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as revised . An audit of the recipient conducted by the Auditor General in <br /> accordance with the provisions OMB Circular A - 133 , as revised , will meet the <br /> requirements of this part . <br /> (3 ) In connection with the audit requirements addressed in Part 1 , paragraph 1 , the <br /> recipient shall fulfill the requirements relative to auditee responsibilities as <br /> provided in Subpart C of OMB Circular A - 133 , as revised . <br /> (4) If the recipient expends less than $ 500 , 000 for fiscal years ending after December <br /> 311 2003 in Federal awards in its fiscal year, an audit conducted in accordance <br /> with the provisions of ON/.1B 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 /> " A" indicates state financial assistance awarded through the Department by this <br /> agreement, if applicable . In determining the state financial assistance expended in <br /> its fiscal year, the recipient shall consider all sources of state financial assistance , <br /> including state financial assistance received from the Department, other state <br /> agencies , and other nonstate entities . State financial assistance does not include <br /> Federal direct or pass -through awards and resources received by a nonstate entity <br /> 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 /> Page 7 of 13 <br />