General
As a recipient of an AIP grant, the sponsor agrees to maintain all pertinent project accounts and records that fully disclose the disposition of all grant proceeds. The accounts and records are to be kept in accordance with an accounting system that will facilitate an effective audit.Audit Requirements
The requirement for an audit is established by incorporation of grant assurance #13 and by incorporation of Federal Regulation 49 CFR Part 18.
Sponsors that expend $ 500,000 or more in an year in Federal funds must have a single or program-specific audit conducted for that year in accordance with the Single Audit Act of 1984 (as amended) and OMB Circular A-133 "Audits of States, Local Governments and Nonprofit Organization" .
Audits are to be conducted by an independent auditor in accordance with generally accepted auditing standards covering financial audits and standards presented within OMB Circular A-133. The audit reports shall be kept on file for three years from date of issuance.
Submittal Requirements
One copy of the completed audit report shall be submitted to the Federal Clearinghouse at the following address:
Federal Audit Clearinghouse
Bureau of the Census
1201 E. 10th Street
Jeffersonville, IN 47132
