Tom Petty’s song lyrics sum it up: ”The waiting is the hardest part.” Recipients of Provider Relief Funds (PRF) are still waiting to hear about the audit requirements for PRF monies. To date, recipients are aware that if they have expended more than $750,000 in either PRF or PRF in combination with other federal dollars in a 12-month period, they will be subject to the Single Audit reporting requirements. However, the timing and scope of the audit requirements have still not been released.
While frustrating to not yet know the exact audit requirements, providers should be initiating preparations for reporting by September 30, 2021, for funds received through June 30, 2020. As part of this work, a provider should concurrently ensure it is building a solid audit file that includes all of the supporting documentation on which the provider relies for portal reporting. This includes schedules, invoices, calculations, etc. that support unreimbursed expenses attributable to coronavirus and calculations of lost revenue. Also, while the PRF reporting portal will perform its own lost revenue calculations, provider-prepared calculations will afford a helpful comparison to identify and correct inaccuracies in data input during the reporting process.
PYA will provide comprehensive updates on the PRF audit requirements as soon as they become available. In the meantime, if you have questions or need assistance related to PRF reporting, or need additional COVID-19 guidance, visit PYA’s COVID-19 hub, or contact a PYA executive below at (800) 270-9629.