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iv) If the recipient expends less than $ 500 ,000 or more 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 $ 500 ,000 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 from non-Federal resources (i . e . , the cost of such an audit must be paid from recipient resources obtained from other than Federal entities) . v) Federal awards are to be identified using the Catalog of Federal Domestic Assistance (CFDA) title and number, award number and year, and name of the awarding federal agency . D . STATE AUDITS i) Recipients of state funds (i . e . a nonstate entity as defined by Section 215 . 97 (2) (1) , Florida Statutes) are to have audits done annually using the following criteria : ii) In the event that the recipient expends a total amount of state financial assistance equal to or in excess of $ 500 , 000 in any fiscal year of such recipient, the recipient must have a State single or project- specific audit for such fiscal year in accordance with Section 215 . 97 , Florida Statutes ; applicable rules of the Department of Financial Services and the CFO ; and Chapters 10 . 550 (local governmental entities) or 10 . 650 (nonprofit and for-profit organizations), Rules of the Auditor General . Exhibit " B " to this agreement indicates state financial assistance awarded through the Department by this agreement , if applicable . In determining the state financial assistance expended in its fiscal year , the recipient shall consider all sources of state financial assistance , including state financial assistance received from the Department, other state agencies , and other nonstate entities . State financial assistance does not include Federal direct or pass -through awards and resources received by a nonstate entity for Federal program matching requirements . iii) In connection with the audit requirements addressed in sub-paragraph i) the recipient shall ensure that the audit complies with the requirements of Section 215 . 97 (7) , Florida Statutes . This includes submission of a financial reporting package as defined by Section 215 . 97 (2) (d) , Florida Statutes , and Chapters 10 . 550 (local governmental entities) or 10 . 650 (nonprofit and for-profit organizations) , Rules of the Auditor General . iv) If the recipient expends less than $ 500 , 000 in state financial assistance in its fiscal year, an audit conducted in accordance with the provisions of Section 215 . 97 , Florida Statutes, is not required . In the event that the recipient expends less than $ 500 , 000 in state financial assistance in its fiscal year and elects to have an audit conducted in accordance with the provisions of Section 215 . 97 , Florida Statutes , the cost of the audit must be paid from the nonstate entity ' s resources (i . e . , the cost of such an audit must be paid from the recipient ' s resources obtained from other than State entities) . v) State awards are to be identified using the Catalog of State Financial Assistance (CSFA) title and number, award number and year , and name of the state agency awarding it . Page 7 of 14