Source/Reference in Treasury Guidance
Has Treasury published any resources or guidance on compliance and reporting?
Yes, Treasury created a new page that provides an overview on recipient compliance and reporting responsibilities. The page contains resources like the Compliance and Reporting guidance and a number of templates for recipients to use.
Does the Single Audit Act apply to CSLFRF?
As provided for in the award terms, payments from the Fiscal Recovery Funds as a general matter will be subject to the provisions of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 CFR 200) (the Uniform Guidance), including the cost principles and restrictions on general provisions for selected items of cost.
See page 26 of the Interim Final Rule
How is a subrecipient defined?
State, local, territorial, and Tribal governments that receive a Federal award directly from a Federal awarding agency, such as Treasury, are “recipients.” A transferee receiving a transfer from a recipient under sections 602(c)(3) and 603(c)(3) will be a subrecipient. Subrecipients are entities that receive a subaward from a recipient to carry out a program or project on behalf of the recipient with the recipient’s Federal award funding. The recipient remains responsible for monitoring and overseeing the subrecipient’s use of Fiscal Recovery Funds and other activities related to the award to ensure that the subrecipient complies with the statutory and regulatory requirements and the terms and conditions of the award. Recipients also remain responsible for reporting to Treasury on their subrecipients’ use of payments from the Fiscal Recovery Funds for the duration of the award.
See page 28 of the Interim Final Rule
What type of reporting to the US Treasury will be required?
See pages 29 of the Interim Final Rule