AZ HB2015

Organizations included in Arizona's state reporting entity must submit accurate and complete final financial statements to the Department of Administration by October 31 each year to meet state financial reporting and federal single audit requirements.

Late submission of financial statements after October 31 triggers a penalty of 1/12 of 1% of the organization's state general fund appropriation for every 30 days late, withheld from future allotments.

Organizations spending federal monies must submit final federal expenditure or program information by December 31 each year, with the same penalty structure for late submissions.

Maximum penalty caps at $8,000,000 or 1% of the organization's state general fund appropriation per fiscal year, whichever is less.

Penalty caps will be adjusted annually based on percentage changes in state general fund monies available for legislative appropriations as determined by the Economic Estimates Commission.