C.R.S. § 8-88-306: Annual performance and financial audit - report.

(1) (a) On or before December 1, 2027, and on or before each December 1 thereafter, the authority shall prepare and submit a financial and performance report to the joint budget committee of the general assembly. At a minimum, the report must include:

(I) How much money was collected in donations and deposited in the authority's account as required by section 8-88-302 (2)(a) in the preceding fiscal year;

(II) A description of every expenditure made by the authority in the preceding fiscal year, including grant or contract expenses and administrative costs, such as staff salaries and operating expenses;

(III) The total amount of grant or contract awards made in the preceding fiscal year and a description of the types of programs and services funded by those grant or contract awards;

(IV) The total number and value of grants or contracts that remain open for reimbursement in the current fiscal year; and

(V) The total of anticipated expenditures in the current fiscal year.

(b) The authority shall present the December 2027 and December 2028 annual reports in person at a meeting of the joint budget committee of the general assembly. Beginning with the December 2029 annual report and for each annual December report thereafter, the authority shall submit a written report but is not required to present the report in person.

(2) In addition to the annual report required by subsection (1) of this section, the state auditor shall, upon the affirmative vote of a majority of the members of the legislative audit committee created pursuant to section 2-3-101, conduct or cause to be conducted postaudits of the authority pursuant to section 2-3-103 (1)(b).