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11.E. AUDIT OF AGENCIES RECEIVING PUBLIC FUNDS The Board reviewed a Memorandum of October 14, 1997: TO: Members of the Board of County Commissioners DATE: October 14, 1997 SUBJECT: AUDIT OF AGENCIES RECEIVING PUBLIC FUNDS OMB AGENDA ITEM FROM: Joseph A. Bair¢�� OMB Director ll DESCRIPTION AND CONDITIONS In July 1997 the County received a letter from the Civic Association regarding Indian River County Board of County Commissioners procedure on annual independent financial audits of agencies (private organizations) receiving public funds. The Civic Association recommended "a procedure that would provide for annual independent financial audits by the County, as the oversight Board, for expenditures of more than $25,000 to private organizations. They also request that a similar procedure be instituted for all expenditures of less than $25,000. The selection is to be based on a random selection process for audit." Currently the Board of County Commissioners procedures for private organizations receiving public funds has been that audits are not required. The Budget staff has reviewed the Civic Association's recommended policy on independent financial audits and feel that the policy is reasonable. Presently many state regulations have a threshold of $25,000 before they will require an audit. RECOMMENDATION Budget staff recommends instituting a policy where any agency or private organization receiving $25,000 or more from Indian River County must furnish the County within 120 days of the end of there fiscal year a copy of an annual audit done by an independent third party. ON MOTION by Commissioner Adams, SECONDED by Commissioner Tippin, the Board, by a 4-0 vote (Commissioner Macht being absent) unanimously instituted a policy where any agency or private organization receiving $25,000 or more from the County must furnish the County, within 120 days of the end of their fiscal year, a copy of an annual audit done by an independent third party. OCTOBER 21, 1997 62