Section 299.2666. Retention of records.

A recipient shall retain all financial records, supporting documents, statistical records, and all other records pertinent to a grant or loan for a period of 6 years, with the following qualifications:

(a)   If any litigation or audit is started before the expiration of the 6-year period, the records shall be retained for 6 years from the date of the audit report or until all litigation, claims, or audit findings involving the records  have  been  resolved, whichever is later.

(b)   Records for nonexpendable property acquired with the grant or loan funds shall be retained  for  6  years  after  final  disposition  of the property.

(c)    When records are transferred or maintained by the board, the 6-year retention requirement is not applicable to a recipient.

(d)   The retention period starts from the date of submission of the final performance report for the grant or loan.

(e)    The board may request, from a recipient, the transfer of certain records to its custody when it is  determined  that  the  records  possess long-term retention value.

History: 1991 AACS.