Section Adm 35.07 - Accountability for financial assistance(1) A financial assistance agreement shall require a recipient of financial assistance to do all of the following:(a) Maintain project accounts in accordance with the financial assistance agreement.(b) For financial assistance involving an obligation, provide, if available, audited financial statements upon request from the department and at least annually while the recipient has an obligation outstanding.(c) Take no action to reduce the adequacy of the dedicated source of revenue established for repayment of the project in accordance with s. 281.58(14) (b) 1 or 281.61(8m) (a), Stats.(2) The department may require or perform financial audits prior to, during or at the end of the term of the obligation.(3) A recipient of financial assistance designated as federal equivalency by the department of natural resources shall comply with the federal Single Audit Act, 31 USC 7501 to 7507, and Office of Management and Budget Uniform Guidance.(4) The department may rely on a commissioned audit unless it finds that the audit was not performed in accordance with state or federal auditing standards. The department may perform, or commission others to perform an additional audit or audits to supplement work done in a single audit, to the extent it deems necessary.Wis. Admin. Code Department of Administration § Adm 35.07
Cr. Register, September, 1991, No. 429, eff. 10-1-91.Amended by, CR 22-079: am. (1) to (3) Register July 2023 No. 811, eff. 8-1-23; correction in (1) (c) made under s. 35.17, Stats., Register July 2023 No. 811, eff. 8/1/2023