Applicants should begin the record keeping process before a disaster is declared by the President. The importance of maintaining a complete and accurate set of records for each project cannot be over-emphasized. Not only is the documentation necessary for audits, it also facilitates the project formulation, validation, approval, and funding processes. All documentation should be filed with the corresponding project and maintained by the Applicant as the permanent record of the project.
Public Assistance grant recipients are required to comply with the provisions set forth under the Single Audit Act of 1984 (Public Law 98-502), as amended in 1996. The Act requires grant recipients expending $500,000 or more in Federal funds to perform a single audit or program-specific audit in accordance with the Office of Management and Budget (OMB) Circular A-133, Audits for States, Local Governments, and Non-Profit Organizations.