R2AC will conduct two audits per year of funded projects. Funded projects audited will be selected at random, unless misuse of funds have been detected or reported. In the event of an audit, R2AC will request financial documentation from grantee to determine EXACTLY how funds were spent, such as accounting records, books, receipts, cancelled checks, bank statements, documents, papers, or other records related to the project. Grantee agrees to retain all related books, records, and receipts for a period of seven years following the submission of their final report. Any organization that is awarded $25,000 or more in grant funds over the course of an R2AC fiscal year (July 1-June 30) will be audited.