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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 Program <br />Budget and Scope of Work - Attachment A and B - 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 />assistance, including State funds received from the Division, other state agencies, and other nonstate <br />entities State financial assistance does not include Federal direct or pass-through awards and resources <br />received by a nonstate entity for Federal program matching requirements <br />In connection with the audit requirements addressed in this Paragraph 6(d) above, the Recipient <br />shall ensure that the audit complies with the requirements of Section 215 97(8), Fla. Stat. This includes <br />submission of a reporting package as defined by Section 215 97(2)(e), Fla. Stat. and Chapters 10 550 <br />(local governmental entities) or 10 650 (nonprofit and for-profit organizations), Rules of the Auditor <br />General <br />If the Recipient expends less than $500,000 in State financial assistance in its fiscal year, an <br />audit conducted in accordance with the provisions of Section 215 97, Fla. Stat, is not required In the <br />event that the Recipient expends less than $500,000 in state financial assistance in its fiscal year and <br />elects to have an audit conducted in accordance with the provisions of Section 215 97, Fla. Stat, the cost <br />of the audit must be paid from the nonstate entity's resources (i e , the cost of such an audit must be paid <br />from the Recipient's resources obtained from other than State entities) Additional information on the <br />Florida Single Audit Act may be found at the following website <br />https.//apps.fldfs.com/fsaa/singleauditact.aspx. <br />(e) Report Submission <br />1 The annual financial audit report shall include all management letters and the <br />Recipient's response to all findings, including corrective actions to be taken <br />2 <br />