Sec. 12-637a. Postproject audit required. Municipal agency certification required. Review by commissioner required.
Sec. 12-637a. Postproject audit required. Municipal agency certification required. Review by commissioner required. Whenever the total funds invested for any
income year by any company or companies in a program conducted by a nonprofit
organization approved under this chapter, are equivalent to twenty-five thousand dollars
or more, the organization conducting such program shall have a postproject audit prepared and submitted for certification to the municipal agency designated to oversee
the implementation of such program. The required certification shall verify that such
expenditures were made in accordance with the program as proposed by such organization and approved by the department. Such audit shall be submitted by the municipal
agency to the Commissioner of Revenue Services, including certification that expenditures were made in accordance with the program as proposed. The commissioner shall
review each postproject audit. If, upon such review, evidence of fraud or embezzlement
is found, the commissioner shall report such information to the state's attorney for the
judicial district in which such audited organization is located. If, upon such review,
evidence of any unsound or irregular financial practice in relation to commonly accepted
accounting standards is found, the commissioner may make an audited organization's
programs ineligible for future investment by business firms under this chapter.
(P.A. 86-269, S. 1, 10; P.A. 89-328, S. 4, 6; P.A. 93-262, S. 1, 87; P.A. 95-268, S. 9, 11.)
History: P.A. 86-269 effective June 2, 1986, and applicable to income years commencing on or after January 1, 1986,
for companies investing in such programs; P.A. 89-328 replaced "commissioner of revenue services" with "commissioner
of human resources"; P.A. 93-262 authorized substitution of commissioner of social services for commissioner of human
resources, effective July 1, 1993; P.A. 95-268 specified that funds must be invested in a program "conducted by a nonprofit
organization", provided that the required certification verify that expenditures were approved by the Department of Revenue
Services, required audits to be submitted by the municipal agency, replaced reference to "Commissioner of Social Services"
with "Commissioner of Revenue Services" and provided for requirements for the commissioner to review each postproject
audit, effective July 6, 1995.