Applicants approved for funding will enter a contractual agreement with the City that outlines general obligations and reporting requirements. The ARPA includes language that may require grant recipients to meet additional financial compliance guidelines including the need for a formal audit if certain thresholds are met. Recipients are expected to be familiar with these requirements and willing to comply with all terms.
If an organization spends over $300k of federal funds in a fiscal year, they may be required to have an audit of not only those funds but also their financial statements, internal controls, and compliance. Please seek legal counsel for any impact.