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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 (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 05-039-FF5 October 13, 2005 Reimbursement - 15 -