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Section 215 . 97 , Florida Statutes ( F . S . ) , which may be <br /> applicable to and binding upon Recipient . Nonstate <br /> entity means a local governmental entity , nonprofit <br /> organization , or for - profit organization that receives <br /> state resources . Recipient means a Nonstate entity that <br /> receives state financial assistance directly from a <br /> state awarding agency . <br /> B . In the event that the Recipient expends a 'total amount <br /> of state financial assistance equal to or in 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 such fiscal year in accordance with <br /> Section 215 . 97 Florida Statutes ; applicable rules of <br /> the Department of Financial 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 1 to this agreement indicates <br /> state financial assistance awarded through this <br /> Department resource by this agreement . In determining <br /> the state financial assistance expendedin its fiscal <br /> year , the Recipient shall consider all sources of state <br /> financial assistance , including state financial <br /> assistance received from this Department resource , other <br /> state agencies , and other Nonstate entities . State _ <br /> financial assistance does not include Federal direct or <br /> pass - through awards and resources received by a Nonstate <br /> entity for Federal program matching requirements . <br /> C . Audits conducted pursuant to Section 215 . 97 , F . S . , shall <br /> be : ( 1 ) performed annually , and conducted by <br /> independent auditors in accordance with auditing <br /> standards as stated in Chapters 10 . 550 ( local <br /> governmental entities ) or 10 . 650 ( nonprofit and for - <br /> profit organizations ) , Rules of the Auditor General . <br /> D . Regardless of the amount of the state financial <br /> assistance , the provisions of Section 215 . 97 , F . S . , do <br /> not exempt a Nonstate entity from compliance with <br /> provisions of law relating to maintaining records <br /> concerning state 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 in state <br /> financial assistance in its fiscal year , an audit <br /> conducted in accordance with the provisions of <br /> Page 4 of 17 <br />