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Section 2 "_ 5 . 97 , Flor _ da Statutes ( F . S . ) , which may be <br /> applicable to and bindir_ g upon Recipient . Nonstate <br /> entity means a local governmental entity , nonprofit <br /> organization , or for - profit organizat - on that receives <br /> state resources . Recipient means a Nonstate entity that <br /> receives s : at. e financial assistance directly from a <br /> state awarding agency . <br /> B . In the event that the Recipient expends a total amour_ t <br /> of state financial assistance equal to or - n excess of <br /> $ 500 , 000 in any fiscal year of such Recipient , the <br /> Recipient must have a state single or project - specific <br /> audit for Bach fiscal year in accordance with <br /> Section 215 . 97 , Florida Statutes ; applicable rules of <br /> the Department of Financia '_ Services ; and Chapters <br /> 10 . 550 ( local governmental entities ) or 10 . 650 <br /> ( nonprofit and for - profit organizations ) , Rules of the <br /> Auditor General . Exhibit - o this agreement indicates <br /> state financial assistance awarded through this <br /> Department resource by this agreement . In determining <br /> the state financial assistance expended in its fiscal <br /> year , the Recipient shall consider all sources of state <br /> financial assistance , including state fir_ arcial <br /> assistance received from this Department resource , other <br /> state agencies , and other Nonstate ent _ ties . State <br /> ' inancia _ assistance does not include Federal direct or <br /> pass - through awards and resources rece _ ved by a Nonstate <br /> entity for Federal program matching requ - rements . <br /> C . Audits conducted pursuant to Section 215 . 97 , F . S . , shall <br /> be : ( 1 ) performed annually , and conduced by <br /> independent auditors in accordance with auditing <br /> standards as stated in Chapters 10 . 550 ( local <br /> governmental entities ) or 10 . 650 ( nonprofi � and for - <br /> profit organizations ) , Ru - es of the Auditor General . <br /> D . Regardless of the amoun of the state financial <br /> assistance , the provisions of Section 215 . 97 , F . S . , do <br /> not exempt a Nonstate entity from compliance w _ th <br /> provisions of law relating to maintaining records <br /> concerning sta -. e financial assistance to such Nonstate <br /> entity or allowing access and examination of those <br /> records by the state awarding agency , the Chief <br /> Financial Officer , or the Auditor General . <br /> E . If the Recipient expends less than $ 500 , 000 is state <br /> financial assistance is its fiscal year , an audit <br /> conducted in accordance with the provisions of <br /> Face 4 of 17 <br />