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period of five years from the date the audit report is issued, unless extended in writing by the Division <br /> The five year period may be extended for the following exceptions <br /> 1 If any litigation, claim or audit is started before the five year period expires, <br /> and extends beyond the five year period, the records shall be retained until all litigation, claims or audit <br /> findings involving the records have been resolved <br /> 2 Records for the disposition of non-expendable personal property valued at <br /> $5,000 or 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 <br /> the 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 <br /> costs, in a form sufficient to determine compliance with the requirements and objectives of the Budget <br /> and Scope of Work -Attachment A-and all other applicable laws and regulations <br /> (d) The Recipient, its employees or agents, including all subcontractors or consultants to <br /> be paid from funds provided under this Agreement, shall allow access to its records at reasonable times <br /> to the Division, its employees, and agents 'Reasonable" shall ordinarily mean during normal business <br /> hours of 8 00 a m to 5 00 p m , local time, on Monday through Friday "Agents" shall include, but not be <br /> limited to, auditors retained by the Division <br /> (6) AUDIT REQUIREMENTS <br /> (a) The Recipient agrees to maintain financial procedures and support documents, in <br /> accordance with generally accepted accounting principles, to account for the receipt and expenditure of <br /> funds under this Agreement. <br /> (b) These records shall be available at reasonable times for inspection, review, or audit <br /> by state personnel and other personnel authorized by the Division "Reasonable" shall ordinarily mean <br /> normal business 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 <br /> statements upon request for the purposes of auditing and monitoring the funds awarded under this <br /> Agreement. <br /> (d) If the Recipient is a nonstate entity as defined by Section 215 97, Fla. Stat., it shall <br /> comply with the following <br /> If the Recipient expends a total amount of State financial assistance equal to or more than <br /> $500,000 in any fiscal year of such Recipient, the Recipient must have a State single or project-specific <br /> audit for such fiscal year in accordance with Section 215 97, Fla. Stat., applicable rules of the Executive <br /> Office of the Governor and the Chief Financial Officer; and Chapters 10 550 (local government entities) or <br /> 10 650 (nonprofit and for-profit organizations), Rules of the Auditor General EXHIBIT 1 to this <br /> Agreement shows the State financial assistance awarded by this Agreement. In determining the State <br /> financial assistance expended in its fiscal year, the Recipient shall include all sources of State financial <br /> 2 <br />