R2025-274 Resolution Authorizing an Agreement with the Illinois Department of Commerce and Economic Opportunity for a Site Readiness Planning Grant for the Northeast Water Main Extension

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Agreement No.25-912014 (a) Grantee's CYEFR must cover the same period as the audited financial statements, if required, and must be submitted in accordance with the audit schedule at 44 III.Admin.Code 7000.90. If Grantee is not required to complete audited financial statements,the CYEFR must cover Grantee's fiscal year and must be submitted within 6 months of the Grantee's fiscal year-end. (b) The CYEFR must include an in relation to opinion from the auditor of the financial statements included in the audit. (c) The CYEFR must follow a format prescribed by Grantor. 12.3. Entities That Are Not"For-Profit". (a) This Paragraph applies to Grantees that are not"for-profit"entities. (b) Single and Program-Specific Audits. If,during its fiscal year,Grantee expends at least $1,000,000 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 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 at the same time the audit report packet is submitted to the Federal Audit Clearinghouse. 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 $1,000,000 in federal Awards,Grantee is subject to the following audit requirements: (i) If, during its fiscal year,Grantee expends at least$750,000 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$750,000 in State-issued Awards, but expends at least$500,000 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. 12.4. "For-Profit" Entities. (a) This Paragraph applies to Grantees that are"for-profit"entities. State of Illinois GRANT AGREEMENT FISCAL YEAR 2026 Page 15 of 43