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2007-438
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2007-438
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(4) If the recipient expends less than $ 500,000 for fiscal years ending after December <br /> 31 , 2003 in Federal awards in its fiscal year, an audit conducted in accordance <br /> with the provisions of OMB Circular A- 133 , as revised, is not required. In the <br /> event that the recipient expends less than $ 500,000 for fiscal years ending after <br /> December 31 , 2003 in Federal awards in its fiscal year and elects to have an audit <br /> conducted in accordance with the provisions of OMB Circular A- 133 , as revised, <br /> the cost of the audit must be paid from non-Federal resources (i .e. , the cost of <br /> such an audit must be paid from recipient resources obtained from other than <br /> Federal entities) . <br /> (5) Federal awards are to be identified using the Catalog of Federal Domestic <br /> Assistance (CFDA) title and number, award number and year, and name of the <br /> awarding federal agency. <br /> ii) PART II : STATE FUNDED <br /> ( 1 ) Recipients of state funds (i .e. a nonstate entity as defined by Section 215 . 97(2) (1), <br /> Florida Statutes) are to have audits done annually using the following criteria: <br /> (2) In the event that the recipient expends a total amount of state financial assistance <br /> equal to or in excess of $500,000 for fiscal years ending on September 30, 2004, <br /> and thereafter in any fiscal year of such recipient, the recipient must have a State <br /> single or project-specific audit for such fiscal year in accordance with Section <br /> 215 .97, Florida Statutes; applicable rules of the Department of Financial Services <br /> and the CFO; and Chapters 10. 550 (local governmental entities) or 10 .650 <br /> (nonprofit and for-profit organizations), Rules of the Auditor General . EXHIBIT <br /> "B" to this agreement indicates state financial assistance awarded through the <br /> Department by this agreement, if applicable. In determining the state financial <br /> assistance expended in its fiscal year, the recipient shall consider all sources of <br /> state financial assistance, including state financial assistance received from the <br /> Department, other state agencies, and other nonstate entities. State financial <br /> assistance does not include Federal direct or pass-through awards and resources <br /> received by a nonstate entity for Federal program matching requirements . <br /> (3) In connection with the audit requirements addressed in Part II, paragraph 1 ; the <br /> recipient shall ensure that the audit complies with the requirements of Section <br /> 215 .97(7) , Florida Statutes. This includes submission of a financial reporting <br /> package as defined by Section 215 .97(2)(d), Florida Statutes, and Chapters 10. 550 <br /> (local governmental entities) or 10. 650 (nonprofit and for-profit organizations), <br /> Rules of the Auditor General . <br /> (4) If the recipient expends less than $ 500,000 in state financial assistance in its fiscal <br /> year ending on September 30, 2004, and thereafter, an audit conducted in <br /> accordance with the provisions of Section 215 .97, Florida Statutes, is not <br /> required. In the event that the recipient expends less than $ 500,000 in state <br /> financial assistance in its fiscal year and elects to have an audit conducted in <br /> accordance with the provisions of Section 215 .97, Florida Statutes, the cost of the <br /> audit must be paid from the nonstate entity' s resources (i .e. , the cost of such an <br /> audit must be paid from the recipient' s resources obtained from other than State <br /> entities) . <br /> 7 <br />
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