2010-198 - Laserfiche WebLink

Home Browse Search

1 ' 1 I . If any litigation, claim or audit is started before the expiration of the five year period and extends beyond the five year period, the records will be maintained 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 $ 1 , 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 the closing on the transfer of title . (c) Subrecipient shall maintain all records for Subrecipient 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 Budget and Scope of Work - Attachments Al and A2 - and all other applicable laws and regulations . (d) Subrecipient, 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 Department, its employees, and agents . The term "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. The term " agents " shall include, but not be limited to, auditors retained by Department. (9) Audit Requirements . (a) Subrecipient 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 Department . The term "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) Subrecipient shall also provide 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 Subrecipient 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 Subrecipient expends $ 500, 000 or more in Federal awards in its fiscal year, Subrecipient must have a single or program - specific audit conducted in accordance with the provisions of OMB Circular A- 133 , as revised . Attachment A to this Agreement indicates federal resources awarded through Department by this Agreement . In determining the federal awards expended in its fiscal year, Subrecipient shall consider all sources of federal awards . 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 Subrecipient 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 subparagraph (d) above, Subrecipient shall fulfill the requirements relative to auditee responsibilities as provided in Subpart C of OMB Circular A- 133 , as revised . If Subrecipient 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 5