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public records. Thus, the nature and scope of the services provided by a private entity determine whether <br />that entity is acting on behalf of a public agency and is therefore subject to the requirements of Florida's <br />Public Records Law. <br />E. The Recipient shall maintain all records for the Recipient and for all subcontractors or <br />consultants to be paid from funds provided under this Agreement, including documentation of all program <br />costs, in a form sufficient to determine compliance with the requirements and objectives of the Program <br />Budget and Scope of Work - Attachments A and C - and all other applicable laws and regulations. <br />10. AUDITS <br />A. As required by Rule 27P-19.010(5), Florida Administrative Code, "All recipients of <br />trust funds shall cause a financial audit to be performed in accordance with [the Florida Single Audit Act, <br />section 215.97, Florida Statutes]. A report of the audit will be forwarded to the Division within 60 days of <br />its completion." <br />B. In accounting for the receipt and expenditure of funds under this Agreement, the <br />Recipient shall follow Generally Accepted Accounting Principles ("GAAP"). As defined by Rule <br />10.554(1)(g) of the Rules of the Auditor General, GAAP are "those accounting principles generally <br />accepted in the United States of America, as defined by the GASB Codification of Governmental <br />Accounting and Financial Reporting Standards, Section 1000 The Hierarchy of Generally Accepted <br />Accounting Principles." As defined by 2 C.F.R. §200.49, GAAP "has the meaning specified in accounting <br />standards issued by the Government Accounting Standards Board (GASB) and the Financial Accounting <br />Standards Board (FASB)." <br />C. When conducting an audit of the Recipient's performance under this Agreement, the <br />Division shall use Generally Accepted Government Auditing Standards ("GAGAS"). As defined by Rule <br />10.554(1)(h) of the Rules of the Auditor General, GAGAS are "those audit standards set forth in the <br />publication Government Auditing Standards issued by the Comptroller General of the United States." As <br />defined by 2 C.F.R., §200.50, GAGAS, "also known as the Yellow Book, means generally accepted <br />government auditing standards issued by the Comptroller General of the United States, which are <br />applicable to financial audits." <br />D. As defined by section 215.97(2)(a), Florida Statutes, the term "audit threshold" <br />means "the threshold amount used to determine when a state single audit or project -specific audit of a <br />nonstate entity shall be conducted in accordance with" the Florida Single Audit Act. The current audit <br />threshold is $750,000. <br />E. As required by sections 215.97(2)(a) and 215.97(8)(a), Florida Statutes, "[e]ach <br />nonstate entity that expends a total amount of state financial assistance equal to or in excess of $750,000 <br />in any fiscal year of such nonstate entity shall be required to have a state single audit, or a project - <br />specific audit, for such fiscal year in accordance with" the requirements of the Florida Single Audit Act and <br />in accordance with "additional requirements established in rules of the Department of Financial Services <br />