R2024-30 Resolution Authorizing the City Manager to Sign Loan Documents for a Five-Year Lead Service Line Replacement Project, City Project 2023-20

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Agreement No. C176837 (24-3017-45251) 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 issued by the auditors and their respective corrective action plans if significant deficiencies or material weaknesses are identified, and the CYEFR(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)thirty(30) calendar days after receipt of the auditor's report(s)or(ii) nine (9) months after the end of 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-issued Awards, 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 E based on Grantee's risk profile. (ii) If, during its fiscal year, Grantee expends less than $500,000 in State-issued Awards, but expends $300,000 or more in State-issued Awards, 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 must have a financial statement audit conducted in accordance with GAGAS, as required by 23 III.Admin. Code 100.110, regardless of the dollar amount of expenditures of State-issued Awards. (iv) If Grantee does not meet the requirements in subsections 12.3(b) and 12.3(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(i)thirty (30)calendar days after receipt of the auditor's report(s)or(ii)six(6) months after the end of Grantee's audit period.(i) 12.4. "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-issued Awards, Grantee must 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), 44 III. 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)thirty(30)calendar days after receipt of the auditor's report(s)or(ii) nine (9) months after the end of 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-issued Awards, Grantee must follow all of the audit requirements in Paragraphs 12.3(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 must submit its annual audit conducted in accordance with its regulatory requirements. 12.5. Performance of Audits. For those organizations required to submit an independent audit report,the audit must be conducted by the Illinois Auditor General (as required for certain governmental entities only), or a Certified Public State of Illinois GRANT AGREEMENT FISCAL YEAR 2024 Page 16 of 32