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The recipient must report the fair market value at the time of receipt or the assessed value provided by the awarding agency of the non-cash items on the SEFA. Regardless of the basis of accounting used by the recipient, non-cash awards are reported in the fiscal year they are received.
The Schedule of expenditures of Federal awards (SEFA) must include the total Federal awards expended and be prepared for the same period as the financial statements on a cash basis.
The SEFA is used to determine the amounts expended for each of an organizations federal programs. As a result, the SEFA is the guide that indicates whether the threshold requiring a federal single audit has been met.
The Single Audit requirement is triggered when the federal expenditures, including any outstanding loan balances, reported on the SEFA exceed $750,000 or more over the organizations fiscal year.
Grant agreement and notice of the award, as applicable. Type of grant (e.g., reimbursement basis or structured payments) Program name and cluster title (if applicable) Name of federal funding agency. Pass-through entity (if applicable) Assistance listing number (formally known as the CFDA number)
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