(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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