Are recipients of less than $500,000 exempt from LSC audit requirements under the new OMB Circular A-133?
No. The Revised OMB Circular A-133 increased the threshold for a Single Audit from $300,000 to $500,000 of federal awards expended. LSC’s 1996 and 1997 appropriation law requires an audit regardless of grant amount and takes precedence over the revised OMB Circular A-133 audit requirements. Accordingly, the increased audit threshold specified in revised OMB Circular A-133 does not apply to recipients of LSC funds. There is no change in audit requirements for recipients of LSC funds. The applicability of the requirements of the 1996 LSC Audit Guide specified in paragraph I-3 remains unchanged.
