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Tribal Governments, " OMB Circular No . A-21 , " Cost Principles for Educational Institutions," or OMB Circular No . <br /> A422, " Cost Principles for Non-profit Organizations. " <br /> (b) The Recipient shall retain sufficient records to show its compliance with the terms of this <br /> Agreement, and the compliance of all subcontractors or consultants paid from funds under this Agreement, for a <br /> period of five years from the date the audit report is issued, and shall allow the Division or its designee, the State <br /> Chief Financial Officer or the State Auditor General access to the records upon request. The Recipient shall ensure <br /> that audit working papers are available to them upon request for a period of five years from the date the audit report <br /> is issued, 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 expires, and <br /> extends beyond the five year period, the records shall be retained until all litigation, claims or audit findings <br /> involving the records have been resolved. <br /> 2 . Records for the disposition of non-expendable personal property valued at $5 ,000 or <br /> more at the time it is acquired shall be retained for five years after final disposition . <br /> 3 . Records relating to real property acquired shall be retained for five. years after the <br /> closing on the transfer of title. <br /> (c) The Recipient shall maintain all records for the Recipient and for all subcontractors or <br /> consultants to be paid from funds provided under this Agreement, including documentation of all program costs, in a <br /> form sufficient to determine compliance with the requirements and objectives of the Budget and Scope of Work - <br /> Attachment A - and all other applicable laws and regulations . <br /> (d) The Recipient, its employees or agents , including all subcontractors or consultants to be paid <br /> from funds provided under this Agreement, shall allow access to its records at reasonable times to the Division, its <br /> employees, and agents. " Reasonable " shall ordinarily mean during normal business hours of 8 :00 a.m. to 5 :00 p.m., <br /> local time, on Monday through Friday. "Agents" shall include, but not be limited to, auditors retained by the <br /> Division. <br /> (6) AUDIT REQUIREMENTS <br /> (a) The Recipient agrees to maintain financial procedures and support documents, in accordance <br /> with generally accepted accounting principles, to account for the receipt and expenditure of funds under this <br /> Agreement. <br /> (b) These records shall be available at reasonable times for inspection, review, or audit by state <br /> personnel and other personnel authorized by the Division. " Reasonable" shall ordinarily mean normal business <br /> hours of 8 :00 a. m . to 5 :00 p .m ., local time, Monday through Friday. <br /> ( c) The Recipient shall provide the Division with the records, reports or financial statements upon <br /> request for the purposes of auditing and monitoring the funds awarded under this Agreement. <br /> (d) If the Recipient is a State or local government or a non-profit organization as defined in OMB <br /> Circular A433 , as revised, and in the event that the Recipient expends $500,000 or more in Federal awards in its <br /> 2 <br />