance with the terms of your grant agreement.
