Federal Audit Clearing House Update
The Federal Audit Clearing House (FAC) transitioned from the U.S. Census Bureau to the U.S. General Services Administration (GSA) on October 1, 2023. The new web address for accessing the FAC is: https://www.fac.gov/. Users can find regular updates and helpful resources on the FAC’s official website, which provides comprehensive support for both auditors and auditees adapting to the new system.
A significant change with the transition to the GSA is the introduction of a mandatory registration process through login.gov. This secure platform simplifies access to various government services and enhances security, requiring all users—both auditors and auditees—to register.
Changes to the Uniform Guidance
The Uniform Guidance underwent revisions, and the final version was released on April 4, 2024, as a pre-publication version, with the effective date for the final guidance set for October 1, 2024.
Major revisions include:
- Increased Single Audit Threshold: The threshold for requiring a single audit or a program-specific audit has been raised from $750,000 to $1,000,000 (see section 200.501).
- Type A Programs Threshold: The threshold for Type A programs has been increased to $1,000,000.
- Equipment Value: The value of equipment that may be retained, sold, or otherwise disposed of with no further responsibility to the Federal agency has been increased from $5,000 to $10,000 (see section 200.313(e)(1)).
- De Minimis Indirect Rate: The maximum rate for indirect costs without negotiation with the relevant Federal agency has been raised from 10% to 15%.
- Calculating Indirect Costs: The amount of subawards that recipients can apply to their indirect rate has been increased from $25,000 to $50,000 (see section 200.333).
More from This Series
Part I: Accounting and Auditing Update | Summer 2024
Part II: Tax and IRS Update | Summer 2024
Part IV: Expert Insights | Summer 2024
