1813. GRANT CLOSE OUT

1813 GRANT CLOSE OUT 1813.1 All grantees and subgrantees are subject to audit in connection with the close out of the grant. 1813.2 A grantee or subgrantee that has been designated high risk, or has expended $500,000 more in grant funds during the grant year, an independent and in-depth financial statement and audit of the type required by OMB Circular A133’s “single audit” for any entity that expends $500,000 or more of grant funds during the grant year is required. 1813.3 A grantee or sub-grantees that are assigned a “medium-risk” assessment by their awarding Department, or those that expend between $499,999 and $250,000, shall be required to prepare and file at close-out a less-extensive financial statement report prepared by an independent accountant containing: (a) An income statement; (b) A balance sheet; (c) A reconciliation of cash balances; (d) A reconciliation of stockholder equity (if the grantee is a for-profit entity); and (e) An independent review of management’s internal controls. 1813.4 A grantee or sub-grantee receiving and expending between $25,000 and $249,999 during the grant year shall be required to file a financial statement that contains: (a) An income statement; (b) A balance sheet; (c) A reconciliation of cash balances; and (d) A review of management’s internal controls. 1813.5 A grantee or sub-grantee assigned a “low-risk” designation, and any other grantee or sub-grantee that receives and spends up to $24,999, shall file a simple financial report containing: (a) An income statement; and (b) A balance sheet. SOURCE: Final Rulemaking published at 60 DCR 15243 (November 1, 2013).