Records kept by recipient; full disclosure; maintenance period
Each recipient of Federal funds under any applicable program through any grant, subgrant, cooperative agreement, loan, or other arrangement shall keep records which fully disclose the amount and disposition by the recipient of those funds, the total cost of the activity for which the funds are used, the share of that cost provided from other sources, and such other records as will facilitate an effective financial or programmatic audit. The recipient shall maintain such records for three years after the completion of the activity for which the funds are used.
Audit examination
The Secretary and the Comptroller General of the United States, or any of their duly authorized representatives, shall have access, for the purpose of audit examination, to any records maintained by a recipient that may be related, or pertinent to, grants, subgrants, cooperative agreements, loans, or other arrangements to which reference is made in subsection (a), or which may relate to the compliance of the recipient with any requirement of an applicable program.
Pub. L. 90–247, title IV, § 443Pub. L. 95–561, title XII, § 1231(c)92 Stat. 2346Pub. L. 103–382, title II108 Stat. 3913(, formerly § 437, as added , , ; renumbered § 443 and amended , §§ 212(b)(1), 248, , , 3924.)
Editorial Notes
Prior Provisions
section 443 of Pub. L. 90–247section 1233b of this titlePub. L. 103–382A prior was classified to prior to repeal by .
Amendments
Pub. L. 103–382, § 248(1)1994—Subsec. (a). , substituted “grant, subgrant, cooperative agreement, loan, or other arrangement” for “grant, subgrant, contract, subcontract, loan, or other arrangement (other than procurement contracts awarded by an administrative head of an educational agency)”, inserted “financial or programmatic” before “audit.”, and substituted “three years” for “five years”.
Pub. L. 103–382, § 248(2)Subsec. (b). , substituted “to any records maintained by a recipient that may be related, or pertinent to, grants, subgrants, cooperative agreements, loans, or other arrangements” for “to any records of a recipient which may be related, or pertinent to, the grants, subgrants, contracts, subcontracts, loans, or other arrangements”.
Statutory Notes and Related Subsidiaries
Effective Date
section 1261 of Pub. L. 95–561section 1232c of this titleSection effective with respect to appropriations for fiscal year 1980 and subsequent fiscal years, see , set out as a note under .