Resource Guides: LSTA Grant Management Guide: Audits

About

If your municipality, institution, or network receives more than $750,000 in federal funds from ALL sources, not just LSTA and not just at the library, then an audit of your grant funds that meets the requirements of the Single Audit is required.

According to the SINGLE AUDIT ACT AMENDMENTS of 1996 (P.L. 104-156), external or internal audits must be made in accordance with generally accepted government auditing standards (GAGA) issued by the Comptroller General of the United States, which are applicable to federal audits.

How do I meet the requirement?

A municipality's regular annual or bi‑annual audit should meet the requirements. Talk with your financial department to be sure. Libraries not covered under a municipal audit will need to work with their financial department to see if current audit practices meet the requirements.

What to send the MBLC

In order to comply with the audit requirement, you may choose one of the following options:

Send one copy of the entire audit report
Send one copy of the audit cover letter, the entire audit findings, and the section of the audit pertaining to your LSTA grant (i.e. the Federal Financial Assistance portions).

If you select option #1 above, be sure that it is the entire report. Often the Federal Financial Assistance portion of the audit is bound separately, but it is essential we receive that part.

FYI

The ALN (Assistance Listing Number) for LSTA is 45.310
The audit is due to the MBLC thirty days after it is completed.
It is necessary to have audits done for the entire period of disbursements and expenditures. With fiscal year spending, this may result in more than one audit. All relevant audits should be sent.