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(d) The Recipient, its employees or agents, including all subcontractors or <br /> consultants to be paid from funds provided under this Agreement, shall allow access to its records <br /> at reasonable times to the Division, its employees, and agents . Reasonable shall be construed <br /> according to the circumstances but ordinarily shall mean during normal business hours of 8 : 00 <br /> a.m. to 5 : 00 p .m. , local time, on Monday through Friday. Agents shall include but not be limited <br /> to , auditors retained by the Division. <br /> (6) AUDIT REQUIREMENTS <br /> For Federal Funds : <br /> (a) The Recipient agrees to maintain financial procedures and support <br /> documents, in accordance with generally accepted accounting principles, to account for the receipt <br /> and expenditure of funds under this Agreement. <br /> (b) These records shall be available at all reasonable times for inspection, review, <br /> or audit by state personnel and other personnel duly authorized by the Division. 'Reasonable" <br /> shall be construed according to circumstances, but ordinarily shall mean normal business hours of <br /> 8 : 00 a.m. to 5 : 00 p .m., local time, Monday through Friday. <br /> (c) The Recipient shall also provide the Department of Community Affairs <br /> and/ or the Division with the records, reports or financial statements upon request for the purposes <br /> of auditing and monitoring the funds awarded under this Agreement. <br /> (d) If the Recipient is a State or local government or a non-profit organization as <br /> defined in OMB Circular A- 133 , as revised, and in the event that the Recipient expends $500,000 <br /> or more in Federal awards in its fiscal year, the Recipient must have a single or program-specific <br /> audit conducted in accordance with the provisions of OMB Circular A- 133 , as revised. EXHIBIT <br /> 1 to this Agreement indicates Federal resources awarded through the Division by this Agreement. <br /> In determining the Federal awards expended in its fiscal year, the Recipient shall consider all <br /> sources of Federal awards, including Federal resources received from the Division. The <br /> determination of amounts of Federal awards expended should be in accordance with the guidelines <br /> established by OMB Circular A- 133 , as revised. An audit of the Recipient conducted by the <br /> Auditor General in accordance with the provisions of OMB Circular A- 133 , as revised, will meet <br /> the requirements of this paragraph. <br /> In connection with the audit requirements addressed in this Paragraph 6 (d) above, the <br /> Recipient shall fulfill the requirements relative to auditee responsibilities as provided in Subpart C <br /> of OMB Circular A- 133 , as revised. <br /> If the Recipient expends less than $ 500,000 in Federal awards in its fiscal year, an audit <br /> conducted in accordance with the provisions of OMB Circular A- 133 , as revised, is not required. <br /> 3 <br />