Advancement · Grants & Funding

Ready before
the auditor arrives.

An audit runs on the request list: trial balance, reconciliations, the schedule of federal awards, payroll, grant files. Late items stretch fieldwork and raise the fee. Track every item by owner and date, close the books in order, and see whether federal spending puts you in single audit territory.

Plan an auditWhat you get
$12one-time · every device you sign in on
Buy · $12

Included with Caveat Classroom and Whole-school licenses. Or get it in the Grant writer’s desk, $49 for 32 items.

Your fiscal years

The worked example is made up: a charter school network with $1.42 million in federal spending, fieldwork in three weeks and two items late, and a small arts nonprofit preparing for a review. Saved on this device only.

Loading the audit form. If nothing appears, turn on JavaScript.

What you get

Advancement · Grants & Funding$12 · included with Classroom and Whole-school licenses

What you finish with
A record per fiscal year: organization, year end, engagement, federal expenditures, fieldwork date, every requested item with owner, due date and status, and ten close-the-books steps. Works out whether the single audit threshold applies, the nine-month filing deadline, days to fieldwork and items sent, late and open; flags late items, fieldwork with items open, the schedule of federal awards and last year’s management letter.
Who it is for
Business managers, finance directors, executive directors and grant managers at nonprofits, charter schools and private schools.
Format
Browser organizer with a saved record per fiscal year. Prints the request list with owners, every year in a table or a blank list; downloads a spreadsheet (.csv); exports and imports a file.
Access
$12 one-time, yours on every device you sign in on; the tool opens once you are signed in with it. Included with Caveat Classroom and Whole-school licenses. Also in the Grant writer’s desk ($49) and the Advancement Suite pass ($99), and 1 more bundle. Everything you type stays in this browser; nothing is sent to Caveat.
Where it lives
The Grants & Funding space in Caveat Advancement.
Support
Questions about access, an order or a correction: team@caveatacademic.com.

How to use it

  1. Enter the year end, engagement and federal spending.
  2. Copy the auditor’s request list with owners and dates.
  3. Work through the close-the-books steps.
  4. Send items as they are ready; chase the late ones.
  5. After the report, fix findings before next year.

Plan an audit

An audit year

An audit year, start to finish1Year endClose the books; reconcileeverything2Request listThe auditor’s list of items,with dates3FieldworkTesting, questions, samples oftransactions4Draft and letterDraft statements, adjustments,representation letter5ReportOpinion, statements and anyfindings6AfterBoard presentation, 990,single audit filing, fixesAn audit year, start to finish1Year endClose the books; reconcile everything2Request listThe auditor’s list of items, with dates3FieldworkTesting, questions, samples oftransactions4Draft and letterDraft statements, adjustments,representation letter5ReportOpinion, statements and any findings6AfterBoard presentation, 990, single auditfiling, fixes
A review gives limited assurance and a compilation none; some funders and states require a full audit above set revenue levels. The single audit threshold is federal.

The single audit

Organizations that spend $1,000,000 or more in federal awards in a fiscal year beginning on or after October 1, 2024 need a single audit, which tests compliance on major federal programs as well as the financial statements. The threshold was $750,000 before.

Fewer adjustments

Most audit adjustments come from the same places each year: accrued payroll, grants receivable, deferred revenue and restricted net assets. Reconcile those four before fieldwork and the audit goes faster.

Sources

  1. Office of Management and Budget. 2 CFR 200 Subpart F, Audit requirements, as revised in 2024, including 200.501 and 200.512 (ecfr.gov).
  2. Federal Audit Clearinghouse. Submitting a single audit (fac.gov).
  3. American Institute of CPAs. Audit and accounting guide: not-for-profit entities and the Governmental Audit Quality Center (aicpa-cima.com).
  4. National Council of Nonprofits. Nonprofit audit guide (councilofnonprofits.org).

The worked examples are made up. Your auditor, funders and state law decide what is required. This page organizes preparation and is not accounting advice. Nothing you type is sent to Caveat. Support: team@caveatacademic.com.