federal grant record retention requirements

In addition, the FDIC necessarily will generate its own records in connection with its appointment as receiver and in connection with exercising the authorities conferred upon it by Title II. Section 210(a)(16)(D)(iii) of the Act, entitled Records Defined, describes the forms of documentary material addressed in the regulation and statute, specifying that any document, book, paper, map, photograph, microfiche, microfilm, computer or electronically-created record is included. The eCFR is displayed with paragraphs split and indented to follow Displaying title 2, up to date as of 7/06/2023. Thus, whether specific documentary material is an inherited record or a receivership record pursuant to the final rule does not alter its status under evidentiary rules such as the Federal Rules of Evidence (FRE). 552a, or any other law. The rights of access in this section are not limited to the required retention period but last as long as the records are retained. The second factor is whether the documentary material is necessary for the FDIC to carry out its obligations as receiver for the covered financial company. at least three years. With respect to any documentary material described in paragraphs (c) and (d) of this section, the following applies: (1) Impact on discoverability, admissibility, or release; compliance with court orders. 20. The Federal Deposit Insurance Corporation (the FDIC) is adopting a final rule that implements section 210(a)(16)(D) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act or the Act). (2) Exclusions. If the proposal, plan, or other computation is required to be submitted to the Federal Government (or to the pass-through entity) to form the basis for negotiation of the rate, then the 3-year retention period for its supporting records starts from the date of such submission. Whenever the amount of Federal funds authorized by an NSF grant is expected to exceed the requirements of the project, as outlined in the approved proposal, by more than $5,000 or 5 percent of the grant amount, whichever is greater, the . Section 210(a)(16)(D)(ii) of the Act provides that unless otherwise required by applicable Federal law or court order, the FDIC may not, at any time, destroy any records that it is required to retain under Section 210(a)(16)(D)(i) of the Act and the regulations promulgated thereunder. The term inherited record means documentary material of a covered financial company, provided that such documentary material existed on the date of the appointment of the Corporation as receiver for such covered financial company and was generated or maintained by the covered financial company in the course of, and necessary to, the transaction of its business. If you have questions for the Agency that issued the current document please contact the agency directly. Subtitle A - Office of Management and Budget Guidance for Grants and Agreements Chapter II - OFFICE OF MANAGEMENT AND BUDGET GUIDANCE Subchap - Reserved Date January 1, 2014 7. Financial records, supporting documents, statistical records, and all other non-Federal entity records pertinent to a Federal award must be retained for a period of three years from the date of submission of the final expenditure report or, for Federal awards that are renewed quarterly or annually, from the date of the submission of the quarterly or annual financial report, respectively, as reported to the Federal awarding agency or pass-through entity in the case of a subrecipient. This requirement ensures that documentary material will be available for the litigation's discovery process. 1503 & 1507. This paragraph applies to the following types of documents and their supporting records: Indirect cost rate computations or proposals, cost allocation plans, and any similar accounting computations of the rate at which a particular group of costs is chargeable (such as computer usage chargeback rates or composite fringe benefit rates). (iii) In no event shall a receivership record be retained by the Corporation for a period of less than six years following the termination of the receivership to which it relates. 5 Steps You Need To Know When You Have Multiple Grants, Seven Ways to Improve Grant Management-Part II, Seven Ways to Improve Grant Management-Part I, How to Create a Grant Management Manual From Scratch, Other types of records, such as Indirect Cost rate proposals and program reports, Example #2: Bank statements copies of cancelled checks, Example #3: Support for payrolls and time and attendance records, Example #4: Copies of contracts and subgrant documents, Example #5: Copies of prior authorization approval documents as required, Backup for the contract type selection and basis for the contractor selection or rejection, The basis for the contract price which would generally include a price or cost analysis, If prior approval was required on any procurement, the prior approval evidence should be included in the procurement file, A description of the property which contains a unique identifier such as a serial number, The cost and source of the property, for example, the vendor name if purchased. Coronavirus Relief Fund Recipient Reporting and Record Retention Requirements (OIG-CA-20-021; July 2, 2020) 4. and . 5389; 12 U.S.C. This prototype edition of the 1338, 1471), requires the Federal banking agencies to use plain language in all proposed and final rules published after January 1, 2000. Generally, the Federal grant recipient is required to retain these records for three years from the date of submission of the final expenditure report. 1 CFR 1.1 The requirements in Appendix K to this manual apply to all records of Contractors that are either 1) expressly required to be maintained by these requirements, program regulation or the grant agreement, or 2) that are otherwise reasonably considered as being pertinent to program regulations or the grant agreement. To fulfill their role as a steward of federal funds, NIH awarding offices monitor grants to identify potential problems and areas where technical assistance might be necessary. This brings us to the first exception to the three-year record retention general rule which concerns records for real property and equipment. One of the commenters objected to the use of the phrase reasonably accessible in the definition of documentary material, which forms the basis for the types of materials that constitute a record for purposes of the proposed rule. Record Retention (45 CFR 75.361) Must retain all records for . developer tools pages. 5390(a)(16)(D) requires that the Corporation establish retention schedules for the maintenance of certain documents and records of a covered financial company for which the Corporation has been appointed receiver and certain documents and records generated by the Corporation as receiver for a covered financial company in connection with the exercise of its authorities under Title II of the Dodd-Frank Act, 12 U.S.C. The Corporation's determination that documentary material must be maintained pursuant to 12 U.S.C. The right also includes timely and reasonable access to the non-Federal entity's personnel for the purpose of interview and discussion related to such documents. The time period included in the final rule is modeled on the time period contained in the FDIA statutory provision and the FDIA records rule. This fact sheet provides a summary of the FLSA's recordkeeping regulations, 29 CFR Part 516. These markup elements allow the user to see how the document follows the In response to the comment letters and pursuant to internal agency consideration, the FDIC made certain changes to the final rule. Public Law 104-121, 110 Stat. Receivership records do not include inherited records. (2) Not included in receivership records. 2681. [4] [20] formatting. Any such access, other than under a court order or subpoena pursuant to a bona fide confidential investigation, must be approved by both the OJP Program Office Head and the Chief Financial Officer. result, it may not include the most recent changes applied to the CFR. Federal awarding agencies and pass-through entities must not impose any other record retention requirements upon non-Federal entities. Thus, the FDIC will consider whether documentary material was created or maintained in accordance with the covered financial company's own practices and procedures (including its document retention policies) when determining whether specific documentary material is an inherited record for the purposes of section 210(a)(16)(D) of the Act and the final rule. Paragraph (e)(1) also clarifies that any designation made by the FDIC under the final rule will not prevent full compliance with any applicable legal or regulatory requirement or court order that establishes particular requirements with respect to certain records, such as a requirement that specific records be preserved, maintained, destroyed, or kept under seal. When storing electronic images of paper documents, the system must also assure a full, complete, and accurate representation of the original, including all official approvals. 5381(a)(8). Section 210(a)(16)(D) of the Act Start Printed Page 41415specifically requires that the FDIC develop policies to maintain the documents and records of the FDIC generated in exercising its authorities under Title II to assure that receivership records would be available for review following the exercise of the extraordinary authority granted to the FDIC under Title II. The Sedona Conference Commentary on Information Governance (December 2013) refers to the defensible deletion of transitory, non-substantive or non-record content. Electronic Code of Federal Regulations (e-CFR), Subtitle A - Office of Management and Budget Guidance for Grants and Agreements, CHAPTER II - OFFICE OF MANAGEMENT AND BUDGET GUIDANCE, PART 200 - UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS, Subpart D - Post Federal Award Requirements. In addition, the paragraph clarifies that in the case of receivership records that are subject to a litigation hold,[11] Recipients are also obligated to protect records adequately against fire or other damage. (i) A receivership record shall be retained indefinitely to the extent that there is a present or reasonably foreseeable future evidentiary or historical need for such receivership record. (d) Receivership records (1) Retention schedule for receivership records. For purposes of the RFA analysis or certification, financial institutions with total assets of $550 million or less are considered to be small entities. The FDIC hereby certifies pursuant to 5 U.S.C. The final rule addresses only inherited records and receivership records. Moreover, there are ongoing tracking requirements for property that must be maintained for the life of the equipment purchased with Federal funds. Well prepared grant documentation will serve as a "gift" during the audit process. ( a) If any litigation, claim, or audit is started before the expiration of the 3-year period, the records must be retained until all litigation, claims, or audit findings involving the records have been resolved and final action taken. OJP updated the DOJ Grants Financial Guide (section 3.11) to reflect the new uniform guidance requirements on indirect cost rate. 3. The term documentary material means any reasonably accessible document, book, paper, map, photograph, microfiche, microfilm, or writing regardless of physical form or characteristics and includes any computer or electronically-created data or file. Copies made by microfilming, photocopying, or similar methods may be substituted . Records that demonstrate efforts at compliance, monitoring, and program achievements are all items that need to documented and retained for future reference. ), You can find out more about the Administrative Requirements and Cost Principles Requirements in the 12 modules in our Grant Management Boot Camp, Feel more confident with grant training from people whove been there too! 06/24/2016 at 8:45 am. This term is defined in 12 U.S.C. Accordingly, the term reasonably accessible is included in the definition of documentary material in the final rule. It makes clear that the final rule applies to the two categories of records addressed by section 210(a)(16)(D) of the Act, i.e., those records of a financial company that are inherited by the FDIC upon its appointment as receiver for the covered financial company and those records generated by the FDIC in connection with its appointment as receiver and the exercise of its orderly liquidation authorities. Any such access, other than under a court order or subpoena pursuant to a bona fide . Only under extraordinary and rare circumstances would such access include review of the true name of victims of a crime. 13. State or local governments may impose record retention and maintenance requirements in addition to those prescribed. See 200.102(c), 200.201(b), and 200.333. Inherited records may be transferred to a third-party transferee in connection with a transfer, acquisition, or sale of a covered financial company's assets and liabilities. Information about this document as published in the Federal Register. Do you know how long you need to keep the records? The final rule reflects this statutory direction and makes it clear that in making any determination of future evidentiary value a reasonably foreseeable standard should be applied. (A) A court order resulting from an eviction action that requires the individual or family to leave their residence within 14 days after the date of their application for homeless assistance; or the equivalent notice under applicable state law, a Notice to Quit, or a Notice to Terminate issued under state law; 200.334 Retention requirements for records. (iii) Whether there is a present or reasonably foreseeable evidentiary need for such documentary material by the Corporation as receiver for the covered financial company or the public. That minimum period is a six-year minimum retention period for all receivership records measured from the termination of the receivership. The FDIC will look to its internal procedures and guidance for generating and maintaining all of its own records, including corporate and bank receivership records, and use them as a guideline to determine whether documentary material generated or maintained as receiver for a covered financial company comport with these procedures and, thus, constitute receivership records under the final rule. are not part of the published document itself. This inquiry would permit the classification of documentary material as an inherited record if it is necessary for the FDIC to maintain such documentary material in order to carry out its functions as receiver for the covered financial company, for example, where the documentary material is necessary in order for the FDIC to (i) transfer the covered financial company's assets or liabilities, (ii) assume or repudiate the covered financial company's contracts, (iii) determine claims against the receivership of the covered financial company, or (iv) collect obligations owed to the covered financial company. 12 U.S.C. F&A (indirect) cost pools must be distributed to benefitted cost objectives on bases that will produce an equitable result in consideration of relative benefits derived. The FDIA records rule addresses the retention of records of failed insured depository institutions pursuant to section 11(d)(15)(D)[8] The definition of documentary material included in the final rule is slightly different from the definition included in the proposed rule to make it clearer that the term documentary material covers material regardless of the physical form or characteristics of the material and includes any computer or electronically-created data or file. Federal awarding agencies and pass-through entities must not impose any other record retention requirements upon non-Federal entities. When access to the true name of victims of a crime is necessary, appropriate steps to protect this sensitive information must be taken by both the non-Federal entity and the Federal awarding agency. 5390(s)(3); 12 U.S.C. Although bridge financial company records and subsidiary records are not expressly subject to the proposed rule, records generated by the FDIC receiver in its oversight of a bridge financial company, or records sent to the FDIC receiver by the bridge's management and maintained by the FDIC in the course of such oversight would be subject to the applicable minimum retention requirements of the proposed rule. The proposed rule provided for a retention period for these records of not less than six years after the date of the termination of the related receivership. This paragraph applies to the following types of documents and their supporting records: Indirect cost rate computations or proposals, cost allocation plans, and any similar accounting computations of the rate at which a particular group of costs is chargeable (such as computer usage chargeback rates or composite fringe benefit rates). The Federal awarding agency and the non-Federal entity should, whenever practicable, collect, transmit, and store Federal award-related information in open and machine-readable formats rather than in closed formats or on paper in accordance with applicable legislative requirements. Paragraph (c)(3) of the final rule provides that such a transfer will satisfy the records retention obligations under paragraph (c)(1) and section 210(a)(16)(D) of the Act so long as the transferee agrees, in writing, that it will maintain the inherited records for at least six years from the date of the appointment of the FDIC as receiver for the covered financial company unless otherwise notified in writing by the FDIC. Any such access, other than under a court order or subpoena pursuant to a bona fide confidential investigation, must be approved by the head of the Federal awarding agency or delegate. The documents posted on this site are XML renditions of published Federal daily Federal Register on FederalRegister.gov will remain an unofficial Register, and does not replace the official print version or the official The Federal awarding agency or pass-through entity must always provide or accept paper versions of Federal award-related information to and from the non-Federal entity upon request. Unless exempt, covered employees must be paid at least the minimum wage and not less than one and one-half times their regular . (1) If submitted for negotiation. However, in order to avoid duplicate recordkeeping, the Federal awarding agency may make arrangements for the non-Federal entity to retain any records that are continuously needed for joint use. The second category of exclusions from the final rule encompasses documentary material generated or maintained by a bridge financial company[19] In the case of a three-year receivership,[15] When records are transferred to or maintained by the Federal awarding agency or pass-through entity, the 3-year retention requirement is not applicable to the non-Federal entity. L. 106-102, 113 Stat. proposals and property records. The Freedom of Information Act (5 U.S.C. that would establish a minimum retention period of nine years. This PDF is the hierarchy of the document. Temporary records may document agency operations or contain information of legal, administrative, or fiscal value to the agency. provide legal notice to the public or judicial notice to the courts. (2) If not submitted for negotiation. Where there is such a requirement, the retention period for the records pertaining to the earning of the program income starts from the end of the non-Federal entity's fiscal year in which the program income is earned. (e) General provisions. This document is available in the following developer friendly formats: Information and documentation can be found in our (the FDIA records rule). When access to the true name of confidential informants or victims of crime is necessary, appropriate steps to protect this sensitive information must and will be taken by the recipient and awarding agency. FAR). The only exceptions are the following: (a) If any litigation, claim, or audit is started before the expiration of the 3-year period, the records must be retained until all litigation, claims, or audit findings involving the records have been resolved and final action taken. Search & Navigation Under the final rule, the FDIC shall retain any inherited record of a covered financial company that was created fewer than ten years before the date of the appointment of the FDIC as receiver for the covered financial company for a period of no less than six years from the date of such appointment, provided however that an inherited record shall be retained indefinitely so long as it is (i) subject to a litigation hold imposed by the FDIC, (ii) subject to a Congressional subpoena or relates to an ongoing investigation by Congress, the United States Government Accountability Office, or the FDIC's Inspector General, or (iii) an inherited record that the FDIC has determined is necessary for a present or reasonably foreseeable evidentiary need of the FDIC or the public.

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federal grant record retention requirements