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NC Pro summarizes recent U.S. Treasury guidance: reclassification, multiyear contracts and single‑audit threshold changes
Summary
NC Pro staff highlighted recent U.S. Treasury updates that may affect how SFRF recipients classify projects, use funds for multiyear contracts, and whether they are subject to single‑audit requirements.
Natalie Garrett, who leads policy strategy and reporting at NC Pro, reviewed recent U.S. Treasury compliance and reporting guidance changes that the office said are likely to affect certain SFRF recipients and projects. Garrett cautioned that Treasury has issued initial guidance language in some areas and that additional clarification is likely.
Why it matters: the guidance can change recipients’ compliance obligations and closeout treatment, especially for large infrastructure or nonrevenue replacement projects.
What NC Pro highlighted
- Reclassification: NC Pro said Treasury provided additional flexibility for moving funds among already obligated SFRF projects when recipients encounter difficulty spending funds as planned. The…
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