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Section 215.97, Fla. Stat., the cost of the audit must be paid from non -State funds (i.e., the cost of such an audit must be paid from Recipient funds not obtained from a State entity). 4. The annual financial audit report shall include all management letters, the Recipient's response to all findings, including corrective actions to be taken, and a schedule of financial assistance specifically identifying all Agreement and other revenue by sponsoring agency and agreement number. Copies of financial reporting packages required under this Article shall be submitted by or on behalf of the Recipient directly to each of the following: Department of Community Affairs (at each of the following addresses): Office of Audit Services 2555 Shumard Oak Boulevard Tallahassee, Florida 32399-2100 and Florida Communities Trust 2555 Shumard Oak Boulevard Tallahassee, Florida 32399-2100 State of Florida Auditor General at the following address: Auditor General's Office Room 401, Claude Pepper Building 11 I West Madison Street Tallahassee, Florida 32302-1450 5. If the audit shows that any portion of the funds disbursed hereunder were not spent in accordance with the conditions of this Agreement, the Recipient shall be held liable for reimbursement to FCT of all funds not spent in accordance with the applicable regulations and Agreement provisions within thirty (30) days after FCT has notified the Recipient of such non- compliance. 6. The Recipient shall retain all financial records, supporting documents, statistical records and any other documents pertinent to this Agreement for a period of five (5) years after the date of submission of the final expenditures report. However, if litigation or an audit has been initiated prior to the expiration of the five-year period, the records shall be retained until the litigation or audit findings have been resolved. 7. The Recipient shall have all audits completed in accordance with Section 215.97, Fla. Stat. performed by an independent certified public accountant ("IPA") who shall either be a certified public accountant or a public accountant licensed under Chapter 473, Fla. Stat. The IPA shall state that the audit complied with the applicable provisions noted above. XIIL DEFAULT; REMEDIES; TERMINATION 07-039-FF7 Dec. 13, 2007 Pre-acquisition 15-