Recent Extensions Related to COVID-19
USDA Office of Rural Development (RD) has issued a number of immediate actions to help rural residents, businesses and communities impacted by COVID-19. Extensions are currently available for as follows: 60-day audit extension is provided for electric and telecommunication borrowers and grantees and Section 515 annual financial statements due to RD on March 31, 2020 will be extended 30 days. This announcement also includes other waivers and extensions in various areas including tenant certifications, late fees on mortgages, and more.
Ginnie Mae has extended the due date for annual audited financial statements for those lenders with a December fiscal year end to April 30. Lenders that can complete the Annual Audited Financial Statements within 90 days after the end of their fiscal year are encouraged to do so.
Organizations Receiving Federal Assistance
The Office of Management and Budget has issued two memorandums to assist Federal agencies in providing flexibility to the administration of grants, which in turn will impact Organizations receiving federal assistance that have been affected by COVID-19. M-20-11 is more specific and applies to entities perform essential research and response to COVID-19 whereas M-20-17 is broader and provides administrative relief for all entities affected by COVID-19.
Agencies may allow recipients to continue to charging salaries and benefits to currently active Federal awards consistent with the organization’s policy of paying salaries, under unexpected or extraordinary circumstances. Organizations should continue to maintain supporting records and documentation to substantiate the charging of salaries and benefits to grants.
Single Audit Submission
Recipients and subrecipients that have not yet filed their single audits with the Federal Audit Clearinghouse as March 19, 2020 that have fiscal year-ends through June 30, 2020, can delay the completion and submission of the Single Audit reporting package, as required under Subpart F of 2 CFR § 200.501 -Audit Requirements, to six (6) months beyond the normal due date. No further action by awarding agencies is required to enact this extension. This extension does not require individual recipients and subrecipients to seek approval for the extension by the cognizant or oversight agency for audit; however, recipients and subrecipients should maintain documentation of the reason for the delayed filing.
GFOA Certificate Program
Governments that participate in the GFOA Certificate of Excellence in Financial Reporting program should consider filing an extension with the GFOA if they will be anticipate a delay with the deadline requirements of this program due to the COVID-19 pandemic. If governments expect a delay, they are encouraged to file for an extension with the GFOA. An extension can be filed at: https://www.gfoa.org/request-extension.
GASB Considers Extensions
The GASB has announced in a press release (see www.GASB.org) that it has added a project to its current technical agenda to consider postponing all Statement and Implementation Guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018. Significant pronouncements under this effective date include GASB Statement No. 84, Fiduciary Activities, and GASB Statement No. 87, Leases, as well as their related Implementation Guides. An exposure draft is expected in April 2020 and a final standard in May 2020.