Agenda - Council - 10/23/1978 - Laserfiche WebLink

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OFFICE OF THE SECRETARY OF THE TREASURY October 6, 1978 REF' 5521-A Dear Revenue Sharing Recipient: Today we made the last of four general revenue sharing payments for Entitlement Period Nine (EP9) to more than 37,000 eligible goyern- ments including your government. The Ninth Period began on October-l, 197/ and ended on September 30, 1978. General revenue sharing entitle-: ments are always paid within five working days after the end of the calendar quarter to which they apply. Your payment has been made directly to a designated bank or other financial institution if you have authorized a direct deposit of your revenue sharing payments. Otherwise, your government's payment is in the form of a check mailed s~parately from this letter. General Revenue Sharin~ Audit Requirements' The Revenue Sharing Act, as amended, and Subpart F of the regulations require that each government which receives $25,000 or more of revenue sharing funds for any fiscal year ending after De~ember 31, 1976; must have an independent audit of its financial statements conducted for the purpose of determining compliance with the provisions of the Act.. The audit must be conducted at least once every three years in accordance with generally accepted auditing standards and the Audit Guide and Standards for Revenue Sharin~ and Antirecession Fiscal Assistance ~Ci~?~% published by the Office of Revenue Sharing (ORS).-- Because these audit requirements are very important, I have summarized some of the key features below. For a more complete discussion of these requirements, please write our Intergovernmental Relations Division or telephone (202) 634-5200 and request our fact sheet on Audit and Accounting Requirements.