HB 12-1009: Federal Funds Transparency Act

• State agencies must submit annual reports to the controller by October 1 detailing all federal moneys received, including the federal program name, statutory authority citation, and amount received including indirect cost recoveries.

• Reports must include the purpose for which federal moneys were used, the percentage spent on administrative expenses, and a summary of any obligations imposed on the state by accepting the federal funds.

• Agencies must report total federal moneys received, the percentage of total agency spending from federal sources, and contingency plans for operating if federal funding is reduced by 5% or more and by 25% or more.

• The state controller must submit a consolidated report to the general assembly by November 1 each year identifying any agencies that failed to submit required reports.

• State institutions of higher education are exempt from reporting on purpose of use, administrative expenses, and obligations; existing appropriations cover implementation costs.