While the COVID-19 relief provisions, as part of the CARES Act provided a lifeline for many medical, dental, and other healthcare-related practices during the pandemic, that support was not without certain compliance requirements and reporting. The influx of federal funding as a result of the CARES Act will leave certain practices now subject to their first governmental Single Audit.
A Single Audit is required of any organization that has $750,000 or more in federal awards.
While typically, federal funding is awarded to not-for-profits and governmental organizations,
The Department of Health and Human Services provided relief funding through the CARES Act, which has opened up many new organizations, including healthcare practices, to these compliance requirements. If a practice has received combined federal awards though the Provider Relief Fund in excess of $750,000, a Single Audit will be required.
While the majority of relief programs under the CARES Act (such as the Paycheck Protection Program) are not subject to Uniform Guidance, there are some exceptions and guidance is still forthcoming. If your healthcare practice took advantage of the Provider Relief Fund in any amount, it is highly encouraged that you speak with an advisor as soon as possible to fully understand the compliance requirements. Navigating federal compliance can be intimidating and confusing, especially if this is your first time doing so. Speaking with an advisor can demystify this process and help ensure that you understand the regulations and are in compliance with any federal awards and programs you engaged with.
This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.
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