109. Audits of profit-making grantees

340:105-10-109. Audits of profit-making grantees

Revised 5-12-05

(a) Policy. Each profit-making grantee of Older Americans Act (OAA) funds obtains an annual audit of OAA funds to meet the Office of Management and Budget (OMB) Circular A-133 standards for a program audit or limited scope audit.

(b) Authority. The authority for this Section is OMB Circular A-133 and the contract between the pass through agency and the for-profit grantees.

(c) Procedures. Procedures for implementing this Section are described in this subsection. The audit:

(1) period is the same as the project's fiscal year;

(2) report is specific to the grant-funded project, and is not a single audit of the entire grantee agency;

(3) is conducted by a Certified Public Accountant according to generally accepted government auditing standards; and

(4) cost is not charged to federal funds and is not used to meet match requirements.

(d) Cross references. See OAC 340:105-10-106 through 340:105-10-108 and 340:105-10-110 through 340:105-10-113.

Library: Policy