Idaho Statutes
pecnv.out

TITLE 67
STATE GOVERNMENT AND STATE AFFAIRS
CHAPTER 4
LEGISLATURE
67-450C.  Independent financial audits of affiliated organizations to state governmental agencies or entities — Filing requirements. (1) The requirements set forth in this section are minimum audit requirements for all affiliated organizations to state governmental entities, and include, without limitation, all state departments, commissions, institutions, colleges or universities, which are created pursuant to statute or the constitution and which receive an appropriation from the legislature.
As used in this section "affiliated organization" means an organization affiliated with an agency or entity of state government which meets all of the following criteria:
(a)  The organization has separate legal standing, where neither direct association through appointment of a voting majority of the organization’s body nor fiscal dependency exists.
(b)  The affiliation with a specific primary state government agency or entity is set forth in the organization’s articles of incorporation by reference to the name of the primary state government agency or entity in describing the purposes for which the organization was established.
(c)  The affiliation with a specific primary state government agency or entity is set forth in the organization’s application to the internal revenue service for exemption for payment of federal income tax pursuant to the internal revenue code by reference to the name of the primary government in response to any of the questions contained in the exemption application and the organization has been granted that exemption.
Audits under these requirements are to be performed by independent auditors in accordance with generally accepted governmental auditing standards, as defined by the United States general accounting office. The auditor shall be employed on written contract.
The affiliated organization’s governing body shall be required to include in its annual budget all necessary expenses for carrying out the provisions of this section.
The affiliated organization shall file one (1) copy of each completed audit report with the legislative services office within nine (9) months after the end of the audit period.
(2)  The minimum requirements for any audit performed under the provisions of this section are:
(a)  The governing body of an affiliated organization whose annual expenditures (from all sources) exceeds two hundred fifty thousand dollars ($250,000) shall cause a full and complete audit of its financial statements to be made each fiscal year.
(b)  The governing body of an affiliated organization whose annual expenditures (from all sources) exceed one hundred thousand dollars ($100,000), but do not exceed two hundred fifty thousand dollars ($250,000) may elect to have its financial statements audited on a biennial basis and may continue biennial auditing cycles in subsequent years as long as the organization’s annual expenditures do not exceed two hundred fifty thousand dollars ($250,000) during either year of any biennial period. Biennial audits shall include an audit of each fiscal year since the previous audit.
(c)  The governing body of an affiliated organization whose annual expenditures (from all sources) do not exceed one hundred thousand dollars ($100,000) has no minimum audit requirements under this section.
(d)  Federal audit requirements applicable because of expenditure of federal assistance supersede the minimum audit requirements provided in this section.

History:
[67-450C, added 1997, ch. 209, sec. 1, p. 626; am. 2009, ch. 52, sec. 10, p. 141.]


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