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(5) RECORDKEEPING
<br /> (a) As applicable,Recipient's performance under this Agreement shall be subject to the federal
<br /> "Common Rule: Uniform Administrative Requirements for State and Local Governments"(53 Federal Register
<br /> 8034)or OMB Circular No,A-110,"Grants and Agreements with Institutions of Higher Education,Hospitals,and
<br /> Other Nonprofit Organizations,"and either OMB Circular No.A-87,"Cost Principles for State and Local
<br /> Governments,"ONS Circular No.A-21,"Cost Principles for Educational Institutions,"or OMB Circular No,A-
<br /> 122,"Cost Principles for Nonprofit Organizations." If this Agreement is made with a commercial(for-profit)
<br /> organization on a cost-reimbursement basis,the Recipient shall be subject to Federal Acquisition Regulations 311
<br /> and 931.2.
<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 six years from the date the audit report is issued,and shall allow the Department 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 six years from the date the audit report
<br /> is issued,unless extended in writing by the Department. The six year period may be extended for the following
<br /> exceptions:
<br /> 1. If any litigation,claim or audit is started before the six year period expires,and extends
<br /> beyond the six year period,the records shall be retained until all litigation,claims or audit fundings involving the
<br /> records have been resolved,
<br /> 2. Records for the disposition of non-expendable personal property valued at$5,000 or more at
<br /> the time it is acquired shall be retained for six years after final disposition,
<br /> 3. Records relating to real property acquired shall be retained for six years after the closing on
<br /> the transfer of title.
<br /> (c) The Recipient shall maintain all records for the Recipient and for all subcontractors or consultants
<br /> to be paid from funds provided under this Agreement,including documentation of all program costs,in a form
<br /> 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 from
<br /> funds provided under this Agreement,shall allow access to its records at reasonable times to the Department 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 /> Department.
<br /> (6) AUDIT REOUIREMFMS
<br /> (a) The Recipient agrees to maintain financial procedures and support documents,in accordance with
<br /> generally accepted accounting principles,to account for the receipt and expenditure of funds under this 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 Department. "Reasonable"shall ordinarily mean normal business
<br /> hours of 8:00 a,m.to 5:00 p.m.,local time,Monday through Friday.
<br /> Rev 07/31/2009 Page 2
<br /> SmeadSoft Reprint Date:Friday,March 11,2016-13:45:23-OfficialDocuments:6484,Attachment Id 1,Page 11
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