According to Uniform Guidance, 2 CFR 200.501(a), non-Federal entities that expend $750,000 for fiscal years beginning on or after December 26, 2014 or more in a fiscal period in Federal awards must have a single or program-specific audit conducted for that year in accordance with the provisions of these parts. Guidance on determining Federal awards expended is provided in 2 CFR 200.502.
Please see 2 CFR 200.502 for information regarding loans as expenditures. Direct any questions of interpretation to the contact for your Federal Oversight or Cognizant Agency.