R2017-90 Inter-governmental Grant Agreement for the Decatur Supply Chain Study CP 2014-06

Home Browse Search

Agreement No.17 75104201 ARTICLE XIV AUDIT REQUIREMENTS 14.1. Audits.Grantee shall be subject to the audit requirements contained in the Single Audit Act Amendments of 1996(31 USC 7501-7507)and Subpart F of 2 CFR Part 200,and the audit rules set forth by the Governor's Office of Management and Budget. See 30 ILCS 708/65(c). 14.2. Audit Requirements. (a) Single and Program-Specific Audits.If,during its fiscal year,Grantee expends$750,000 or more in Federal Awards(direct federal and federal pass-through awards combined),Grantee must have a single audit or program-specific audit conducted for that year as required by 2 CFR 200.501 and other applicable sections of Subpart F of 2 CFR Part 200. The audit and reporting package(including data collection form and management letters)must be completed as described in 2 CFR 200.512(single audit) or 2 CFR 200.507(program-specific audit). The audit(and package)must be submitted to Grantor within the earlier of(i)30 calendar days after receipt of the auditor's report(s)or(ii)nine(9)months after the end of the audit period. (b) Financial Statement Audit.If,during its fiscal year,Grantee expends less than$750,000 in Federal Awards,Grantee is subject to the following audit requirements: (i) If,during its fiscal year,Grantee expends more than$300,000 in Federal and State Awards,singularly or in any combination,Grantee must have a financial statement audit conducted in accordance with the Generally Accepted Government Auditing Standards(GAGAS). (ii) If,during its fiscal year,Grantee expends less than$300,000 in Federal and State Awards,but the total revenue it receives is in excess of$300,000,Grantee must have a financial statement audit conducted in accordance with the Generally Accepted Auditing Standards(GAAS). (iii) Grantee must submit its financial statement audit report(s)and any management letters issued by the auditor within the earlier of(i)30 calendar days after receipt of the auditor's report(s)or(ii)180 days after the end of the audit period. 14.3. Performance of Audits.For those organizations required to submit an independent audit report, the audit is to be conducted by the Illinois Auditor General,or a Certified Public Accountant or Certified Public Accounting Firm licensed in the State of Illinois.For audits required to be performed subject to Generally Accepted Government Auditing Standards,Grantee shall request and maintain on file a copy of the auditor's most recent peer review report and acceptance letter. 14.4. Report Timing. Notwithstanding anything herein to the contrary,when such reports or statements required under this section are prepared by the Illinois Auditor General,if they are not available by the above-specified due date,they will be provided to Grantor within thirty(30)days of becoming available. State of Illinois INTERGOVERNMENTAL GRANT AGREEMENT FISCAL YEAR 2018/3 15 17 Page 16 of 36