R2014-126 AGREEMENT WITH ILLINOIS DEPARTMENT OF COMMERCE & ECONOMIC OPPORTUNITY

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PART III GRANT FUND CONTROL REQUIREMENTS 3.1 AUDITS A. Provide Copy of any Audits Performed If the Grantee is required to obtain an audit by entities other than the Department, the Grantee must provide the Department with a copy of the audit report, applicable management letters(SAS 115), and applicable SAS 114 letters (Auditor's Communication With Those Charged With Governance) within thirty(30) days of the Grantee's receipt of such audit report, but in no event later than nine(9) months following the end of the period for which the audit was performed. B. Discretionary Audit The Department may, at any time, and at its discretion, request a Grant-Specific Audit or other audit,Management Letters(SAS 115)and SAS 114 Letters (Auditor's Communication With Those Charged With Governance)to be delivered within thirty(30)days of the Grantee's receipt of such audit report, but in no event later than nine (9) months following the end of the period for which the audit was performed. C. Grant-Specific Audit If the Grantee submits a Grant-Specific Audit either by requirement of the Department or in place of a Standard Audit, the Grant-Specific Audit must meet the following requirements: The audit must be completed at the end of the grant and cover the entire grant period. The audit must include a Revenue (Receipt) and Expenditure Statement, which verifies budget amounts with actual amounts for this grant. The audit must also include a compliance component which covers,at a minimum,the following items: • Confirmation that the Grantee completed the activities described in the Scope of Work(Part II)within the grant term; • Confirmation that the Grantee obtained prior written approvals from the Department for material changes from the performance of the activities described in the Scope of Work(Part II); • Confirmation that the Grantee expended grant funds within the grant period; • Confirmation that the Grantee adhered to the grant Budget(Part I)or,if not variances must be identified; • Confirmation that the Grantee obtained prior written approvals from the Department for any material variances in its expenditure of grant funds; • Confirmation that the Grantee adequately accounted for the receipts and expenditures of grant funds; • Confirmation, if applicable, that the Grantee returned grant funds and interest to the Department in accordance with the provisions of the Grant Agreement;and • Confirmation that the amounts reported in the Final Grantee Report are traceable to its general ledger and accounting records. D. Audit Performance All Audits shall be performed by an independent certified public accountant or accounting firm licensed by the appropriate licensing body in accordance with applicable auditing standards. E. Audit Submission The Grantee shall electronically send all audit reports and related deliverables to the Department at the following address: extemalauditunit@illinois.gov Page 8 Grant Number 15-203002