[Code of Federal Regulations]
[Title 40, Volume 1]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 40CFR31.70]
[Page 403-409]
TITLE 40--PROTECTION OF ENVIRONMENT
CHAPTER I--ENVIRONMENTAL PROTECTION AGENCY
PART 31_UNIFORM ADMINISTRATIVE REQUIREMENTS FOR GRANTS AND COOPERATIVE AGREEMENTS TO STATE AND LOCAL GOVERNMENTS--Table of Contents
Subpart F_Disputes
Sec. 31.70 Disputes.
(a) Disagreements should be resolved at the lowest level possible.
(b) If an agreement cannot be reached, the EPA disputes decision
official will provide a written final decision. The EPA disputes
decision official is the individual designated by the award official to
resolve disputes concerning assistance agreements.
(c) The disputes decision official's decision will constitute final
agency action unless a request for review is filed by registered mail,
return receipt requested, within 30 calendar days of the date of the
decision.
(1) For final decisions issued by an EPA disputes decision official
at Headquarters, the request for review shall be filed with the
Assistant Administrator responsible for the assistance program.
(2) For final decisions issued by a Regional disputes decision
official, the request for review shall be filed with the Regional
Administrator. If the Regional Administrator issued the final decision,
the request for reconsideration shall be filed with the Regional
Administrator.
(d) The request shall include:
(1) A copy of the EPA disputes decision official's final decision;
(2) A statement of the amount in dispute;
(3) A description of the issues involved; and
(4) A concise statement of the objections to the final decision.
(e) The disputant(s) may be represented by counsel and may submit
documentary evidence and briefs for inclusion in a written record.
(f) Disputants are entitled to an informal conference with EPA
officials.
(g) Disputants are entitled to a written decision from the
appropriate Regional or Assistant Administrator.
(h) A decision by the Assistant Administrator to confirm the final
decision of a Headquarters disputes decision official will constitute
the final Agency action.
(i) A decision by the Regional Administrator to confirm the Regional
disputes decision official's decision will constitute the final Agency
action. However, a petition for discretionary review by the Assistant
Administrator responsible for the assistance program may be filed within
30 calendar days of the Regional Administrator's decision. The petition
shall be sent to the Assistant Administrator by registered mail, return
receipt requested, and shall include:
(1) A copy of the Regional Administrator's decision; and
(2) A concise statement of the objections to the decision.
(j) If the Assistant Administrator decides not to review the
Regional Administrator's decision, the Assistant Administrator will
advise the disputant(s) in writing that the Regional Administrator's
decision remains the final Agency action.
[[Page 404]]
(k) If the Assistant Administrator decides to review the Regional
Administrator's decision, the review will generally be limited to the
written record on which the Regional Administrator's decision was based.
The Assistant Administrator may allow the disputant(s) to submit briefs
in support of the petition for review and may provide an opportunity for
an informal conference in order to clarify technical or legal issues.
After reviewing the Regional Administrator's decision, the Assistant
Administrator will issue a written decision which will then become the
final Agency action.
(l) Reviews may not be requested of:
(1) Decisions on requests for exceptions under Sec. 31.6;
(2) Bid protest decisions under Sec. 31.36(b)(12);
(3) National Environmental Policy Act decisions under part 6;
(4) Advanced wastewater treatment decisions of the Administrator;
and
(5) Policy decisions of the EPA Audit Resolution Board.
[53 FR 8076, Mar. 11, 1988]
Appendix A to Part 31--Audit Requirements for State and Local Government
Recipients
EXECUTIVE OFFICE OF THE PRESIDENT
Office of Management and Budget
Circular No. A-128
April 12, 1985
To the Heads of Executive Departments and Establishments.
Subject: Audits of State and Local Governments.
1. Purpose. This Circular is issued pursuant to the Single Audit Act
of 1984, Public Law 98-502. It establishes audit requirements for State
and local governments that receive Federal aid, and defines Federal
responsibilities for implementing and monitoring those requirements.
2. Supersession. The Circular supersedes Attachment P, ``Audit
Requirements,'' of Circular A-102, ``Uniform requirements for grants to
State and local governments.''
3. Background. The Single Audit Act builds upon earlier efforts to
improve audits of Federal aid programs. The Act requires State or local
governments that receive $100,000 or more a year in Federal funds to
have an audit made for that year. Sec. ion 7505 of the Act requires the
Director of the Office of Management and Budget to prescribe policies,
procedures and guidelines to implement the Act. It specifies that the
Director shall designate ``cognizant'' Federal agencies, determine
criteria for making appropriate charges to Federal programs for the cost
of audits, and provide procedures to assure that small firms or firms
owned and controlled by disadvantaged individuals have the opportunity
to participate in contracts for single audits.
4. Policy. The Single Audit Act requires the following:
a. State or local governments that receive $100,000 or more a year
in Federal financial assistance shall have an audit made in accordance
with this Circular.
b. State or local governments that receive between $25,000 and
$100,000 a year shall have an audit made in accordance with this
Circular, or in accordance with Federal laws and regulations governing
the programs they participate in.
c. State or local governments that receive less than $25,000 a year
shall be exempt from compliance with the Act and other Federal audit
requirements. These State and local governments shall be governed by
audit requirements prescribed by State or local law or regulation.
d. Nothing in this paragraph exempts State or local governments from
maintaining records of Federal financial assistance or from providing
access to such records to Federal agencies, as provided for in Federal
law or in Circular A-102, ``Uniform requirements for grants to State or
local governments.''
5. Definitions. For the purposes of this Circular the following
definitions from the Single Audit Act apply:
a. Cognizant agency means the Federal agency assigned by the Office
of Management and Budget to carry out the responsibilities described in
paragraph 11 of this Circular.
b. Federal financial assistance means assistance provided by a
Federal agency in the form of grants, contracts, cooperative agreements,
loans, loan guarantees, property, interest subsidies, insurance, or
direct appropriations, but does not include direct Federal cash
assistance to individuals. It includes awards received directly from
Federal agencies, or indirectly through other units of State and local
governments.
c. Federal agency has the same meaning as the term agency in section
551(1) of Title 5, United States Code.
d. Generally accepted accounting principles has the meaning
specified in the generally accepted government auditing standards.
e. Generally accepted government auditing standards means the
Standards for Audit of Government Organizations, Programs, Activities,
and Functions, developed by the Comptroller General, dated February 27,
1981.
f. Independent auditor means:
[[Page 405]]
(1) A State or local government auditor who meets the independence
standards specified in generally accepted government auditing standards;
or
(2) A public accountant who meets such independence standards.
g. Internal controls means the plan of organization and methods and
procedures adopted by management to ensure that:
(1) Resource use is consistent with laws, regulations, and policies;
(2) Resources are safeguarded against waste, loss, and misuse; and
(3) Reliable data are obtained, maintained, and fairly disclosed in
reports.
h. Indian tribe means any Indian tribe, band, nations, or other
organized group or community, including any Alaskan Native village or
regional or village corporations (as defined in, or established under,
the Alaskan Native Claims Settlement Act) that is recognized by the
United States as eligible for the special programs and services provided
by the United States to Indians because of their status as Indians.
i. Local government means any unit of local government within a
State, including a county, a borough, municipality, city, town,
township, parish, local public authority, special district, school
district, intrastate district, council of governments, and any other
instrumentality of local government.
j. Major Federal Assistance Program, as defined by Pub. L. 98-502,
is described in the Attachment to this Circular.
k. Public accountants means those individuals who meet the
qualification standards included in generally accepted government
auditing standards for personnel performing government audits.
l. State means any State of the United States, the District of
Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam,
American Samoa, the Commonwealth of the Northern Mariana Islands, and
the Trust Territory of the Pacific Islands, any instrumentality thereof,
and any multi-State, regional, or interstate entity that has
governmental functions and any Indian tribe.
m. Subrecipient means any person or government department, agency,
or establishment that receives Federal financial assistance to carry out
a program through a State or local government, but does not include an
individual that is a beneficiary of such a program. A subrecipient may
also be a direct recipient of Federal financial assistance.
6. Scope of audit. The Single Audit Act provides that:
a. The audit shall be made by an independent auditor in accordance
with generally accepted government auditing standards covering financial
and compliance audits.
b. The audit shall cover the entire operations of a State or local
government or, at the option of that government, it may cover
departments, agencies or establishments that received, expended, or
otherwise administered Federal financial assistance during the year.
However, if a State or local government receives $25,000 or more in
General Revenue Sharing Funds in a fiscal year, it shall have an audit
of its entire operations. A series of audits of individual departments,
agencies, and establishments for the same fiscal year may be considered
a single audit.
c. Public hospitals and public colleges and universities may be
excluded from State and local audits and the requirements of this
Circular. However, if such entities are excluded, audits of these
entities shall be made in accordance with statutory requirements and the
provisions of Circular A-110. ``Uniform requirements for grants to
universities, hospitals, and other nonprofit organizations.''
d. The auditor shall determine whether:
(1) The financial statements of the government, department, agency
or establishment present fairly its financial position and the results
of its financial operations in accordance with generally accepted
accounting principles:
(2) The organization has internal accounting and other control
systems to provide reasonable assurance that it is managing Federal
financial assistance programs in compliance with applicable laws and
regulations; and
(3) The organization has complied with laws and regulations that may
have material effect on its financial statements and on each major
Federal assistance program.
7. Frequency of audit. Audits shall be made annually unless the
State or local government has, by January 1, 1987, a constitutional or
statutory requirement for less frequent audits. For those governments,
the cognizant agency shall permit biennial audits, covering both years,
if the government so requests. It shall also honor requests for biennial
audits by governments that have an administrative policy calling for
audits less frequent than annual, but only for fiscal years beginning
before January 1, 1987.
8. Internal control and compliance reviews. The Single Audit Act
requires that the independent auditor determine and report on whether
the organization has internal control systems to provide reasonable
assurance that it is managing Federal assistance programs in compliance
with applicable laws and regulations.
a. Internal control review. In order to provide this assurance the
auditor must make a study and evaluation of internal control systems
used in administering Federal assistance programs. The study and
evaluation must be made whether or not the auditor intends to place
reliance on such systems. As part of this review, the auditor shall:
[[Page 406]]
(1) Test whether these internal control systems are functioning in
accordance with prescribed procedures.
(2) Examine the recipient's system for monitoring subrecipients and
obtaining and acting on subrecipient audit reports.
b. Compliance review. The law also requires the auditor to determine
whether the organization has complied with laws and regulations that may
have a material effect on each major Federal assistance program.
(1) In order to determine which major programs are to be tested for
compliance, State and local governments shall identify in their accounts
all Federal funds received and expended and the programs under which
they were received. This shall include funds received directly from
Federal agencies and through other State and local governments.
(2) The review must include the selection and testing of a
representative number of charges from each major Federal assistance
program. The selection and testing of transactions shall be based on the
auditor's professional judgment considering such factors as the amount
of expenditures for the program and the individual awards; the newness
of the program or changes in its conditions; prior experience with the
program, particularly as revealed in audits and other evaluations (e.g.,
inspections program reviews); the extent to which the program is carried
out through subrecipients; the extent to which the program contracts for
goods or services; the level to which the program is already subject to
program reviews or other forms of independent oversight; the adequacy of
the controls for ensuring compliance; the expectation of adherence or
lack of adherence to the applicable laws and regulations; and the
potential impact of adverse findings.
(a) In making the test of transactions, the auditor shall determine
whether.
--The amounts reported as expenditures were for allowable services, and
--The records show that those who received services or benefits were
eligible to receive them.
(b) In addition to transaction testing, the auditor shall determine
whether:
--Matching requirements, levels of effort and earmarking limitations
were met,
--Federal financial reports and claims for advances and reimbursements
contain information that is supported by the books and records from
which the basic financial statements have been prepared, and
--Amounts claimed or used for matching were determined in accordance
with OMB Circular A-87, ``Cost principles for State and local
governments,'' and Attachment F of Circular A-102, ``Uniform
requirements for grants to State and local governments.''
(c) The principal compliance requirements of the largest Federal aid
programs may be ascertained by referring to the Compliance Supplement
for Single Audits of State and Local Governments, issued by OMB and
available from the Government Printing Office. For those programs not
covered in the Compliance Supplement, the auditor may ascertain
compliance requirements by researching the statutes, regulations, and
agreements governing individual programs.
(3) Transactions related to other Federal assistance programs that
are selected in connection with examinations of financial statements and
evaluations of internal controls shall be tested for compliance with
Federal laws and regulations that apply to such transactions.
9. Subrecipients. State or local governments that receive Federal
financial assistance and provide $25,000 or more of it in a fiscal year
to a subrecipient shall:
a. Determine whether State or local subrecipients have met the audit
requirements of this Circular and whether subrecipients covered by
Circular A-110. ``Uniform requirements for grants to universities,
hospitals, and other nonprofit organizations,'' have met that
requirement;
b. Determine whether the subrecipient spent Federal assistance funds
provided in accordance with applicable laws and regulations. This may be
accomplished by reviewing an audit of the subrecipient made in
accordance with this Circular, Circular A-110, or through other means
(e.g., program reviews) if the subrecipient has not yet had such an
audit;
c. Ensure that appropriate corrective action is taken within six
months after receipt of the audit report in instances of noncompliance
with Federal laws and regulations;
d. Consider whether subrecipient audits necessitate adjustment of
the recipient's own records; and
e. Require each subrecipient to permit independent auditors to have
access to the records and financial statements as necessary to comply
with this Circular.
10. Relation to other audit requirements. The Single Audit Act
provides that an audit made in accordance with this Circular shall be in
lieu of any financial or financial compliance audit required under
individual Federal assistance programs. To the extent that a single
audit provides Federal agencies with information and assurance they need
to carry out their overall responsibilities, they shall rely upon and
use such information. However, a Federal agency shall make any
additional audits which are necessary to carry out its responsibilities
under Federal law and regulation. Any additional Federal audit effort
shall be planned and carried out in such a way as to avoid duplication.
a. The provisions of this Circular do not limit the authority of
Federal agencies to make, or contract for audits and evaluations
[[Page 407]]
of Federal financial assistance programs, nor do they limit the
authority of any Federal agency Inspector General or other Federal audit
official.
b. The provisions of this Circular do not authorize any State or
local government or subrecipient thereof to constrain Federal agencies,
in any manner, from carrying out additional audits.
c. A Federal agency that makes or contracts for audits in addition
to the audits made by recipients pursuant to this Circular shall,
consistent with other applicable laws and regulations, arrange for
funding the cost of such additional audits. Such additional audits
include economy and efficiency audits, program results audits, and
program evaluations.
11. Cognizant agency responsibilities. The Single Audit Act provides
for congnizant Federal agencies to oversee the implementation of this
Circular.
a. The Office of Management and Budget will assign cognizant
agencies for States and their subdivisions and larger local governments
and their subdivisions. Other Federal agencies may participate with an
assigned cognizant agency, in order to fulfill the cognizant
responsibilities. Smaller governments not assigned a cognizant agency
will be under the general oversight of the Federal agency that provides
them the most funds whether directly or indirectly.
b. A cognizant agency shall have the following responsibilities:
(1) Ensure that audits are made and reports are received in a timely
manner and in accordance with the requirements of this Circular.
(2) Provide technical advice and liaison to State and local
governments and independent auditors.
(3) Obtain or make quality control reviews of selected audits made
by non-Federal audit organizations, and provide the results, when
appropriate, to other interested organizations.
(4) Promptly inform other affected Federal agencies and appropriate
Federal law enforcement officials of any reported illegal acts or
irregularities. They should also inform State or local law enforcement
and prosecuting authorities, if not advised by the recipient, of any
violation of law within their jurisdiction.
(5) Advise the recipient of audits that have been found not to have
met the requirements set forth in this Circular. In such instances, the
recipient will be expected to work with the auditor to take corrective
action. If corrective action is not taken, the cognizant agency shall
notify the recipient and Federal awarding agencies of the facts and make
recommendations for followup action. Major inadequacies or repetitive
substandard performance of independent auditors shall be referred to
appropriate professional bodies for disciplinary action.
(6) Coordinate, to the extent practicable, audits made by or for
Federal agencies that are in addition to the audits made pursuant to
this Circular, so that the additional audits build up such audits.
(7) Oversee the resolution of audit findings that affect the
programs of more than one agency.
12. Illegal acts or irregularities. If the auditor becomes aware of
illegal acts or other irregularities, prompt notice shall be given to
recipient management officials above the level of involvement. (See also
program 13(a)(3) below for the auditor's reporting responsibilities.)
The recipient, in turn, shall promptly notify the cognizant agency of
the illegal acts or irregularities and of proposed and actual actions,
if any. Illegal acts and irregularities include such matters as
conflicts of interest, falsification of records or reports, and
misappropriations of funds or other assets.
13. Audit Reports. Audit reports must be prepared at the completion
of the audit. Reports serve many needs of State and local governments as
well as meeting the requirements of the Single Audit Act.
a. The audit report shall state that the audit was made in
accordance with the provisions of this Circular. The report shall be
made up of at least:
(1) The auditor's report on financial statements and on a schedule
of Federal assistance; the financial statements; and a schedule of
Federal assistance, showing the total expenditures for each Federal
assitance program as identified in the Catalog of Federal Domestic
Assistance. Federal programs or grants that have not been assigned a
catalog number shall be identified under the caption ``other Federal
assistance.''
(2) The author's report on the study and evaluation of internal
control systems must identify the organization's significant internal
accounting controls, and those controls designed to provide reasonable
assurance that Federal programs are being managed in compliance with
laws and regulations. It must also identify the controls that were
evaluated, the controls that were not evaluated, and the material
weaknesses identified as a result of the evaluation.
(3) The auditor's report on compliance containing:
--A statement of positive assurance with respect to those items tested
for compliance, including compliance with law and regulations pertaining
to financial reports and claims for advances and reimbursements;
--Negative assurance on those items not tested;
--A summary of all instances of noncompliance; and
[[Page 408]]
--An identification of total amounts questioned, if any, for each
Federal assistance award, as a result of noncompliance.
b. The three parts of the audit report may be bound into a single
report, or presented at the same time as separate documents.
c. All fraud abuse, or illegal acts or indications of such acts,
including all questioned costs found as the result of these acts that
auditors become aware of, should normally be covered in a separate
written report submitted in accordance with paragraph 13f.
d. In addition to the audit report, the recipient shall provide
comments on the findings and recommendations in the report, including a
plan for corrective action taken or planned and comments on the status
of corrective action taken on prior findings. If corrective action is
not necessary, a statement describing the reason it is not should
accompany the audit report.
e. The reports shall be made available by the State or local
government for public inspection within 30 days after the completion of
the audit.
f. In accordance with generally accepted government audit standards,
reports shall be submitted by the auditor to the organization audited
and to those requiring or arranging for the audit. In addition, the
recipient shall submit copies of the reports to each Federal department
or agency that provided Federal assistance funds to the recipient.
Subrecipients shall submit copies to recipients that provided them
Federal assistance funds. The reports shall be sent within 30 days after
the completion of the audit, but no later than one year after the end of
the audit period unless a longer period is agreed to with the cognizant
agency.
g. Recipients of more than $100,000 in Federal funds shall submit
one copy of the audit report within 30 days after issuance to a central
clearinghouse to be designated by the Office of Management and Budget.
The clearinghouse will keep completed audits on file and follow up with
State and local governments that have not submitted required audit
reports.
h. Recipients shall keep audit reports on file for three years from
their issuance.
14. Audit Resolution. As provided in paragraph 11, the cognizant
agency shall be responsible for monitoring the resolution of audit
findings that affect the programs of more than one Federal agency.
Resolution of findings that relate to the programs of a single Federal
agency will be the responsibility of the recipient and that agency.
Alternate arrangements may be made on a case-by-case basis by agreement
among the agencies concerned.
Resolution shall be made within six months after receipt of the
report by the Federal departments and agencies. Corrective action should
proceed as rapidly as possible.
15. Audit workpapers and reports. Workpapers and reports shall be
retained for a minimum of three years from the date of the audit report,
unless the auditor is notified in writing by the cognizant agency to
extend the retention period. Audit workpapers shall be made available
upon request to the cognizant agency or its designee or the General
Accounting Office, at the completion of the audit.
16. Audit Costs. The cost of audits made in accordance with the
provisions of this Circular are allowable charges to Federal assistance
programs.
a. The charges may be considered a direct cost or an allocated
indirect cost, determined in accordance with the provision of Circular
A-87, ``Cost principles for State and local governments.''
b. Generally, the percentage of costs charged to Federal assistance
programs for a single audit shall not exceed the percentage that Federal
funds expended represent of total funds expended by the recipient during
the fiscal year. The percentage may be exceeded, however, if appropriate
documentation demonstrates higher actual cost.
17. Sanctions. The Single Audit Act provides that no cost may be
charged to Federal assistance programs for audits required by the Act
that are not made in accordance with this Circular. In cases of
continued inability or unwillingness to have a proper audit, Federal
agencies must consider other appropriate sanctions including:
--Withholding a percentage of assistance payments until the audit its
completed satisfactorily,
--Withholding or disallowing overhead costs, and
--Suspending the Federal assistance agreement until the audit is made.
18. Auditor Selection. In arranging for audit services State and
local governments shall follow the procurement standards prescribed by
Attachment O of Circular A-102, ``Uniform requirements for grants to
State and local governments.'' The standards provide that while
recipients are encouraged to enter into intergovernmental agreements for
audit and other services, analysis should be made to determine whether
it would be more economical to purchase the services from private firms.
In instances where use of such intergovernmental agreements are required
by State statutes (e.g., audit services) these statutes will take
precedence.
19. Small and Minority Audit Firms. Small audit firms and audit
firms owned and controlled by socially and economically disadvantaged
individuals shall have the maximum practicable opportunity to
participate in contracts awarded to fulfill the requirements of this
Circular. Recipients of Federal assistance shall take the following
steps to further this goal:
[[Page 409]]
a. Assure that small audit firms and audit firms owned and
controlled by socially and economically disadvantaged individuals are
used to the fullest extent practicable.
b. Make information on forthcoming opportunities available and
arrange timeframes for the audit so as to encourage and facilitate
participation by small audit firms and audit firms owned and controlled
by socially and economically disadvantaged individuals.
c. Consider in the contract process whether firms competing for
larger audits intend to subcontract with small audit firms and audit
firms owned and controlled by socially and economically disadvantaged
individuals.
d. Encourage contracting with small audit firms or audit firms owned
and controlled by socially and economically disadvantaged individuals
which have traditionally audited government programs and, in such cases
where this is not possible, assure that these firms are given
consideration for audit subcontracting opportunities.
e. Encourage contracting with consortiums of small audit firms as
described in paragraph (a) above when a contract is too large for an
individual small audit firm or audit firm owned and controlled by
socially and economically disadvantaged individuals.
f. Use the services and assistance, as appropriate, of such
organizations as the Small Business Administration in the solicitation
and utilization of small audit firms or audit firms owned and controlled
by socially and economically disadvantaged individuals.
20. Reporting. Each Federal agency will report to the Director of
OMB on or before March 1, 1987, and annually thereafter on the
effectiveness of State and local governments in carrying out the
provisions of this Circular. The report must identify each State or
local government or Indian tribe that, in the opinion of the agency, is
failing to comply with the Circular.
21. Regulations. Each Federal agency shall include the provisions of
this Circular in its regulations implementing the Single Audit Act.
22. Effective date. This Circular is effective upon publication and
shall apply to fiscal years of State and local governments that begin
after December 31, 1984. Earlier implementation is encouraged. However,
until it is implemented, the audit provisions of Attachment P to
Circular A-102 shall continue to be observed.
23. Inquiries, All questions or inquiries should be addressed to
Financial Management Division, Office of Management and Budget,
telephone number 202/395-3993.
24. Sunset review date. This Circular shall have an independent
policy review to ascertain its effectiveness three years from the date
of issuance.
David A. Stockman,
Director.
Attachment--Circular A-128
Definition of Major Program as Provided in Pub. L. 96-502
Major Federal Assistance Program, for State and local governments
having Federal assistance expenditures between $100,000 and
$100,000,000, means any program for which Federal expenditures during
the applicable year exceed the larger of $308,000, or 3 percent of such
total expenditures.
Where total expenditures of Federal assistance exceed $100,000,000,
the following criteria apply:
------------------------------------------------------------------------
Total expenditures of Federal financial assistance Major Federal
for all programs assistance program
----------------------------------------------------- means any program
More than But less than that exceeds
------------------------------------------------------------------------
$100 million.................... $1 billion........ $3 million.
$1 billion...................... $2 billion........ $4 million.
$2 billion...................... $3 billion........ $7 million.
$3 billion...................... $4 billion........ $10 million.
$4 billion...................... $5 billion........ $13 million.
$5 billion...................... $6 billion........ $16 million.
$6 billion...................... $7 billion........ $19 million.
Over $7 billion................. .................. $20 million.
------------------------------------------------------------------------
[51 FR 6353, Feb. 21, 1986. Redesignated at 53 FR 8076, Mar. 11, 1988]