Arizona Laws 35-181.03. Audit of nonprofit corporations receiving state monies; definition
A. All state contracts with nonprofit corporations for assistance shall include requirements concerning financial and compliance audits.
Terms Used In Arizona Laws 35-181.03
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
B. Each nonprofit corporation that receives in excess of two hundred fifty thousand dollars in state assistance in any fiscal year shall file for each such fiscal year at the corporation’s expense with the grantor agency 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 two hundred fifty thousand dollars or less in state assistance in any fiscal year shall comply with contract requirements concerning financial and compliance audits contained in contract agreements governing such programs.
D. For the purposes of this section, "nonprofit corporation" means a corporation as defined in section 10-3140.