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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 Scope of Work - Schedule of Deliverables - Schedule of Payments (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 non -state entity as defined by Section 215 . 97 , Fla . Stat . , it shall comply with the following : If the Recipient expends a total amount of State financial assistance equal to or more than $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 shows the State financial assistance awarded by this Agreement . In determining the State financial assistance expended in its fiscal year , the Recipient shall include 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 this Paragraph 6(d) above , the Recipient shall ensure that the audit complies with the requirements of Section 215 . 97 (8) , Fla , Stat . This includes submission of a reporting package as defined by Section 215 . 97 (2) (e) , Fla . Stat . and Chapters 10 . 550 (local governmental entities) or 10 . 650 ( nonprofit and for-profit organizations) , Rules of the Auditor General . If the Recipient expends less than $ 500 , 000 in State financial assistance in its fiscal year, an audit conducted in accordance with the provisions of Section 215 . 97 , Fla . Stat, is not required . In the event that the Recipient expends less than $ 500 , 000 in state financial assistance in its fiscal year and elects to have an audit conducted in accordance with the provisions of Section 215 . 97 , Fla . Stat, the cost of the audit must be paid from the non-state entity' s resources ( i . e. , the cost of such an audit must be paid from the Recipient' s resources obtained from other than State entities) . Additional information on the Florida Single Audit Act may be found at the following website : https : //apps ,fldfs . com/fsaa/singleauditact , aspx , (e) Report Submission 1 . The annual financial audit report shall include all management letters and the Recipient' s response to all findings , including corrective actions to be taken . 2