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organization on a cost- reimbursement basis , the Recipient shall be subject to Federal Acquisition <br /> Regulations 31 . 2 and 931 . 2 . <br /> (b) The Recipient shall retain sufficient records to show its compliance with the <br /> terms of this Agreement , and the compliance of all subcontractors or consultants paid from funds <br /> under this Agreement , for a period of five years from the date the audit report is issued , and shall <br /> allow the Division or its designee , the State Chief Financial Officer or the State Auditor General <br /> access to the records upon request . The Recipient shall ensure that audit working papers are <br /> available to them upon request for a period of five years from the date the audit report is issued , <br /> unless extended in writing by the Division . The five year period may be extended for the following <br /> exceptions : <br /> 1 . If any litigation , claim or audit is started before the five year period <br /> expires , and extends beyond the five year period , the records shall be retained until all litigation , <br /> claims or audit findings involving the records have been resolved . <br /> 2 . Records for the disposition of non- expendable personal property <br /> valued at $5 , 000 or more at the time it is acquired shall be retained for five years after final <br /> disposition . <br /> 3 . Records relating to real property acquired shall be retained for five <br /> years after the closing on the transfer of title . <br /> (c) The Recipient shall maintain all records for the Recipient and for all <br /> subcontractors or consultants to be paid from funds provided under this Agreement , including <br /> documentation of all program costs , in a form sufficient to determine compliance with the <br /> requirements and objectives of the Budget and Scope of Work - Attachment A - and all other <br /> applicable laws and regulations . <br /> (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 <br /> records at reasonable times to the Division , its employees , and agents . " Reasonable" shall <br /> ordinarily mean during normal business hours of 8 : 00 a . m . to 5 : 00 p . m . , local time , on Monday <br /> through Friday . "Agents" shall include , but not be limited to , auditors retained by the Division . <br /> (6) AUDIT REQUIREMENTS <br /> (a) The Recipient agrees to maintain financial procedures and support <br /> documents , in accordance with generally accepted accounting principles , to account for the <br /> receipt and expenditure of funds under this Agreement . <br /> (b) These records shall be available at reasonable times for inspection , review , <br /> or audit by state personnel and other personnel authorized by the Department or the Division . <br /> "Reasonable" shall ordinarily mean normal business hours of 8 : 00 a . m . to 5 : 00 p . m . , local time , <br /> Monday through Friday . <br /> Page 2 of 36 <br />