FY 2025 Report in Lieu of Audit

A Report in Lieu of Audit is a financial statement that certain eligible local governments in Oregon file with the Secretary of State Audits Division instead of undergoing a full external audit. To qualify, a local government must not exceed a certain spending threshold (currently $250,000, as of January 1, 2024) during the fiscal year, maintain adequate fidelity bond coverage, and file the report with the required filing fee within 90 days of the fiscal year-end. The report provides transparency and accountability by self-reporting the government's financial activity for the year.