R2023-42 Resolution Authorizing a Grant Agreement between the City of Decatur and the State of Illinois Department of Commerce & Economic Opportunity (Grant #23-203058)

Home Browse Search

Agreement No 23-203058 issued by the auditors and their respective corrective action plans if significant deficiencies or material weaknesses are identified,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. (c) 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 State Grants, Grantee must have a financial statement audit conducted in accordance with the Generally Accepted Government Auditing Standards(GALAS). Grantee may be subject to additional requirements in PART TWO.PARTTHREE or Exhibit G based on the Grantee's risk profile. (ii) If,during its fiscal year,Grantee expends less than$500,000 in State Grants, but expends$300,000 or more in State Grants,Grantee must have a financial statement audit conducted in accordance with the Generally Accepted Auditing Standards(GAAS). (iii) If Grantee is a Local Education Agency(as defined in 34 CFR 77.1),Grantee shall have a financial statement audit conducted in accordance with GAGAS,as required by 23 Ill. Admin.Code 100.110,regardless of the dollar amount of expenditures of State Grants. (iv) if Grantee does not meet the requirements in subsections 15.3(b)and 15.3(c)(i- iii)but is required to have a financial statement audit conducted based on other regulatory requirements,Grantee must submit those audits for review. (v) Grantee must submit its financial statement audit report packet,as set forth in 44 III.Admin.Code 7000.90(h)(2)and the current GATA audit manual,to the Grantee Portal within the earlier of(1)30 calendar days after receipt of the auditor's report(s)or(ii)6 months after the end of the Grantee's audit period. 15.4. "For-Profit"Entities. (a) This Paragraph applies to Grantees that are"for-profit"entities. (b) Program-Specific Audit.If,during its fiscal year,Grantee expends$750,000 or more in federal pass-through funds from State Grants,Grantee is required to have a program-specific audit conducted in accordance with 2 CFR 200.507.The auditor must audit federal pass-through programs with federal pass-through Awards expended that,in the aggregate,cover at least 50 percent(0.50)of total federal pass-through Awards expended. The audit report packet must be completed as described in 2 CFR 200.507(program-specific audit),44111.Admin.Code 7000.90 and the current GATA audit manual,and 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. (c) Financial Statement Audit.If,during its fiscal year,Grantee expends less than$750,000 in federal pass-through funds from State Grants,Grantee must follow all of the audit requirements in Paragraphs 15.3(c)(i)-(v),above. (d) Publicly-Traded Entities. If Grantee is a publicly-traded company,Grantee is not subject to the single audit or program-specific audit requirements,but is required to submit its annual audit conducted in accordance with its regulatory requirements. State of Illinois GRANT AGREEMENT FISCAL YEAR 2023/1/18/22 Page 17 of 50