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e <br /> Institutions , " or OMB Circular No . A- 122 , "Cost Principles for Nonprofit Organizations . " If this Agreement is <br /> made with a commercial (for- profit) organization on a cast- reimbursement basis , the Recipient shall be <br /> subject to Federal Acquisition Regulations 31 . 2 and 931 . 2 . <br /> (b) The Recipient shall retain sufficient records to show its compliance with the terms of <br /> this Agreement , and the compliance of all subcontractors or consultants paid from funds under this <br /> Agreement, for a period of five years from the date the audit report is issued , and shall allow the Division or <br /> 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 . The <br /> 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 , and <br /> extends beyond the five year period , the records shall be retained until all litigation , claims or audit findings <br /> 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 Scope of <br /> Work - Attachment A , the Budget — Attachment 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 to <br /> the Division , its employees , and agents . 'Reasonable" shall ordinarily mean during normal business hours <br /> of 8 : 00 a . m . to 5 : 00 p. m . , local time , on Monday through Friday . "Agents" shall include , but not be limited <br /> 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 by <br /> state personnel and other personnel authorized by the Department or the Division . 'Reasonable" shall <br /> ordinarily mean normal business hours of 8 : 00 a . m . to 5 : 00 p . m . , local time , Monday through Friday . <br /> 2 <br />