To amend section 117.01 and to enact section 187.14 of the Revised Code to allow the Auditor of State to conduct full audits of JobsOhio and to require all nonprofit economic development corporations that receive public funds to make annual disclosures related to both their public and private funds.

Section 1. That section 117.01 be amended and section 187.14 of the Revised Code be enacted to read as follows:

Sec. 117.01.  As used in this chapter:

(A) "Color of office" means actually, purportedly, or allegedly done under any law, ordinance, resolution, order, or other pretension to official right, power, or authority.

(B) "Public accountant" means any person who is authorized by Chapter 4701. of the Revised Code to use the designation of certified public accountant or who was registered prior to January 1, 1971, as a public accountant.

(C) "Public money" means any money received, collected by, or due a public official under color of office, as well as any money collected by any individual on behalf of a public office or as a purported representative or agent of the public office.

(D) "Public office" means any state agency, public institution, political subdivision, other organized body, office, agency, institution, or entity established by the laws of this state for the exercise of any function of government. "Public office" does not include includes the nonprofit corporation formed under section 187.01 of the Revised Code.

(E) "Public official" means any officer, employee, or duly authorized representative or agent of a public office.

(F) "State agency" means every organized body, office, agency, institution, or other entity established by the laws of the state for the exercise of any function of state government.

(G) "Audit" means any of the following:

(1) Any examination, analysis, or inspection of the state's or a public office's financial statements or reports;

(2) Any examination, analysis, or inspection of records, documents, books, or any other evidence relating to either of the following:

(a) The collection, receipt, accounting, use, or expenditure of public money by a public office or by a private institution, association, board, or corporation;

(b) The determination by the auditor of state, as required by section 117.11 of the Revised Code, of whether a public office has complied with all the laws, rules, ordinances, or orders pertaining to the public office.

(3) Any other type of examination, analysis, or inspection of a public office or of a private institution, association, board, or corporation receiving public money that is conducted according to generally accepted or governmental auditing standards established by rule pursuant to section 117.19 of the Revised Code.

Sec. 187.14. (A) JobsOhio and its subsidiaries are public offices for purposes of Chapter 117. of the Revised Code and shall submit to audits by the auditor of state in accordance with that chapter.

(B) JobsOhio and its subsidiaries, and any nonprofit economic development corporation that receives or distributes public funds during the corporation's fiscal year, each shall prepare an annual financial report that provides a full accounting of all public and private funds the corporation received or distributed during that fiscal year. The corporation shall submit the report to the speaker and minority leader of the house of representatives, the president and minority leader of the senate, and the legislative service commission within sixty days after the last day of the corporation's fiscal year, and shall make the report available to the public upon request. The report shall be prepared according to generally accepted accounting principles and be certified by the board of directors or chief fiscal officer of the corporation.

Section 2. That existing section 117.01 of the Revised Code is hereby repealed.