§ 266.1 - Purpose.

This part:

(a) Updates policy, responsibilities, and procedures.

(b) Implements Public Law 98-502 (31 U.S.C. 7501-7507 and 3512) and Office of Management and Budget (OMB) Circulars A-1281 and A-1332 to establish audit requirements for State and local governments, institutions of higher education, and other nonprofit institutions that receive Federal financial assistance.

1Forward written requests to: Office of Management and Budget Publications, 725 17th Street, NW. New Executive Office Building, Washington, DC 20503.

2See footnote 1 to §266.1(b).

(c) Assigns responsibilities within the Department of Defense for monitoring compliance with those requirements.