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( b ) The Recipient shall retain sufficient records to show its compliance wift� t , El LF T r P; C; E terms of this Agreement, and the compliance of all subcontractors or consultants paid from funds under this Agreement , for a period of five years from the date the audit report is issued , and shall allow the Division or its designee , the State Chief Financial Officer or the State Auditor General access to the records upon request. The Recipient shall ensure that audit working papers are available to them upon request for a period of five years from the date the audit report is issued , unless extended in writing by the Division . The five year period may be extended for the following exceptions : 1 . If any litigation , claim or audit is started before the five year period expires , and extends beyond the five year period , the records shall be retained until all litigation , claims or audit findings involving the records have been resolved . 2 . Records for the disposition of non -expendable personal property valued at $ 5 , 000 or more at the time it is acquired shall be retained for five years after final disposition . 3 . Records relating to real property acquired shall be retained for five years after the closing on the transfer of title . ( c) 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 documentation of all program costs , in a form sufficient to determine compliance with the requirements and objectives of the Budget and Scope of Work - Attachment A - and all other applicable laws and regulations . ( d ) 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 ordinarily 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 reasonable times for inspection , review , or audit by state personnel and other personnel authorized by the Division . " Reasonable " shall ordinarily mean normal business hours of 8 : 00 a . m . to 5 : 00 p . m . , local time , Monday through Friday . ( c ) The Recipient shall 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 State or local government or a non - profit organization as defined in OMB Circular A- 133 , as revised , and in the event that the Recipient expends $ 500 , 000 Page 2 of 50