Course Description:
Is relief funding provided by the federal government subject to Single Audit? 

COVID-19 has changed the business landscape. Many businesses have applied for the SBA Paycheck Protection Program or other relief available through the CARES Act. At this time, there has been no guidance from the federal government to indicate these programs will be excluded from the Single Audit requirements.

Federal loan programs and federal grants subject to a Single Audit are required to be included on the schedule of expenditures of federal awards. Organizations are subject to Single Audit requirements when their cumulative federal expenditures, including loans, exceed $750,000. There are several unique considerations related to COVID-19 relief funding that will have a significant impact. Now is the time to prepare to avoid compliance issues. 

NOTE: This webcast will assume that the participants have a basic understanding of the Coronavirus Preparedness and Response Supplemental Appropriations Act (2020) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Learning Objectives:

• Review compliance considerations and challenges with award terms and conditions 
• Identify key considerations for nonprofits and governments in the following compliance areas: 
  o Internal control considerations (pre-COVID, during, post-COVID)
  o Tracking methods to avoid double dipping risks 
  o Subrecipient monitoring 
  o Procurement 
  o Cash management 
  o Eligibility impacts (increased demand) 
  o Matching 
  o Reporting 
  o Indirect rate

Presenters:
Angie Hillestad, CPA, CGMA, Partner
Since 2007, Angie has been providing her services to a variety of industries, including nonprofits with and without federal grants, affordable housing and senior living, with a primary focus in the nonprofit and affordable housing sectors. She not only provides audit, review and accounting services, but Angie is also a member of Eide Bailly's National Assurance Office, where she helps provide support to the firm's assurance team.

Joy Feige, CPA, Partner
Since 1989, Joy has been providing audit, tax and accounting services to a variety of industries, with a primary focus on the nonprofit, hospitality, healthcare and senior living sector. Joy also assists clients with tax-exempt compliance issues, Form 990 requirements and conducts single audits for nonprofit and governmental entities. She is also the chair of Eide Bailly's Single Audit Technical Issues Committee, which assists the firm in staying compliant with federal grant auditing requirements.