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 (b) Program-Specific Audit. If, during its fiscal year, Grantee expends at least$1,000,000 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 $1,000,000 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 Accountant or Certified Public Accounting Firm licensed in the State of Illinois or in accordance with Section 5.2 of the Illinois Public Accounting Act(225 ILCS 450/5.2). For all audits required to be performed subject to GAGAS or Generally Accepted Auditing Standards, Grantee must request and maintain on file a copy of the auditor's most recent peer review report and acceptance letter. Grantee must follow procedures prescribed by Grantor for the preparation and submission of audit reports and any related documents. 12.6. Delinquent Reports.When audit reports or financial statements required under this ARTICLE are prepared by the Illinois Auditor General, if they are not available by the above-specified due date,they must be provided to Grantor within thirty(30) days of becoming available. Grantee should refer to the State Grantee Compliance Enforcement System for the policy and consequences for late reporting.44 III.Admin.Code 7000.80. ARTICLE XIII TERMINATION;SUSPENSION; NON-COMPLIANCE 13.1. Termination. (a) Either Party may terminate this Agreement, in whole or in part, upon thirty(30) calendar days' prior written notice to the other Party. (b) If terminated by the Grantee,Grantee must include the reasons for such termination, the effective date,and, in the case of a partial termination,the portion to be terminated. If Grantor determines in the case of a partial termination that the reduced or modified portion of the Award will not accomplish the purposes for which the Award was made,Grantor may terminate the Agreement in its entirety. 2 CFR 200.340(a)(3). (c) This Agreement may be terminated, in whole or in part, by Grantor: (i) Pursuant to a funding failure under Paragraph 4.1; (ii) If Grantee fails to comply with the terms and conditions of this or any Award, application or proposal, including any applicable rules or regulations,or has made a false representation in connection with the receipt of this or any Award; or State of Illinois GRANT AGREEMENT FISCAL YEAR 2026 Page 16 of 43