The Office of Management and Budget (OMB) revised the Uniform Guidance. The changes are effective for federal awards issues on or after October 1, 2024.
A summary of the some of the changes are as follows:
Increasing the single audit requirement threshold from $750,000 to $1,000,000 for fiscal years beginning after October 1, 2024
Raising the default de-minimis rate for recipients who do not have a negotiated indirect cost rate from 10% to up to 15% of Modified Total Direct Costs (MDTC)
Increasing the exclusion for subawards from the MDTC from $25,000 to $50,000
Increasing the capitalization threshold for equipment from $5,000 to $10,000