When will I be audited?

[Isaiah Williams, Ph.D.]

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I have a Phase I NSF SBIR grant right now, and we will be finished in March. Do I need to prepare for an audit at that time? Will I be audited before then?

[Sam@EGC]

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You are not likely to be audited with a Phase 1 NSF. Organizations expending $750,000 or more per year in Federal awards are required to have an audit performed in accordance with the regulation.

[Isaiah Williams, Ph.D.]

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What if we are awarded a Phase II following completion of our Phase I? Will we be audited then?

[Sam@EGC]

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The NSF requests a Financial Capabilities Review (CAP Review) once a Phase II proposal is being seriously considered for funding. The NSF is looking for assurance of the company’s financial stability and internal ability to manage a larger award.
https://www.nsf.gov/bfa/dias/caar/fin.jsp

[Isaiah Williams, Ph.D.]

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Okay, great, thank you so much for your help!

[Author]

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