(a) Each year, the Corporation shall require: (1) a financial audit by an independent certified public accountant of each grantee whose grant income from the Corporation in the most recently completed fiscal year was $50,000 or more; or (2) a financial review by an independent certified public accountant of each grantee whose grant income from the Corporation in the most recently completed fiscal year was less than $50,000. (b) The report of each audit or review shall be: (1) submitted to the Governor; (2) made available to the Legislative Auditor; and (3) kept for at least 5 years at the principal office of the Corporation.
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