2019 US Virgin Islands Code
Title 2 - Legislature
Chapter 2 - Executive Budget
§ 29. Grant recipients; financial disclosure

(a) Notwithstanding any other provision of law, all recipients of grants of funds from the Treasury of the Virgin Islands for whatever purpose, but excluding scholarship grants, shall submit to the Governor and the Committee on Finance of the Legislature within six (6) months from the effective date of said appropriation, or whenever at least 75% of the appropriation is expended, whichever occurs sooner, an initial financial statement. Every six (6) months thereafter or whenever 100% of the appropriation is expended, whichever occurs sooner, an updated financial statement shall be submitted to the Governor and the Committee on Finance of the Legislature. The submission of this second financial statement shall be a condition precedent to the consideration of any application for renewal of said grant or the awarding of any other grant.

(b) The financial statements required under subsection (a) of this section shall be detailed, and disclose up to the date of the statement, (1) the amount and nature of all expenditures made, (2) any receipt of public funds, (3) a distinction between funds expended outside the territory and those expended within the territory, and (4) the name of all persons responsible for the preparation of said statement. Any financial statement submitted under subsection (a) of this section must be in a form generally accepted for financial statements.

(c) Any recipient of funds from the treasury of the Government of the Virgin Islands shall be subject to audit by the Virgin Islands Inspector General and the Post Auditor of the Virgin Islands Legislature.