Columbus - In a speech today to the Ohio Government Finance Officers’ Association, Ohio Auditor of State Dave Yost announced the application process is now open for the newly created Leverage for Efficiency, Accountability and Performance Fund (LEAP Fund). Interested local governments can apply online beginning today.
“The LEAP Fund is now open for business,” Auditor Yost said. “Ohio citizens and our tough economic times demand leaner, more efficient government. Performance audits financed through the LEAP Fund will help struggling governments get there.”
The LEAP Fund is a $1.5 million fund to advance costs of a performance audit to state agencies and local governments that might otherwise not be able to afford to have one conducted. The fund was created by Senate Bill 4, which was signed into law by Governor Kasich last week.
Auditor Yost outlined the application process for those wishing to take advantage of the fund. Participating entities will be required to submit an application to the Auditor of State’s office. The applications are available online and are due no later than May 31. Loans will be awarded beginning July 1, 2011; the start of the new biennium.
Selection of participants will be based on a number of factors, including financial need, previous actions taken to reduce costs and improve efficiency and effectiveness, and a commitment to implement the recommendations made in the performance audit.
“Experience shows that the local governments that could most benefit from a performance audit are often the very ones that can least afford one,” said Auditor Yost. “I am excited to be able to help them overcome this barrier and provide smarter, streamlined government.”
The Auditor of State is one of five independently elected offices under
the Ohio Constitution. Auditor Yost’s office is responsible for auditing
over 5,600 state and local government agencies. Staff also works in
partnership with state and local governments to deal effectively with
financial, accounting and budgetary issues.