R2021-02 Resolution Authorizing Accepting and Approval of Grant Agreement with Illinois Department of Commerce and Economic Opportunity (DCEO)

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Agreement No 20-488039 AUDIT REQUIREMENTS 15.1. 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 and policies set forth by the Governor's Office of Management and Budget. See 30 ILCS 708/65(c);44 III.Admin.Code 7000.90. 15.2. Consolidated Year-End Financial Reports. (a) This Paragraph 15.2 applies to all Grantees,unless exempted pursuant to a federal or state statute or regulation,which is identified in PART TWO or PART THREE. (b) Grantees shall submit Consolidated Year-End Financial Reports,according to the required audit,namely: (i) For Grantees required to conduct a single audit(or program-specific audit), within the earlier of(a)9 months after the end of the Grantee's fiscal year or(b)30 calendar days following completion of the audit;or (ii) For Grantees required to conduct a Financial Statement Audit or for Grantees not required to perform an audit,within 180 days after the end of Grantee's fiscal year. These deadlines may be extended at the discretion of the Grantor,but only for rare and unusual circumstances such as a natural disaster. (c) The Consolidated Year-End Financial Report must cover the same period the Audited Financial Statements cover. If no Audited Financial Statements are required,however,then the Consolidated Year-End Financial Report must cover the same period as the Grantee's tax return. (d) Consolidated Year-End Financial Reports must include an in relation to opinion from the report issuer on the financial statements included in the Consolidated Year-End Financial Report. (e) Consolidated Year-End Financial Reports shall follow a format prescribed by Grantor. 15.3. 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 report packet must be completed as described in 2 CFR 200.512(single audit)or 2 CFR 200.507(program-specific audit),44 III.Admin.Code 7000.90(h)(1)and the current GATA audit manual and submitted to the Federal Audit Clearinghouse,as required by 2 CFR 200.512. The results of peer and external quality control reviews, management letters, AU-C 265 communications and the Consolidated Year-End Financial Report(s)must be submitted to the Grantee Portal. The due date of all required submissions set forth in this Paragraph is 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 Grantee's 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$500,000 or more in Federal and state Awards,singularly or in any combination,from all sources,Grantee must have a financial statement audit conducted in accordance with the Generally Accepted Government Auditing Standards(GAGAS). Grantee may be subject to additional requirements in PART TWO,PART THREE or Exhibit G based on the Grantee's risk profile. State of Illinois INTER-GOVERNMENTAL GRANT AGREEMENT FISCAL YEAR 2021/2 2 20 Page 17 of 49