GRANT ACCOUNTABILITY ACT

Creates the Grant Accountability and Transparency Act. Provides that the purpose of the Act is to establish uniform administrative requirements, cost principles, and audit requirements for State and federal pass-through awards to non-federal entities. Provides that, on or before July 1, 2015, the Governor's Office of Management and Budget shall by rule adopt the federal Uniform Guidance regarding federal grant awards. Provides for the following: (1) the adoption of federal rules applicable to grants; (2) conflicts of interest; (3) mandatory disclosures; (4) supplemental rules; (5) applicability of the Act; (6) State grant-making agency responsibilities; (7) responsibilities of the centralized grants management unit; (8) audit requirements; (9) State agency implementation; (10) exceptions to the Act; and (11) an annual report. Repeals the Act 5 years after the effective date of the Act. Provides that on and after July 1, 2015, in the event of a conflict between the Grant Funds Recovery Act and the provisions of the Act, the Act shall prevail. Makes a corresponding change in the Grant Funds Recovery Act. Further amends the Grant Funds Recovery Act and extends the date of repeal for the Illinois Single Audit Commission to December 31, 2014 (now April 1, 2014). Amends the Illinois Administrative Procedure Act. Provides that the Governor's Office of Management and Budget may adopt emergency rules to implement the provisions of the Grant Accountability and Transparency Act. Amends the Governor's Office of Management and Budget Act. Provides for the creation of the centralized grants management unit within the Office and requires the Office to adopt rules under the Grant Accountability and Transparency Act. Effective immediately.