§ 96.201 - Purpose and scope of subpart.

OMB Circular A-110, Attachment F, “Standards for Financial Management Systems,” provides that the organization-wide audit is the preferred form of audit coverage for colleges and universities, hospitals, and other nonprofit organizations. This subpart implements the guidance provided in Attachment F of OMB Circular A-110 by establishing uniform audit requirements for colleges and universities, hospitals, and other nonprofit organizations that receive Federal assistance from DOL equal to or in excess of $25,000 in any one fiscal year.