Uniform Guidance FY18 Status:
VUMC recently completed the annual Uniform Guidance (UG) audit with Ernst & Young (EY), reporting more than $375M on our Schedule of Expenditures of Federal Awards (SEFA). While federal award compliance is a high priority for the VUMC Finance Sponsored Projects team throughout the entire year, the UG audit process for FY 2018 began with interim work during April–June and resumed with year-end work during August–November. The results of this review are published publicly in the Federal Audit Clearinghouse and are frequently accessed by organizations that have awarded funding to VUMC, by organizations that may consider awarding sponsored funding to VUMC, or by the general public.
Finance is pleased to report that there were no financial statement or federal award audit findings/questioned costs identified for FY 2018. The results can be accessed here. Please note that, moving forward, any subrecipient forms submitted to OSP for processing and signature should reference this most recent audit.
A bit of background: all entities that receive federal funds are subject to audit requirements. Uniform Guidance sets standards to obtain consistency and uniformity across federal agencies for audits of states, local governments, and non-profit organizations. Those entities that expend $750,000 or more in federal awards during the fiscal year must do the following:
- Identify all federal awards received and expended, as well as the federal programs issuing those funds.
- Maintain internal control for federal programs.
- Comply with the laws, regulations, and the provisions of contracts or grant agreements.
- Prepare appropriate financial statements, including the SEFA.
- Ensure that the required single audits are properly performed and submitted when due.
- Follow-up and take corrective actions on audit findings.
For questions or concerns, please contact your OSP specialist.