Revised Uniform Guidance Issued

The U.S. Office of Management and Budget (OMB) has issued an update to 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Effective date of the new rule is October 1, 2024;

The following is a quick summary of several key changes of relevance noted:

• The threshold for audit has been increased from $750,000 to $1 million.
• The Type A threshold has been increased to $1 million and the amount of awards expended for which it applies has been increased from $25 million to $34 million.
• The questioned costs definition has been revised and examples have been provided to help provide further clarification.
• Relating to audit findings, when an amount of questioned costs is "undetermined" or "not reported," the auditor will have to explain why.
• Throughout subparts A – E of the regulation the use of the term non-federal entity has been replaced with recipient and/or subrecipient. However, subpart F, Audit Requirements, retains the use of the non-federal entity term to maintain alignment with the statutory provisions of the Single Audit Act.