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• I. Retention of Records. 1. All original records pertinent to this Agreement shall be retained by the Subgrantee for three years following the date of termination of this Agreement or of submission of the final close-out report, whichever is later. However, if any litigation, claim or audit is started before the expiration of the three-year period and extends beyond the three-year period, the records will be maintained until all litigation, claims or audit findings involving the records have been resolved. 2. All records, including supporting documentation of all program costs, shall be sufficient to determine compliance with the requirements and objectives of the Scope of Work shown in paragraph II.C. and all other applicable laws and regulations. 3. The Subgrantee, its employees or agents, including all subcontractors or consultants to be paid from funds provided under this Agreement, shall allow access to its public records at reasonable times to the Grantee, its employees, and agents. "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. "Agents" shall include, but not be limited to, auditors retained by the Grantee. J. Audit Requirements. The Subgrantee 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. 1. These records shall be available at all reasonable times for inspection, review, or audit by state personnel and other personnel duly authorized by the Grantee. "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. 2. The Subgrantee shall also provide the Grantee with the records, reports or financial statements upon request for the purposes of auditing and monitoring the funds awarded under this Agreement. 3. The Subgrantee shall provide the Grantee with an annual financial audit report which meets the requirements of Sections 11.45 and 216.349, Florida Statutes, and Chapter 10.550, Rules of the Auditor General, and to the extent applicable, the Single Audit Act of 1984, 31 U.S.C. ss. 7501-7507 as amended 1996, OMB Circular A-133 for the purposes of auditing and monitoring the funds awarded under this Agreement. 4. The annual financial audit report shall include all management letters and the Subgrantee's response to all findings, including corrective actions to be taken.