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i. The Sub-Recipient shall maintain all records for the Sub-Recipient and for all <br /> subcontractors or consultants to be paid from funds provided under this Agreement, including <br /> documentation of all program costs, in a form sufficient to determine compliance with the requirements <br /> and objectives of the Program Budget and Scope of Work/Deliverables and all other applicable laws and <br /> regulations. <br /> (11)AUDITS <br /> a. The Sub-Recipient shall comply with the audit requirements contained in 2 C.F.R. <br /> Part 200, Subpart F. <br /> b. In accounting for the receipt and expenditure of funds under this Agreement, the <br /> Sub-Recipient shall follow Generally Accepted Accounting Principles ("GAAP"). As defined by 2 C.F.R. <br /> §200.49, GAAP "has the meaning specified in accounting standards issued by the Government <br /> Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB)." <br /> c. When conducting an audit of the Sub-Recipient's performance under this Agreement, <br /> the Division shall use Generally Accepted Government Auditing Standards ("GAGAS"). As defined by 2 <br /> C.F.R. §200.50, GAGAS, "also known as the Yellow Book, means generally accepted government <br /> auditing standards issued by the Comptroller General of the United States, which are applicable to <br /> financial audits." <br /> d. If an audit shows that all or any portion of the funds disbursed were not spent in <br /> accordance with the conditions of this Agreement, the Sub-Recipient shall be held liable for <br /> reimbursement to the Division of all funds not spent in accordance with these applicable regulations and <br /> Agreement provisions within thirty days after the Division has notified the Sub-Recipient of such non- <br /> compliance. <br /> e. The Sub-Recipient shall have all audits completed by an independent auditor, which <br /> is defined in section 215.97(2)(h), Florida Statutes, as"an independent certified public accountant <br /> licensed under chapter 473." The independent auditor shall state that the audit complied with the <br /> applicable provisions noted above. The audit must be received by the Division no later than nine months <br /> from the end of the Sub-Recipient's fiscal year. <br /> f. The Sub-Recipient shall send copies of reporting packages for audits conducted in <br /> accordance with 2 C.F.R. Part 200, by or on behalf of the Sub-Recipient, to the Division at the following <br /> address: <br /> DEMSingle Audit cDem.myflorida.com <br /> OR <br /> Office of the Inspector General <br /> 2555 Shumard Oak Boulevard <br /> Tallahassee, Florida 32399-2100 <br /> 9 <br />
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