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Library: Policy

340:105-10-110.1. Audits of government entities and nonprofit agencies receiving between $50,000 and $500,000 in federal and state funds from all sources

Revised 6-1-11

 (a) Policy.  Government entities and nonprofit agencies receiving more than $ 50,000 in federal and state funds and less than $500,000 in federal funds from all sources are required to obtain annual audits on such funds unless the grantee has a constitutional or statutory requirement for less frequent audits.

(b) Authority.  The authority for this Section is Section 212A of Title 74 of the Oklahoma Statutes and the contract between the Area Agency on Aging and the subgrantee.

(c) Procedures.

(1) The audit:

(A) is a certified independent audit of the  grantee's entire operations conducted in accordance with generally accepted government auditing standards;

(B) includes financial statements prepared in accordance with generally accepted accounting principles;

(C) includes a Supplementary Schedule of State and Federal Awards listing all state and federal revenues and expenditures by contract;

(D) covers the period the contract was in effect;

(E) is performed by a certified public accountant or public accountant with a valid and current permit to practice accountancy in Oklahoma; and

(F) is not charged to federal funds or to meet match requirements.

(2) The Oklahoma Department of Human Services retains the right to examine and audit paperwork.

(d) Cross references.  Refer to OAC 340:105-10-106 through 340:105-10-113.

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