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Audits required of grant recipients by state of MN
http://www.revisor.leg.state.mn.us/arule/5520/0620.html

  5520.0620 AUDITS.  

    Subpart 1.  Financial and compliance audits.  All grant recipients must arrange for and undergo a financial and compliance audit at least once every two years.  The audits must be performed by qualified individuals who are independent of those persons who authorize, manage, and carry out the expenditure of funds to ensure unbiased opinions, conclusions, or judgments.  Grant recipients are responsible for arranging and paying for these audits.  The purpose of the audit is to report on whether:

      A.  the financial operations have been conducted properly;

      B.  financial and other reports submitted as a part of the program have been presented fairly and accurately;

      C.  the grantee has complied with applicable laws, regulations, and policies;

      D.  resources are used and managed in an economic and efficient manner; and

      E.  program objectives and results are being effectively and economically achieved.

    Normal accepted auditing methods and standards must be applied in the performance of this audit.  Should an auditor become aware of irregularities in financial or programmatic performance, the auditor must promptly notify the commissioner of those irregularities and, if appropriate, higher grantee management officials than the level at which irregularities appear to lie.

    Subp. 2.  Audit reports.  A written audit report shall be prepared and include:

      A.  a statement of the standards used in the performance of the audit;

      B.  financial statements and audit comments on the statements for the period;

      C.  audit comments regarding compliance and internal control; and

      D.  comments regarding the accuracy and completeness of financial and program reports filed by the grantee.

    Three copies of the written audit report must be provided to the commissioner and a copy shall be made available to each member of the committee.  

    STAT AUTH: MS s 179.82 subd 2

    HIST: 13 SR 2219
Current as of 05/13/97