WI AB397

Raises the threshold for audited expenditure reporting to WEDC from $100,000 to $500,000 for grant and loan recipients

Changes the reporting deadline from 120 days after the fiscal year funds were expended to 120 days after program expenditures are completed

Exempts local governmental units (cities, villages, towns, counties, special purpose districts, and federally recognized tribes) and UW System universities from the separate audit requirement if they include WEDC funds in their standard annual audits

Requires exempt entities to submit their standard annual audit documentation within 120 days after the program period ends for each fiscal year funds were spent