Okaloosa County BOCC — May 6, 2014 — Grant Agreement — reading text

Activities Exhibit C Award Announcement Exhibit D Special Audit Requirements Page 11 of 13  EXHIBIT D SPECIAL AUDIT REQUIREMENTS The administration of funds awarded by the Enterprise Florida (EFI) to Grantee may be subject to audits and/or monitoring by EFI or by Department of Economic Opportunity (DEO), as described in this section. MONITORING By entering into this agreement, the Grantee agrees to comply and cooperate with any monitoring procedures/processes deemed appropriate by EFI. In the event EFI determines that a limited scope audit of the recipient is appropriate, Grantee agrees to comply with any additional instructions provided by EFI to Grantee regarding such audit. Grantee further agrees to comply and cooperate with any inspections, reviews, investigations, or audits deemed necessary by DEO, the Chief Financial Officer, Auditor General, or Chief Inspector General. Grantee shall permit access to the Grantee’s records and independent auditor’s working papers as necessary to comply with the requirements of this Agreement. AUDITS 1. In the event that Grantee expends a total amount of State awards (i.e., State financial assistance provided to the recipient to carry out a State project) equal to or in excess of $500,000 in any fiscal year of Grantee, Grantee must have a State single or project-specific audit for such fiscal year in accordance with Section 215.97, Florida Statutes (the Single Audit Act); applicable rules of the Executive Office of the Governor and the Chief Financial Officer, and Chapter 10.650, Rules of the Auditor General. In determining the State financial assistance expended in its fiscal year, Grantee shall consider all sources of State awards, including State funds received from EFI, except that State financial assistance received by a non-state entity for Federal program matching requirements shall be excluded from consideration. The CSFA number for Defense Infrastructure is 40.003, Local Economic Development Initiatives is 40.012, Military Base Protection, Defense Reinvestment and Defense Support Task Force is 40.014, Economic Development Projects (CAMACOL) and Advocating International Relationships (SEUS/Japan & FLOR-KOR) is 40.016. 2. In connection with the audit requirements, Grantee shall ensure that the audit complies with the requirements of Section 215.97(8), Florida Statutes. This includes submission of a reporting package as defined by Section 215.97(2)(e), Florida Statutes, and Chapter 10.650, Rules of the Auditor General. 3. If Grantee expends less than $500,000 in State financial assistance in its fiscal year, an audit conducted in accordance with the provisions of the Single Audit Act is not required. In the event that Grantee expends less than $500,000 in State financial assistance in its fiscal year and elects to have an audit conducted in accordance with the provisions of the Single Audit Act, the cost of the audit must be paid from non-State funds (i.e., the cost of such an audit must be paid from Grantee funds obtained from other than State entities). 4. Grantee must include the record keeping requirements found herein in sub-recipient contracts and subcontracts entered into by Grantee for work required under terms of this Agreement. In the executed subcontract, Grantee shall provide each sub-recipient of state financial assistance the information needed by the sub-recipient to comply with the requirements of the Single Audit Act. Pursuant to Section 215.97(7), Florida Statutes, Grantee shall review and monitor sub- recipient audit reports and perform other procedures as specified in the agreement with the sub- recipient, which may include onsite visits. Grantee shall require sub-recipients, as a condition of receiving state financial assistance, to permit the independent auditor of the recipient, the awarding agency, the Chief Financial Officer, the Chief Inspector General, and the Auditor General access to the sub-recipient’s records and independent auditor’s working papers as necessary to comply with the requirements of the Single Audit Act. Page 12 of 13  5. For information regarding the Florida Single Audit Act, including the Florida Catalog of State Financial Assistance (CFSA), the recipient should access the website for the Governor's Office located at https://apps.fldfs.com/fsaa for assistance. REPORT SUBMISSION Copies of audit reports conducted in accordance with the audit requirements contained herein shall be submitted to the parties set out below. The annual financial audit report shall include all management letters and Grantee’s response to all findings, including corrective actions to be taken. 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. The complete financial audit report, including all items specified above, shall be sent directly to: Heather Cave, Enterprise Florida, Inc. 1030 East Lafayette Street, Suite 9 Tallahassee, FL 32301 and Pamela Murphy Enterprise Florida, Inc. 800 N. Magnolia Ave., Suite 1100 Orlando, Florida 32803 and Elizabeth Walker Department of Economic Opportunity Division of Strategic Business Development 107 East Madison Street, MSC-80 Tallahassee, Florida 32399 -0001 RECORD RETENTION The Grantee shall retain all grant records and shall ensure the retention of its independent auditor’s working papers for a period of seven (7) years from the date of submission of the final project report. If any litigation, claim, negotiation, audit, or other action involving the records has been started before the expiration of the seven (7) year period, the records shall be retained until completion of the action and resolution of all issues which arise from it, or until the end of the seven (7) year period, whichever is later. Page 13 of 13