AZ SB1272

Amends audit requirements for nonprofit corporations receiving state contracts to include financial and compliance audits in all state contract agreements.

Increases the threshold for mandatory annual audits from $100,000 to $250,000 in state assistance per fiscal year.

Nonprofit corporations receiving over $250,000 in state assistance must file audited financial statements annually prepared under federal single audit regulations or by independent certified public accountants.

Eliminates the biennial audit requirement that previously applied to nonprofits receiving $50,000 to $100,000 in state assistance.

Nonprofits receiving less than $250,000 in state assistance must comply with audit requirements specified in their individual contract agreements.