Relating to: reporting requirements for recipients of economic development grants and loans.

SB 562 requires recipients of economic development grants or loans exceeding $500,000 to submit detailed expenditure reports within 120 days after their fiscal year ends, including verification from an independent auditor. It mandates that these recipients provide supporting documents for inspection and includes these reporting requirements in grant contracts. The bill exempts local governments (cities, counties, tribes) and University of Wisconsin System institutions if they already include these funds in standard annual audits and submit those audits within 120 days of program completion. This change directly affects organizations receiving significant state economic development funding, adding reporting obligations unless they meet existing audit standards. The policy focuses on ensuring proper use of public funds through standardized financial reporting.