Colleges and universities expending federal funds are required to comply with which of the following Office of Management and Budget (OMB) circulars?
A) Circular A-133,"Audits of States,Local Governments and Nonprofit Organizations," if expenditures for the year were $500,000 or more.
B) Circular A-21,"Cost Principles for Educational Institutions," to determine if allowable costs are charged to federal grants.
C) Circular A-110,"Uniform Administrative Requirements for Grants and Other Agreements with Institutions of Higher Education,Hospitals,and Other Non-Profit Organizations" to help administrators determine how expenditures related to federal grants are to be made.
D) All of the above.
Correct Answer:
Verified
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