FL H0255

Changes recipient certification from annual to a 5-year period, with recertification required once every 5 years instead of annually.

Allows existing recipients to submit financial statement compilations instead of full audits during years 1-4 of their recertification period; year 5 still requires a full financial audit.

Grants recipients 60 days to redress audit findings before audit results are considered material noncompliance.

Limits funding agreements to 1-year terms and prohibits reporting requirements or obligations for appropriated funds beyond the 1-year agreement period.

Increases the combined limit for administrative costs and technical support from 21 percent (9 percent plus 12 percent) to 27 percent of funds received.

Changes department consultation requirement from "the board" to "presidents of the black business investment corporations" when adopting rules.