§ 1734.8 - Audit requirements.

§ 1734.8 Audit requirements.

Cross Reference

Link to an amendment published at 88 FR 7561, Feb. 6, 2023.

A recipient of financial assistance shall provide RUS with an audit for each year, beginning with the year in which a portion of the financial assistance is expended, in accordance with the following:

(a) If the recipient awardee is a for-profit entity, a Telecommunications or Electric borroweran electric or telecommunications cooperative, or any other entity not covered by the following paragraphdefinition of “non-Federal entity” in 2 CFR 200.1, the recipient awardee shall provide an independent audit report in accordance with 7 CFR part 1773, “Policy on Audits of RUS Borrowers.” and the grant agreement.

(b) If the recipient awardee is a state or local government, or non-profit organization, the recipient Federal entity, as defined in 2 CFR 200.1, the awardee shall provide an audit in accordance with subpart F of 2 CFR part 200, as adopted by USDA through 2 CFR part 400.

(c) Grantees Grant awardees shall comply with 2 CFR part 200, as adopted by USDA through 2 CFR part 400, and rules on the disposition of grant assets in Part part 200 shall be applied regardless of the type of legal organization of the grantee.

[82 FR 55925, Nov. 27, 2017, as amended at 88 FR 7561, Feb. 6, 2023]