§ 42-41-8 - Funding for grant audits.
SECTION 42-41-8
§ 42-41-8 Funding for grant audits. –(a) Every state department and agency which receives federal assistance fundssubject to the provisions of the uniform administrative requirements for grantsin aid to state and local governments shall set aside an amount equal toone-tenth of one percent (.1%) of the funds received to pay for financial andcompliance audits as required by the grantor or by state statute.
(b) Applications for grants, except where precluded byfederal law, shall include requests for funds adequate to accomplish theobjectives of the grant proposal, including monies to pay for financial andcompliance audits as required by the grantor or by state statute. Moniesincluded in a grant award budgeted and designated for auditing the grant orprogram shall not be used for any other purpose.
(c) All funds set aside and designated to be used forfinancial and compliance audits of federal assistance grants shall be depositedinto a separate account maintained by the general treasurer for that purpose.