Skip to content Menu

On December 22, the Office of Management and Budget (OMB) released an addendum to its 2020 Compliance Supplement.

When the annual compliance supplement was released in August, an addendum was promised later in the fall that would address CARES Act funds. Because the addendum was released later than expected, recipients of COVID-19 funding have been granted a three-month filing extension for single audits.

Colleges and universities will not have to seek approval for the extension. Additionally, for private not-for-profit institutions subject to Department of Education financial responsibility requirements, the OMB single audit filing extension delays the eZ-Audit filing due date off by the same three-month period.

The Compliance Supplement Addendum addresses SEFA requirements, reporting under the Federal Funding Accountability and Transparency Act, donated personal protective equipment from federal sources, Provider Relief Fund Program expenditure reporting and timing, and a review of single audit implications from the December 2020 COVID-19 relief bill. Institutions are advised to discuss pertinent aspects of the addendum with their external auditors.


Sue Menditto

Senior Director, Accounting Policy


Related Content

NACUBO Weighs In on Major GASB Projects

NACUBO supported the Governmental Accounting Standards Board’s proposed financial reporting model changes and offered suggestions to improve complex and concerning proposed changes to categorizing revenue and expense transactions.

GASB Proposal Addresses Compensated Absences

A new Governmental Accounting Standards Board exposure draft explains requirements for recognizing and measuring compensation-related liabilities. Comments are due June 4.

NACUBO Issues HEERF Program Grants Accounting Tutorial

The new tutorial provides HEERF I, II, and III background and revenue recognition guidance under FASB and GASB standards.