§ 11-505

(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.