SB 562

Under current law, a recipient of a grant or loan of at least $100,000 from the Wisconsin Economic Development Corporation must provide WEDC an audited schedule of expenditures within 120 days after the end of the fiscal year in which grant or loan funds were expended. This bill makes the following changes to the reporting requirement:

1. Increases from $100,000 to $500,000 the grant or loan threshold for which the recipient must submit a schedule of expenditures.

2. Changes the deadline for submission from 120 days after the end of the fiscal year in which grant or loan funds were expended to 120 days after the end of the fiscal year in which the program expenditures are completed.

3. Exempts a recipient that is a local governmental unit or a university in the University of Wisconsin System from the schedule of expenditures requirement if the recipient a) includes the grant or loan funds in its current audit practices and, b) no later than 120 days after the end of the program period, submits documentation of the recipient’s standard annual audit for every fiscal year in which grant or loan funds were expended. The bill defines “local governmental unit” to mean a city, village, town, county, special purpose district, or federally recognized American Indian tribe or band in this state.