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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 and Budget - Attachment A , A- 1 and B - 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 Department or 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 Department 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 or more in Federal awards in its fiscal year, the Recipient must have a single or program - specific audit conducted in accordance with the provisions of OMB Circular A- 133 , as revised . EXHIBIT 1 to this Agreement shows the Federal resources awarded through the Division by this Agreement . In determining the Federal awards expended in its fiscal year , the Recipient shall consider all sources of Federal awards , including Federal resources received from the Division . The determination of amounts of Federal awards expended should be in accordance with the guidelines established by OMB Circular A- 133 , as revised . An audit of the Recipient conducted by the Auditor General in accordance with the provisions of OMB Circular A- 133 , as revised , will meet the requirements of this paragraph . In connection with the audit requirements addressed in this Paragraph 6 (d) above , the Recipient shall fulfill the requirements for auditee responsibilities as provided in Subpart C of OMB Circular A- 133 , as revised . If the Recipient expends less than $ 500 , 000 in Federal awards in its fiscal year , an audit conducted in accordance with the provisions of OMB Circular A- 133 , as revised , is not required . In the event that the Recipient expends less than $ 500 , 000 in Federal awards in its fiscal year and chooses to have an audit conducted in accordance with the provisions of OMB Circular A- 133 , as revised , the cost of the audit must be paid from non- Federal funds . ( e) Send copies of reporting packages for audits conducted in accordance with OMB Circular A- 133 , as revised , and required by subparagraph ( d ) above , when required by Section . 320 ( d ) , OMB Circular A- 133 , as revised , by or on behalf of the Recipient to : The Division at each of the following addresses : Office of Inspector General 2555 Shumard Oak Boulevard Tallahassee , Florida 32399- 2100 and 2