The U.S. Office of Management and Budget (OMB) created, but has yet to issue its new data collection form (Form SF-SAC) applicable to single audits performed under Uniform Guidance (UG). Nonprofits whose audits were performed under the Uniform Guidance are unable to submit the Form SF-SAC and their reporting package to the Federal Audit Clearinghouse (FAC) at this time. In response to the delay, the OMB has determined that any UG single audit submissions due prior to July 31, 2016 will now be due to the FAC on July 31, 2016.
The extension only applies to the actual submission to the FAC. The audit itself must be completed and reports issued within the timeframe specified in the UG. Submissions of single audits performed under OMB Circular A-133 must continue to follow the deadlines prescribed in OMB Circular A-133.
AAFCPAs reminds our clients once again that the extension is automatic and there is no approval required. The new Form SF-SAC was anticipated to be available for filing in late spring 2016, but the OMB recently reported that the form will be ready no later than mid-July. We will contact our clients once the Form SF-SAC is issued to offer guidance and assistance in preparation and audit submission.