What form needs to be filled out for audits of institutions that have more than $750,000 in expenditures?

The correct form that must be completed for audits of institutions with expenditures exceeding $750,000 is the SF SAC, which stands for the "Standard Form 5D - Single Audit Certification." This form serves as the official declaration for organizations that receive federal funds and provides assurance that they are adhering to federal requirements concerning grant management.

Filing the SF SAC is significant because it represents compliance with the Single Audit Act, which mandates that entities spending above the specified threshold undergo an audit to ensure that federal funds are used appropriately and effectively. This form not only helps maintain transparency but also assists in identifying any areas of non-compliance, enabling organizations to address them proactively.

The other forms, such as SF424, SF425, and FFR, serve different purposes related to grants and financial reporting, but they do not fulfill the specific requirement for audits mandated by the Single Audit Act. Understanding the function and application of the SF SAC is essential for managing federal funds responsibly.