Certified Research Administrator Practice Exam

What form needs to be filled out for audits of institutions that have more than $750,000 in expenditures?

1. SF424

2. SF SAC

3. SF425

4. FFR

The correct answer is: SF SAC

For audits of institutions that have more than $750,000 in federal expenditures, the correct form to be filled out is the SF SAC, or the "Schedule of Expenditures of Federal Awards." This form is part of the A-133 audit requirements, which guide entities in reporting and ensuring accountability for the federal funds they receive. The SF SAC provides a summary of federal awards expended during the fiscal year and is crucial for establishing the single audit threshold, ensuring that an organization is compliant with federal requirements, and facilitating transparency in the use of federal funds. In contrast, the other forms serve different purposes: - The SF424 is primarily used for various federal grant applications. - The SF425, also known as the Federal Financial Report, is a standard reporting tool for financial status, but it is not specifically designated for audit purposes. - The FFR is similar to the SF425 and is relevant for financial reporting but again does not fulfill the specific requirement for audits of expenditures exceeding the $750,000 threshold. Therefore, the SF SAC stands out as the appropriate form that institutions must complete for compliance with the audit requirements triggered by significant federal expenditures.