Capital Absorption Risk · Public funding obligations
Awards
Definition
For a recipient, a federal award brings federal terms and reporting with it, and each award of $25,000 or more is published on the federal government's searchable spending website.[1] An entity whose federal award spending in a fiscal year reaches the Single Audit Act threshold must also have a single audit.[2]
Federal law
- Federal Funding Accountability and Transparency Act of 2006, Pub. L. 109-282, § 2, 120 Stat. 1186. Defined "Federal award" and required a searchable public website of federal awards. Official text: govinfo.gov, U.S. Government Publishing Office.
- Single Audit Act Amendments of 1996, Pub. L. 104-156, § 2, 110 Stat. 1396 (31 U.S.C. § 7502). Requires a single audit of non-federal entities whose federal award spending reaches the threshold (31 U.S.C. § 7502). Official text: govinfo.gov, U.S. Government Publishing Office.
Federal regulations
Rules issued by federal agencies under the laws above.
- Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards: definitions, 2 CFR 200.1 (Office of Management and Budget). Defines federal financial assistance for the Uniform Guidance that governs most federal awards. Official text: govinfo.gov, U.S. Government Publishing Office.