AG 2002 09 16 (Regular) - Laserfiche WebLink

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Each corporation, organization and institution that receives, uses or expends any state funds shall use or expend the funds only for the purposes for which they were appropriated by the General Assembly or collected by the State. State funds include federal funds that flow through the state.. If the Contract entity is a governmental entity, such entity is subject to the requirements of OMB Circular A-133 and the N.C. Single Audit Implementation Act of 1987. If the Contract entity is a non-governmental entity, such entity is subject to the provisions of G.S. 143-6.1. Additionally, any non-governmental entity except a for-profit corporation is subject to the provisions of OMB Circular A-133. A Contractor who receives, uses, or expends between fifteen thousand dollars ($15,000.00) and three hundred thousand dollars ($300,000.00) in State funds annually, except when the funds are for the purchase of goods or services, shall file annually with the State agency that disbursed the funds a sworn accounting of receipts and expenditures of the State funds. This accounting fOrmat shall be in the form prescribed by the State Auditor and shall be attested to by the treasurer of the Contractor and one other authorizing officer of the Contractor. The accounting shall be filed . within six (6) months after the end of the Contractor's fiscal year in which the State funds were received. For purposes of the required report, the Contractor's fiscal year is used in determining the amount received, used or expended. A Contractor who receives, uses, or expends State funds in the amount of three hundred thousand dollars ($300,000.00) or more annually, except when the funds are for the pUrchase of goods or services, shall file annually with the State Auditor and the funding agency a financial statement in the form and on the schedule prescribed by the State Auditor. The financial statement shall be audited in accordance with standards prescribed by the State Auditor to assure that State funds are used for the purposes provided by law. Contractors (except for-profit corporations) that expend three hundred thousand dollars ($300,000.00) or more in federal funds for the fiscal year shall have an audit conducted in accordance with the provision of OMB Circular A-133. An audit performed in accordance with OMB Circular A-133 will satisfy the reporting requirements identified in G.S. 143-6.1. AUDIT REPORTS SHOULD BE FILED WITH TI-iE STATE AUDITOR AND THE FUNDING STATE AGENCIES WITHIN 30 DAYS AFTER ISSUANCE BY THE AUDITOR BUT NO LATER THAN NINE MONTHS AFTER THE CONTRACTOR~ FISCAL YEAR. The State Auditor has audit oversight o.f every Contractor who receives, uses or expends State funds. Such a Contractor shall, upon request, furnish to the State Auditor for audit all books, records, and other information necessary for the State Auditor to account fully for the use and expenditure of state funds. The Contractor shall furnish any additional financial or budgetary information requested by the State Auditor. If the Contractor disburses or transfers any state funds to other organizations, except for the purchase of goods or services, the Contractor shall require such organizations to file with it similar reports and statements as required by G.S. 143-6 and the Office of State Auditor's Audit Advisory ~f2. The Contractor's fiscal year runs from July 1 to June 30. 21. Sales/Use Tax: