| (a) Grantees must maintain all financial records, supporting
documents, statistical records, and all other records pertinent to
the award for at least three years following the closure of the most
recent audit report or submission of the final expenditure report.
Records retention is required for the purposes of state examination
and audit. Grantees may retain records in an electronic format. All
records are subject to audit or monitoring during the entire retention
period.
(b) Grantees must retain records for equipment, non-expendable
personal property, and real property for a period of three years from
the date of the item's disposition, replacement, or transfer.
(c) If any litigation, claim, or audit is started before
the expiration of the three-year records retention period, the grantee
must retain the records under review until the resolution of all litigation,
claims, or audit findings.
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