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XII. RECORDKEEPING ; AUDIT REQUIREMENTS 1 . The Recipient shall maintain financial procedures and support documents , in accordance with generally accepted accounting principles , to account for the receipt and expenditure of funds under this Agreement . These records shall be available at all reasonable times for inspection , review or audit by state personnel , FCT and other personnel duly authorized by FCT . " Reasonable " shall be construed according to the circumstances , but ordinarily shall mean the normal business hours of 8 : 00 a .m . to 5 : 00 p . m . , local time , Monday through Friday . 2 . If the Recipient expends a total amount of State financial assistance equal to or in excess of $ 500 , 000 in any fiscal year of such Recipient, the Recipient must have a State single or project-specific audit for such fiscal year in accordance with Section 215 . 97 , Fla . Stat. , the applicable rules of the Executive Office of the Governor and the Comptroller and Chapter 10 . 550 ( local government entities) or Chapter 10 . 650 (nonprofit organizations) , Rules of the Auditor General . In determining the State financial assistance expended in its fiscal year, the Recipient shall consider all sources of State financial assistance , including State funds received from FCT, other state agencies and other non- state entities . State financial assistance does not include Federal direct or pass-through awards and resources received by a non- state entity for Federal program matching requirements . The funding for this Agreement was received by FCT as a grant appropriation . In connection with the audit requirements addressed above , the Recipient shall ensure that the audit complies with the requirements of Section 215 . 97 (7 ) , Fla. Stat . This includes submission of a reporting package as defined by Section 215 . 97(2 ) (d) , Fla . Stat . and Chapters 10 . 550 (local government entities ) or 10 . 650 (nonprofit 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 , Fla . Stat . is not required . If the Recipient elects to have an audit conducted in accordance with the provisions of Section 215 . 97 , Fla . Stat . , the cost of the audit must be paid from non- State funds (Le . , 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 04-025-FF4 November 24, 2004 Reimbursement - 15 -