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Exhibit " B" FEDERAL ANDIOR STATED FUNDED CONTRACTS The administration of resources awarded by the Department to INDIAN RIVER COUNTY may be subject to audits and /or monitoring by the Department, as described in this section . MONITORING By entering into this agreement, the recipient agrees to comply and cooperate fully with any monitoring procedures/ processes deemed appropriate by the Department. In the event the Department determines that a limited scope audit of the recipient is appropriate, the recipient agrees to comply with any additional instructions provided by the Department staff to INDIAN RIVER COUNTY regarding such audit. INDIAN RIVER COUNTY further agrees to comply and cooperate with any inspections, reviews, investigations, or audits deemed necessary by the FDOT' s Office of Inspector General (OIG ) and Florida 's Chief Financial Officer (CFO ) or Auditor General. AUDITS PART I : STATE FUNDED 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 : 1 . 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, 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 far-profit organizations) , Rules of the Auditor General . This agreement indicates state financial assistance awarded through the Department by this agreement. 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 . 2. In connection with the audit requirements addressed in Part I , paragraph 1 , 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 . 3 . 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 . However, if the recipient 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 ) . 4. 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. PART II : OTHER AUDIT REQUIREMENTS The recipient shall follow up and take corrective action on audit findings. Preparation of a summary schedule of prior year audit findings, including corrective action and current status of the audit findings is required . Current year audit findings require corrective action and status of findings.