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Agreement, for a period of five years from the date the audit report is issued, and shall allow the Division <br />or its designee, the State Chief Financial Officer or the State Auditor General access to the records upon <br />request. The Recipient shall ensure that audit working papers are available to them upon request for a <br />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 <br />Deliverables 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 />