W. Va. Code R. § 148-18-3

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 148-18-3 - Reports of the Disbursement of State Grants

3.1. Any grantee who receives one or more state grants totaling $50,000 or more in the aggregate in a state fiscal year (ending on June 30th) shall file with the grantor a report of how the state grant funds were disbursed.

3.2. A grantee may satisfy the report requirement of subsection 3.1. of this rule through the performance of either an agreed-upon procedures engagement or an examination engagement conducted by an independent certified public accountant (CPA) in accordance with Compliance Attestation Standards established by the AICPA=s Statements on Standards for Attestation Engagements. The scope of the report is limited to showing that state grants were spent for the intended purpose.

3.3. Reports required by this section shall contain at least the following:

3.3.1. Identifying State grants information.

3.3.2. Amount of award.

3.3.3. Receipts of funds

3.3.4. Expenditures of funds

3.3.5. Time period being reported on.

3.4. The grantee may use funds from state grants to pay for the required report if the applicable grant provisions allow the expenditure and if the expenditure is appropriately budgeted and allocated to the appropriate funding source(s) by the grantee.

3.5. If a grantee receives more than one state grant for the applicable reporting period, the grantee may comply with this section by filing one report that collectively encompasses all state grants received during the applicable reporting period, by filing separate reports for each state grant received during the applicable reporting period, or any combination thereof.

3.6. The grantee shall submit the required report within two years after the end of the fiscal year in which the grantor disbursed the state grants to the grantee. If the grantee=s fiscal year end is different from the State=s fiscal year end (June 30), the grantee shall file the report within two years after the end of its fiscal year following the state fiscal year in which the funds were disbursed.

3.7. Any report submitted before the effective date of this rule shall be considered acceptable in its current form only if it otherwise complies with the provisions of the W. Va. Code '12-4-14.

3.8. At the option of the grantee, the report(s) may be included with the grantee=s annual financial statements which are audited by an independent certified public accountant.

W. Va. Code R. § 148-18-3