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II. AUDIT REQUIREMENTS Section 215 . 97 , Florida Statutes, the Florida Single Audit Act, provides uniform state audit requirements for state financial assistance provided by state agencies over the audit threshold as defined in that Section as follows : 1 . The Recipient agrees to 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 . 2 . These records shall be available at all reasonable times for inspection, review, or audit by state personnel and other personnel duly authorized by FCT . "Reasonable" shall be construed according to circumstances, but ordinarily shall mean normal business hours of 8 : 00 a. m . to 5 : 00 p .m . , local time, Monday through Friday. 3 , The Recipient shall also provide FCT with the records, reports or financial statements upon request for the purposes of auditing and monitoring the funds awarded under this Agreement . 4 . In the event that the Recipient expends a total amount of State financial assistance from all state sources equal to or in excess of $ 300 ,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 , Florida Statutes ; applicable rules of the Executive Office of the Governor and the Comptroller, and Chapter 10 . 550 and 10 . 650, Rules of the Auditor General . Section I. 7 . above indicates State financial assistance through FCT 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 funds received from FCT, except that State financial assistance received by a nonstate entity for Federal program matching requirements shall be excluded from consideration. The funding for this Agreement was received by FCT as a grant appropriation. a. The annual financial audit report shall include all management letters and the Recipient's response to all findings , including corrective actions to be taken. b . The annual financial audit report shall include a schedule of financial assistance specifically identifying all Agreement and other revenue by sponsoring agency and Agreement number. c . The complete financial audit report, including all items specified in (d) below, shall be sent directly to : 02-058-FF2 July 17, 2003 Partial-Pre-acquired/Joint Acquisition -6-