WI SB562

Raises the threshold for WEDC grant/loan recipients required to submit audited expenditure schedules from $100,000 to $500,000

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, federally recognized tribes) and UW System universities from the separate audit requirement if they include WEDC funds in their existing audit practices

Exempt entities must submit their standard annual audit documentation for each fiscal year grant/loan funds were spent within 120 days after the program period ends