2 CFR 200.508 sets 4 requirements for organizations that receive federal grants and cooperative agreements. Applies once you spend federal award money, at audit time.
The auditee must arrange for the Subpart F audit in accordance with § 200.509 and ensure it is properly performed and submitted in accordance with § 200.512.
Entity is subject to a Subpart F audit for the fiscal year
The auditee must prepare financial statements, including the schedule of expenditures of Federal awards (SEFA), in accordance with § 200.510.
Entity is subject to a Subpart F audit for the fiscal year
The auditee must promptly follow up and take corrective action on audit findings, including preparing a summary schedule of prior audit findings and a corrective action plan in accordance with § 200.511(b) and (c).
Audit findings exist from current or prior Subpart F audits
The auditee must provide the auditor access to personnel, accounts, books, records, supporting documentation, and any other information needed to perform the audit.
Subpart F audit is being performed
Upload your award terms and ask what you owe and when. Grantable answers from its compliance database of federal, agency and state rules, with citations.
The auditee must:
(a) Arrange for the audit required by this part in accordance with § 200.509, and ensure it is properly performed and submitted in accordance with § 200.512.
(b) Prepare financial statements, including the schedule of expenditures of Federal awards in accordance with § 200.510.
(c) Promptly follow up and take corrective action on audit findings. This includes preparing a summary schedule of prior audit findings and a corrective action plan in accordance with § 200.511(b) and (c), respectively.
(d) Provide the auditor access to personnel, accounts, books, records, supporting documentation, and any other information needed for the auditor to perform the audit required by this part.
Source: eCFR · checked Sep 17, 2026
The auditee must arrange for the Subpart F audit in accordance with § 200.509 and ensure it is properly performed and submitted in accordance with § 200.512. The auditee must prepare financial statements, including the schedule of expenditures of Federal awards (SEFA), in accordance with § 200.510. The auditee must promptly follow up and take corrective action on audit findings, including preparing a summary schedule of prior audit findings and a corrective action plan in accordance with § 200.511(b) and (c). The auditee must provide the auditor access to personnel, accounts, books, records, supporting documentation, and any other information needed to perform the audit.
Entity is subject to a Subpart F audit for the fiscal year. Entity is subject to a Subpart F audit for the fiscal year. Audit findings exist from current or prior Subpart F audits. Subpart F audit is being performed.
Plain-English summaries for information only, not legal advice. Always check the regulation text, your award terms and your agency’s guidance.