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5 <br /> General Terms and Conditions <br /> DEFINITIONS <br /> Unless indicated otherwise from the context,the following terms shall have the following meanings in this Contract. <br /> All definitions are from 9 NCAC 3M.0102 unless otherwise noted. If the rule or statute that is the source of the <br /> definition is changed by the adopting authority,the change shall be incorporated herein: <br /> "Agency" means the North Carolina Arts Council. <br /> "Audit" means an examination of records or financial accounts to verify their accuracy. <br /> "Certification of Compliance" means a report provided by the Agency to the Office of the State Auditor that states <br /> that the Grantee has met the reporting requirements established by this Subchapter and included a statement of <br /> certification by the Agency and copies of the submitted grantee reporting package. <br /> "Compliance Supplement" refers to the North Carolina State Compliance Supplement, maintained by the State and <br /> Local Government Finance Agency within the North Carolina Department of State Treasurer that has been <br /> developed in cooperation with agencies to assist the local auditor in identifying program compliance requirements <br /> and audit procedures for testing those requirements. <br /> "Contract" means a legal instrument that is used to reflect a relationship between the agency, grantee, and <br /> subgrantee. <br /> "Financial Assistance" means assistance that non-State entities receive or administer in the form of grants, loans, <br /> loan guarantees, property (including donated surplus property), cooperative agreements, interest subsidies, <br /> insurance, food commodities, direct appropriations, and other assistance. Financial assistance does not include <br /> amounts received as reimbursement for services rendered to individuals for Medicare and Medicaid patient <br /> services. <br /> "Financial Statement" means a report providing financial statistics relative to a given part of an organization's <br /> operations or status. <br /> "Fiscal Year" means the annual operating year of the non-State entity. <br /> "Grant" means financial assistance provided by a State agency to an eligible grantee to carry out activities identified <br /> in the Contract agreement. <br /> "Grantee" means an entity that receives State funds as a grant from a State agency. <br /> "Grantor" means an entity that provides resources, generally financial, to another entity in order to achieve a <br /> specified goal or objective. <br /> "Non-State Entity" has the meaning in G.S. 143-C-1-1(d)(18). <br /> "Public Authority" has the meaning in G.S. 159-7(10). <br /> "Single Audit" means an audit that includes an examination of an organization's financial statements, internal <br /> controls, and compliance with the requirements of Federal or State awards. <br /> Rev. 07/2024 Governmental 1 of 8 <br />