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2 . Records for the disposition of non-expendable personal property valued at <br /> $5,000 or more at the time of acquisition shall be retained for five years after final disposition . <br /> 3 . Records relating to real property acquisition shall be retained for five years <br /> after closing of title. <br /> ( b) The Recipient shall maintain all records, for the Recipient and for all subcontractors <br /> or consultants to be paid from funds provided under this Agreement, including supporting documentation <br /> of all program costs , in a form sufficient to determine compliance with the requirements and objectives of <br /> the Financial Compensation Requirements - Attachment A - and the Scope of Work and Schedule of <br /> Payments - Attachment B - and all other applicable laws and regulations. <br /> (c) 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 be construed according to the <br /> circumstances but ordinarily shall mean during normal business hours of 8: 00 a. m . to 5: 00 p. m . , local <br /> time, on Monday through Friday. "Agents" shall include, but not be limited to , auditors retained by the <br /> 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 all reasonable times for inspection , review, or <br /> audit by state personnel and other personnel duly authorized by the Division . " Reasonable" shall be <br /> construed according to circumstances, but ordinarily shall mean normal business hours of 8 : 00 a . m . to <br /> 5: 00 p. m . , local time, Monday through Friday. <br /> (c) The Recipient shall also 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 non-state entity as defined by Section 215 . 97, Fla. Stat. , it shall <br /> comply with the following : <br /> In the event that the Recipient expends a total amount of State financial assistance equal <br /> to or in excess of $500, 000 in any fiscal year of such Recipient, the Recipient must have a State single or <br /> project-specific audit for such fiscal year in accordance with Section 215 . 97, Fla. Stat. ; applicable rules of <br /> the Executive Office of the Governor and the Comptroller; and Chapters 10 . 550 ( local government <br /> entities) or 10 . 650 ( nonprofit and for-profit organizations) , Rules of the Auditor General . EXHIBIT-1 to this <br /> Agreement indicates State financial assistance awarded through the Division by this Agreement. In <br /> determining the State financial assistance expended in its fiscal year, the Recipient shall consider all <br /> sources of State financial assistance , including State funds received from the Division , other state <br /> agencies, and other non-state entities. State financial assistance does not include Federal direct or pass- <br /> through awards and resources received by a non-state entity for Federal program matching requirements. <br /> In connection with the audit requirements addressed in this Paragraph 6(d) above, the <br /> Recipient shall ensure that the audit complies with the requirements of Section 215. 97(7) , Fla . Stat. This <br /> includes submission of a reporting package as defined by Section 215. 97(2)(d ) , Fla . Stat. and Chapters <br /> 10. 550 (local governmental entities) or 10. 650 ( nonprofit and for-profit organizations) , Rules of the Auditor <br /> General . <br /> 2 <br />