Contracts, grants, and contributions.

(1) Space Florida may make and enter all contracts and agreements necessary or incidental to the performance of the functions of Space Florida and the execution of its powers, and contract with, and accept and receive grants or loans of money, material, or property from, any person, private or public, as the board shall determine to be necessary or desirable to carry out the purposes of this act, and, in connection with any such contract, grant, or loan, stipulate and agree to such covenants, terms, and conditions as the board shall deem appropriate.

(2)(a) After execution of a contract with a service organization, Space Florida shall make and obtain independent and periodic assessments of the effectiveness of the executed contract document, the service organization, and any other providers relevant to the contract, to ensure that adequate internal controls are in place for complying with the terms and conditions of the contract, for the validation and receipt of goods and services, and to determine that the contracted service is cost effective and meets Space Florida’s requirements and goals.

(b) A final assessment report shall be submitted to the Space Florida board of directors and the Secretary of Commerce or his or her designee. Within 30 days after receipt of the final assessment report, the board shall submit to the Department of Commerce a written statement of explanation or rebuttal concerning findings requiring corrective action, including corrective action to be taken to preclude a recurrence.

(c) Beginning October 1, 2023, and every 3 years thereafter, Space Florida shall complete a risk-based compliance assessment of all internal contracts executed by Space Florida for the preceding 3 fiscal years. The assessment must include steps to reasonably ensure that contracted service organizations’ controls relevant to services provided are suitably designed and operating effectively. The assessment findings must be submitted to the board of directors, the Secretary of Commerce or his or her designee, the Governor, the President of the Senate, and the Speaker of the House of Representatives.