2010 Arizona Revised Statutes
Title 35 - Public Finances
35-181.03 Audit of nonprofit corporations receiving state monies; definition

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.

B. Each nonprofit corporation that receives in excess of one hundred 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 fifty thousand dollars to one hundred thousand dollars in state assistance in any fiscal year shall file biennially at the corporation's expense with the grantor agency 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 and audited by an independent certified public accountant.

D. Each nonprofit corporation receiving less than fifty thousand dollars in state 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.