Federal grants & awards
Greywood CPA performs Single Audits for nonprofits and other non-federal entities that spend $1,000,000 or more in federal awards in a fiscal year. We are a licensed CPA firm (Virginia Board of Accountancy firm license #134961) working nationwide, at a fixed fee.
A Single Audit applies to federal financial assistance, meaning grants, cooperative agreements and certain loans, received directly or passed through a state or prime recipient. It does not apply to companies that are only selling goods or services to the government under federal procurement contracts. Those contractors follow the contract's own audit clauses instead. We tell you which applies before we quote.
Last reviewed: November 2026
| If you have… | Audit rules come from |
|---|---|
| Federal grants or cooperative agreements, direct or passed through | The Uniform Guidance: a Single Audit at $1,000,000+ in federal expenditures (nonprofits and governments) |
| A subaward from a state or prime recipient | The Uniform Guidance, plus any terms the pass-through entity adds |
| A federal procurement contract (you sell goods or services to the government) | The contract clauses and the Federal Acquisition Regulation, not the Single Audit |
| For-profit company receiving a federal subaward | Your subaward terms. The pass-through entity sets the audit requirement |
Many organizations have both. A nonprofit can hold grants that count toward its Single Audit and contracts that don't.
For fiscal years beginning on or after October 1, 2024, a non-federal entity that spends $1,000,000 or more in federal awards in a year needs a Single Audit. Count expenditures, not award amounts, and include every program and every pass-through source. Below $1,000,000, the federal audit requirement doesn't apply that year, though records must still be available for review.
Major programs are selected using a risk-based approach. For organizations spending up to $34 million in federal awards, programs with $1,000,000 or more in expenditures are Type A. For each major program we test the compliance requirements in the annual federal Compliance Supplement. The ones that produce the most findings:
Organizations that pass federal money on become pass-through entities, with their own responsibilities: deciding whether each partner is a subrecipient or a contractor, including required terms in subawards, assessing risk, monitoring performance and following up on the subrecipient's audit findings. Weak subrecipient monitoring is one of the most common Single Audit findings.
The reporting package includes the financial statements, schedule of expenditures of federal awards (SEFA), auditor's reports, findings and your corrective action plan. It is submitted with a data collection form to the Federal Audit Clearinghouse within 30 days after you receive the reports or 9 months after year-end, whichever is earlier.
A 30-minute call about your organization, who needs the report and your deadline.
Scope, report type, timeline and one fixed fee, in writing.
Everything we need, uploaded through a secure portal.
Remote testing, then a draft for your review.
A CPA partner signs, and we walk you or your board through the results.
Not for procurement contracts. A Single Audit applies to federal financial assistance (grants, cooperative agreements and certain loans) spent by nonprofits, governments and similar entities. Companies selling goods or services to the government follow the audit clauses in their contracts.
$1,000,000 or more in federal award expenditures in a fiscal year, for fiscal years beginning on or after October 1, 2024.
The Uniform Guidance audit requirement does not apply to for-profit entities, but a pass-through entity can require a for-profit subrecipient to have an audit or other compliance review under the subaward terms.
Within 30 days after you receive the auditor's reports or 9 months after your fiscal year-end, whichever comes first.
We quote one fixed fee in writing before any work starts, based on your size, number of federal programs and how many are tested as major programs.
Send us your grant list. A senior CPA will confirm your requirement and send a fixed-fee proposal within 1–3 business days.