Published: 171 days ago
"
On October 1, 2024, a Final Rule was implemented that made significant updates to 2 CFR 200. Significant changes that will impact our operators include an increase to the single audit threshold from $750,000 to $1,000,000 and an increase of the equipment and capital expenditure request threshold amount from $5,000 to $10,000.
"
On October 1, 2024, a Final Rule was implemented that made significant updates to 2 CFR 200. While most changes appear to not affect the Nutrition and Household Programs administered by TDA, there are several changes that will impact our operators, including:
• Equipment threshold increased from $5,000 to $10,000. This means that as of October 1, 2024, only equipment purchases of $10,000 or more require a Capital Expenditure request.
• The single audit threshold has increased from $750,000 to $1,000,000. This means that any operator that expends more that $1,000,000 in Fiscal Year 2025 will need to conduct a single audit. Note that any operator that expended more that $750,000 in FY 2024 will also need a single audit.
• For the few operators using the de minimis indirect cost rate, the percentage of modified total direct costs used to derive the rate has increased from 10% to 15%, and the threshold of federal reimbursement factored into the modified total direct cost amount has been increased from $25,000 to $50,000.
• The aggregate amount of unused supplies (including computers under $10,000 each) that an operator can retain or sell at the time of closeout has been increased from $5,000 to $10,000. Note that if the amount is over $10,000, TDA will be entitled to a percentage of the fair market value of the supplies or the amount received in the sale of those supplies.
###