Capital Absorption Risk · Public funding obligations
Grants
Definition
For a recipient, a federal grant is money with conditions: it may be spent only as the award allows, and an entity whose federal award spending in a fiscal year reaches the Single Audit Act threshold ($300,000 as enacted, or the amount the Office of Management and Budget sets) must have a single audit.[2]
Federal law
- Act enacting title 31, United States Code, "Money and Finance", Pub. L. 97-258, § 1, 96 Stat. 877 (31 U.S.C. §§ 6304, 6305). Enacted 31 U.S.C. §§ 6304–6305, which set when an agency must use a grant agreement or a cooperative agreement. Official text: govinfo.gov, U.S. Government Publishing Office.
- Single Audit Act Amendments of 1996, Pub. L. 104-156, § 2, 110 Stat. 1396 (31 U.S.C. § 7502). Requires a single audit of non-federal entities whose federal award spending reaches the threshold (31 U.S.C. § 7502). Official text: govinfo.gov, U.S. Government Publishing Office.
Federal regulations
Rules issued by federal agencies under the laws above.
- Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards: definitions, 2 CFR 200.1 (Office of Management and Budget). Defines federal financial assistance, including grants and cooperative agreements, for the Uniform Guidance that governs most federal awards. Official text: govinfo.gov, U.S. Government Publishing Office.