1. (a) Each year, the Corporation shall require:

   1. (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. (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.

2. (b) The report of each audit or review shall be:

   1. (1) submitted to the Governor;
   2. (2) made available to the Legislative Auditor; and
   3. (3) kept for at least 5 years at the principal office of the Corporation.

Added by Acts 2007, c. 3, § 2, eff. Oct. 1, 2007.