11-624. Audit of nonprofit corporations
receiving county monies; definition
A. All county contracts with nonprofit corporations for assistance shall include
requirements concerning financial and compliance audits.
B. Each nonprofit corporation that receives in excess of one hundred thousand
dollars in county assistance in any fiscal year shall file for each such fiscal year at
the corporation's expense with the board of supervisors either audited financial
statements prepared in accordance with federal single audit regulations or financial
statements prepared in accordance with generally accepted accounting principles and
audited by an independent certified public accountant.
C. Each nonprofit corporation receiving fifty thousand dollars to one hundred
thousand dollars in county assistance in any fiscal year shall file biennially at the
corporation's expense with the board of supervisors either an audited annual financial
statement for the most recently completed even-numbered year prepared in accordance with
federal single audit regulations or a financial statement for the most recently completed
even-numbered year prepared in accordance with generally accepted accounting principles
audited by an independent certified public accountant.
D. Each nonprofit corporation receiving less than fifty thousand dollars in county
assistance in any fiscal year shall comply with contract requirements concerning
financial and compliance audits contained in contract agreements governing such programs.
E. For the purposes of this section, "nonprofit corporation" means a corporation as
defined in section 10-3140.
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