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The Contractor shall maintain all fiscal and program records for periods required by federal <br /> regulations, but in no event less than five years from the completion of services under <br /> this Contract. Should audit proceedings be instituted concerning this Contract, the <br /> Contractor shall not destroy any records thereof until notified in writing that such records <br /> are no longer needed. <br /> All documents pertinent to WIOA activities remain the sole property of the LA and shall be <br /> transferred to the LA or the State upon demand.A Contractor who goes out of business or is <br /> unable to retain records shall transfer these records to the LA in an orderly fashion with each <br /> box labeled by program year with participants' names listed in alphabetically, and in an <br /> acceptable condition for storage. An inventory of the contents of each box will be provided. <br /> 17. ACCESS TO RECORDS: <br /> The LA, the State, USDOL, and Comptroller General of the United States or any of their <br /> designees shall have access to all records of any type of the Contract or its sub-recipients <br /> with regard to funded activities. <br /> 18.PROPERTY: <br /> The Contractor acknowledges that all non-expendable property,that is, property with a unit <br /> cost less than Five Hundred Dollars ($500) purchased with funds received under this <br /> Contract or donated specifically to the WIOA funded activity,is the sole property of the LA. <br /> The LA may transfer or relocate non-expendable property hereunder at its discretion,subject <br /> to state and federal law. The Contractor also acknowledges that all non-expendable <br /> property with a unit cost of$500 or more, purchased with WIOA funds or donated to the <br /> WIOA funded activity, is the sole property of the State and is recorded by the LA. The <br /> Contractor may not transfer, relocate or alter the use of any property hereunder without the <br /> prior written authorization of the LA. <br /> The Contractor is responsible for the proper identification, inventory and maintenance of <br /> property under its control. The Contractor will permit on-site inspections of all property by <br /> the LA,the State and USDOL. <br /> The Contractor shall procure the prior written approval of the LA to initiate any action <br /> involving acquisition by purchase, lease or trade, transfer, relocation, changed used or <br /> disposition of non-expendable property. The Contractor shall not be entitled to recover the <br /> costs of acquisition or transfer if such approval is not obtained. The Contractor shall send <br /> to the LA copies of all vendor invoices for non-expendable property purchased by the <br /> second(2nd)working day of the month following the purchases. <br /> The Contractor shall not acquire real property with funds under this Contract. This <br /> prohibition applies to personal property (fixtures) affixed to real property unless a <br /> recorded agreement is reached with the owner of the real property disavowing any <br /> interest in the fixture. <br /> If the Contractor anticipates the development of intangible property, such as works on <br /> which a copyright or patent is obtainable, the Contractor shall notify the LA and execute <br /> Regional Partnership Workforce Development Board <br /> (Rev.6/7/17) Page 7 <br />