For-profit, for profit, administrative requirements, audit, business
18.4.5 Audit
Specific to NIH, for-profit recipients are required to have a non-Federal audit conducted consistent with the requirements outlined in 2 CFR 300.218(d) if, during its fiscal year, it expended a total of $750,000 or more under one or more Federal award (as a direct recipient or consortium participant).
For-profit organizations that receive awards (including for-profit hospitals) have two options regarding audits:
-
A financial related audit of a particular award in accordance with GAGAS, in those cases where the for-profit organization receives awards under only one HHS program (for NIH, receives all awards from a single Institute or Center The NIH organizational component responsible for a particular grant program or set of activities. The terms "NIH IC," or "awarding IC" are used throughout this document to designate a point of contact for advice and interpretation of grant requirements and to establish the focal point for requesting necessary prior approvals or changes in the terms and conditions of award.); or, if awards are received under multiple HHS programs, a financial related audit of all awards in accordance with GAGAS; or
-
An audit that meets the requirements contained in 2 CFR 200, subpart F.
Audits must be completed and submitted to the Department of Health and Human Services, Audit Resolution Division within 30 days after receipt of the auditor's report(s), or 9 months after the end of the audit period, i.e., the end of the organization's fiscal year, whichever is earlier. The address is found in Part III.
Specific to NIH, for-profit organizations expending less than $750,000 a year are not required to have an annual audit for that year but must make their grant-related records available to NIH or other designated officials for review or audit.