Section 1 - Organization Information

1. Does a 501(c)3 agency need to provide a procurement policy? Our agency is human service related, not bricks and mortar or construction related.
Every agency is to ensure that purchases used in connection with a federally-funded program/project acquired in whole or in part with Federal funds are: 1) Obtained as efficiently and economically as possible and 2) Procured in a manner that provides, to the maximum extent practical, open and free competition. All agencies should be able to ensure the integrity of their purchasing decisions; to document the history, results, and decisions behind their purchases; to follow the rules for certain kinds of transactions; and to offer opportunities to local and disadvantaged firms to respond to the agency's purchasing needs. HUD wants to know that agencies are helping to guarantee the fairness and the vitality of our free market system, and to ensure that taxpayer resources are not being wasted. To assist in the development of a procurement policy, reference the Code of Federal Regulations 2 CFR Part 200. The procurement guidelines are found in Sections 200.318-200.326.

2. Could you elaborate on exactly what you want in regard to the average cash flow reserves for the most recent fiscal year?
Cash flow reserve refers to the money an organization keeps on hand to meet its short-term and emergency funding needs.

3. If a nonprofit receives at least $1,000,000 in federal funding annually, does that disqualify them from submitting a Request for Proposal? 
Expending more federal funding than the Single Audit Threshold ($1,000,000) does not disqualify you from receiving HUD funding. If you meet this threshold, it just requires the agency to have a single audit or program-specific audit to submit with your application. For some additional insight, The Single Audit Threshold increased from $750,000 to $1,000,000 on 10/1/2024. If you have expended (not just received) $1,000,000+ in Federal funding during your agency's last completed fiscal year, you will need to submit a single audit or program-specific audit to us. Organizations not required to conduct a single audit must submit audited financial statements prepared by a Certified Public Accountant that meet the requirements of generally accepted accounting principles.