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2 . Records for the disposition of non-expendable personal property valued at $5 ,000 or more at the time of acquisition shall be retained for five years after final disposition . 3 . Records relating to real property acquisition shall be retained for five years after closing of title. (b) The Recipient shall maintain all records, for the Recipient and for all subcontractors or consultants to be paid from funds provided under this Agreement, including supporting documentation of all program costs, in a form sufficient to determine compliance with the requirements and objectives of the Financial Compensation Requirements - Attachment A - and the Scope of Work and Schedule of Payments - Attachment B - and all other applicable laws and regulations. (c) The Recipient, its employees or agents, including all subcontractors or consultants to be paid from funds provided under this Agreement, shall allow access to its records at reasonable times to the Division , its employees, and agents. 'Reasonable" shall be construed according to the circumstances but ordinarily shall mean during normal business hours of 8:00 a .m. to 5:00 p.m. , local time, on Monday through Friday. "Agents" shall include , but not be limited to, auditors retained by the Division . (6 ) AUDIT REQUIREMENTS (a) The Recipient agrees to maintain financial procedures and support documents, in accordance with generally accepted accounting principles, to account for the receipt and expenditure of funds under this Agreement. (b) These records shall be available at all reasonable times for inspection, review, or audit by state personnel and other personnel duly authorized by the Division . 'Reasonable" shall be construed according to circumstances, but ordinarily shall mean normal business hours of 8:00 a .m. to 5 :00 p. m. , local time, Monday through Friday. (c) The Recipient shall also provide the Division with the records, reports or financial statements upon request for the purposes of auditing and monitoring the funds awarded under this Agreement. (d) If the Recipient is a non-state entity as defined by Section 215.97, Fla . Stat. , it shall comply with the following: In the event that the Recipient expends a total amount of State financial assistance equal to or in excess of $500 ,000 in any fiscal year of such Recipient, the Recipient must have a State single or project-specific audit for such fiscal year in accordance with Section 215.97 , Fla. Stat. ; applicable rules of the Executive Office of the Governor and the Chief Financial Officer; and Chapters 10.550 (local government entities) or 10 . 650 (nonprofit and for-profit organizations), Rules of the Auditor General . EXHIBIT- 1 to this Agreement indicates State financial assistance awarded through the Division by this Agreement. In determining the State financial assistance expended in its fiscal year, the Recipient shall consider all sources of State financial assistance, including State funds received from the Division, other state agencies, and other non-state entities. State financial assistance does not include Federal direct or pass-through awards and resources received by a non-state entity for Federal program matching requirements. In connection with the audit requirements addressed in Paragraph 6(d) above, the Recipient shall ensure that the audit complies with the requirements of Section 215 .97(7), Fla. Stat. This includes submission of a reporting package as defined by Section 215.97(2)(d), Fla. Stat. and Chapters 10 . 550 (local governmental entities) or 10 . 650 (nonprofit and for-profit organizations) , Rules of the Auditor General . 2