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7056 <br /> City's Policy Regarding the Single Audit Approach <br /> For federal grants included in the scope of the City's single audit approach, it is the <br /> City's policy that all financial and compliance issues have been met through the single <br /> audit, and follow-up audits to determine these issues are not necessary unless <br /> specifically related to findings or recommendations included in the single audit report. <br /> As noted above, the purpose of the Act is to establish uniform audit requirements, <br /> promote efficient use of audit resources, and assure that federal agencies rely upon <br /> audit work already completed; its purpose is not to audit local agencies twice. <br /> Accordingly, the City will strongly resist any efforts by federal agencies to duplicate <br /> audit work already performed in complying with Act requirements. As such, whenever <br /> federal grantor agencies request final audits, the managing department should notify <br /> the Department of Finance in order to ensure a consistent response to these types of <br /> requests. <br /> 8-7. OTHER REGULATIONS <br /> All grants are subject to Federal,State and Local Regulations.These regulations may be <br /> updated from time to time by the Federal or State government. The applicable <br /> guidelines will vary depending upon the grant awarded. The following are regulations <br /> that provide guidelines for grant administration and followed by the City: <br /> 1. Office of Management and Budget (OMB) <br /> a. Circular A-21 —cost principles for determining cost applicable to grants, <br /> contracts and other agreements with educational institutions. <br /> b. Circular A-87 — establishes principles and standards for determining cost <br /> for Federal awards carried through grants, cost reimbursement contracts <br /> and other agreements with State and local governments. <br /> c. Circular A-102 — establishes consistency and uniformity among Federal <br /> agencies in the management of grants. This included the adoption of <br /> government-wide common rule for terms and conditions on grants. <br /> d. Circular A-110 — uniform administrative requirements for grants and <br /> agreements with Institutions of Higher Education, Hospitals and other <br /> non-profit organizations. <br /> e. Circular A-122 —establishes cost principles for determining cost of grants, <br /> contracts and other agreements with non-profit organizations. <br /> 2. Federal Acquisition Regulation (FAR) subpart 31.2 — defines allowable and <br /> unallowable costs regarding contracts with commercial organizations. <br /> 3. 45 Code of Federal Regulation (CFR) 74 — establishes uniform administrative <br /> requirements to determine cost applicable to research and development under <br /> grants and contracts with hospitals. <br /> 8-6 <br />