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ϴͲϲ <br />CCity’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