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Exhibit C AUDIT REQUIREMENTS The administration of resources awarded by DEO to the recipient may be subject to audits and/ or monitoring by DEO as described in this section . MONITORING In addition to reviews of audits conducted in accordance with OMB Circular A- 133 and Section 215 . 975 F. S . , as revised (see "AUDITS" below) , monitoring procedures may include, but not be limited to, on-site visits by DEO staff, limited scope audits as defined by OMB Circular A- 133 , as revised, and/ or other procedures . By entering into this agreement, the recipient agrees to comply and cooperate with any monitoring procedures / processes deemed appropriate by DEO . In the event DEO determines that a limited scope audit of the recipient is appropriate, the recipient agrees to comply with any additional instructions provided by DEO staff to the recipient regarding such audit. The recipient further agrees to comply and cooperate with any inspections , reviews , investigations , or audits deemed necessary by the Chief Financial Officer (CFO) or Auditor General . AUDITS PART I : FEDERALLY FUNDED This part is applicable if the recipient is a State or local government or a non-profit organization as defined in OMB Circular A- 133 , as revised. 1 . In the event that the recipient expends $300,000 ($500, 000 for fiscal years ending after December 31 , 2003) or more in Federal awards in its fiscal year, the recipient must have a single or program-specific audit conducted in accordance with the provisions of OMB Circular A - 133 , as revised . EXHIBIT 1 to this agreement indicates Federal resources awarded through DEO by this agreement. In determining the Federal awards expended in its fiscal year, the recipient shall consider all sources of Federal awards , including Federal resources received from DEO . The determination of amounts of Federal awards expended should be in accordance with the guidelines established by OMB Circular A433 , as revised . An audit of the recipient conducted by the Auditor General in accordance with the provisions of OMB Circular A- 133 , as revised, will meet the requirements of this part. 2 . In connection with the audit requirements addressed in Part 1 , paragraph 1 , the recipient shall fulfill the requirements relative to auditee responsibilities as provided in Subpart C of OMB Circular A- 133 , as revised. 2 . If the recipient expends less than $300 ,000 ($500,000 for fiscal years ending after December 31 , 2003) in Federal awards in its fiscal year, an audit conducted in accordance with the provisions of OMB Circular A- 133 , as revised, is not required . In the event that the recipient expends less than $300,000 ($ 500,000 for fiscal years ending after December 31 , 2003) in Federal awards in its fiscal year and elects to have an audit conducted in accordance with the provisions of OMB Circular A- 133 , as revised, the cost of the audit must be paid Page 16 of 21