Post assistance requirements...
Annual financial and progress reports must be submitted as required by grant award terms and conditions.
This section indicates whether program reports, expenditure reports, cash reports or performance monitoring are required by the Federal funding agency, and specifies at what time intervals (monthly, annually, etc.) this must be accomplished.
All expenditures by State and local governments will be audited by the grantee or at the grantee's direction with reasonable frequency, usually once a year but not less then once every 2 years. Other recipients must also have audits conducted at least once every 2 years. The Secretary of Education, the Assistant Secretary, OERI, and the Comptroller General of the United States, or any of their duly authorized representatives shall have access for the purpose of audit and examinations, to all applicable records and to any other pertinent books, documents, papers, and records of the grantee.
This section discusses audits required by the Federal agency.
The procedures and requirements for State and local governments and nonprofit entities are set forth in OMB Circular No. A-133.
These requirements pertain to awards made within the respective State's fiscal year - not the Federal fiscal year,
as some State and local governments may use the calendar year or other variation of time span designated as the fiscal year period,
rather than that commonly known as the Federal fiscal year (from October 1st through September 30th).
Each grantee will keep intact, and accessible, records relating to the receipt and expenditure of Federal funds and the expenditures of the grantee's contribution to the cost of the project, if any. Records will normally be retained for 3 years after the date of the submission of the final expenditure report, or for grants that are reviewed annually, 3 years after the date of the award.
This section indicates the record retention requirements and the type of records the Federal agency may require.
Not included are the normally imposed requirements of the General Accounting Office.
For programs falling under the purview of OMB Circular No. A-102, record retention is set forth in Attachment C.
For other programs, record retention is governed by the funding agency's requirements.