[Code of Federal Regulations]
[Title 7, Volume 15]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR4279.71]

[Page 568]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER XLII--RURAL BUSINESS-COOPERATIVE SERVICE AND RURAL UTILITIES 
                   SERVICE, DEPARTMENT OF AGRICULTURE
 
PART 4279_GUARANTEED LOANMAKING--Table of Contents
 
                            Subpart A_General
 
Sec. 4279.71  Public bodies and nonprofit corporations.

    Any public body or nonprofit corporation that receives a guaranteed 
loan that meets the thresholds established by OMB Circulars A-128 or A-
133 or successor regulations or circulars must provide an audit in 
accordance with the applicable circular or regulation for the fiscal 
year (of the borrower) in which the Loan Note Guarantee is issued. If 
the loan is for development or purchases made in a previous fiscal year 
through interim financing, an audit will also be provided for the fiscal 
year in which the development or purchases occurred. Any audit provided 
by a public body or nonprofit corporation in compliance with OMB 
Circulars A-128 or A-133 or their successors will be considered adequate 
to meet the audit requirements of the B&I program for that year.