RF Single Audit Report Analyzes RF’s Financial Operations

RF Financial Concepts 101

Understanding the Business of the RF

Module 4: Finding and Understanding RF Financial Data

RF Single Audit Report Analyzes RF’s Financial Operations

Organizations that spend $750,000 or more in a given year in total federal funds are required to have an independent audit conducted for compliance with OMB Uniform Guidance 2 CFR Part 200.501.

This audit, performed by an independent Certified Public Accountant (CPA), is generally more expansive than a standard audit.

The “Single Audit Report” is the end result of this audit, and provides an independent opinion on how the RF administers and spends federal funds.

The three standard tables of financial data that appear in the RF's annual report - the balance sheet, the statement of activities, and the statement of cash flows - also appear in the Single Audit Report and are followed by a detailed analysis of RF operations.

What the Data Shows

One section of the Single Audit Report, the Schedule of Expenditures of Federal Awards details the research expenditures for each federal agency.  It lists each agency, the entity the funds flow-through, if any, and totals the direct and flow-through expenditures for the federal agency.

The US Department of Health and Humans Services (DHHS) is the largest sponsor of SUNY research.