Saturday, April 14, 2012

Grants 101: What is a Project Audit?

Grants 101: What is a Project Audit?
A project audit is an accounting of grant funds that were used to complete a project.  If there is a grant awarded and the grant requires additional funds to complete the project, the grant funds as well as the local funds are audited to present a complete picture of the status of the project.
Many times the project audit will require that a certain amount of local money needs to be spent.  If the money is not spent in a manner consistent with sound fiscal procedure the grant source may ask for the money back.

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