§ 6-3B-2 — Definitions

As used in the Public Finance Accountability Act: A. "annual audit" means the annual audit or examination of the financial affairs of a grantee by an independent auditor required by the Audit Act [12-6-1 through 12-6-15]; B. "department" means the department of finance and administration; C. "grant" means a non-exchange transaction whereby a state agency makes a capital outlay appropriation or other special purpose appropriation available to a grantee; D. "grant agreement" means a written agreement pursuant to which a state agency grants a capital outlay appropriation or other special purpose appropriation to a grantee; E. "grantee" means an entity to which a state agency grants a capital outlay appropriation or other special purpose appropriation; F. "independent auditor" means a certified public accountant or chartered accountant who has been approved by the state auditor to examine financial records and transactions of a grantee to impartially and objectively determine compliance with generally accepted accounting principles and state laws and rules; and G. "state agency" means any department, institution, board, bureau, commission, district or committee of state government.

Legislative History

Laws 2025, ch. 154, § 2.