Record and File Retention Clause Samples

Record and File Retention. Grantees are required to retain records and other relevant documentation for each applicant or Eligible Person for five fiscal years after funds have been expended and accounted for. i. The minimum requirements for documentation of rental assistance depend upon the composition of the household and the income sources. Every file should contain a section of notes and a file checklist, which tracks the efforts and progress of obtaining necessary documents. The checklist is a useful tool for all persons who must have access to the file. However, the notes and checklist requirement may be modified to accommodate a Grantee’s need for documentation. ii. All other records that document the rental assistance or expenditure of CRF funds must be retained for five fiscal years after the funds have been expended, provided applicable audits have been released. This means that for Eligible Households that were assisted, Grantee must retain all records no less than five years after the funds have been Expended, provided audits have been released, whichever is later. Housing records of this type include, but are not limited to: 1) applications; 2) leases; 3) income verifications and 4) other records as required by Florida Housing or federal, state and local law or regulations.

Record and File Retention. Local governments are required to retain records and other relevant documentation for each applicant, Eligible Person, Sub-Grantee or Sponsor for five fiscal years after funds have been expended or five years after the expiration of a use restriction agreement. and accounted for and/or satisfaction of loans, whichever is later, provided applicable audits have been released. i. The minimum requirements for documentation of award depend upon the type of assistance awarded and the funding sources. Every file should contain a section of notes and a file checklist, which tracks the efforts and progress of obtaining necessary documents. The checklist is a useful tool for all persons who must have access to the file. However, this checklist may be modified to accommodate a local government’s need for additional documentation. ii. Eligible Sponsors(developers) who are awarded funds have the responsibility for maintaining clear and accurate files on project recipients and activities. Subrecipient must monitor the Eligible Sponsors files on a regular basis to ensure that all information is collected that will be needed for reporting. Subrecipient’s housing administrator must also review the file documentation to ensure that assistance is awarded to Eligible Persons and that all project activities conform to program requirements. iii. In cases where a Sub-Grantee is used to administer CRF, Subrecipient is ultimately responsible for program compliance. iv. All other records that document the award or expenditure of CRF funds must be retained for five fiscal years after the funds have been expended or five years after the expiration of a use restriction agreement and accounted for and/or satisfaction of loans, whichever is later, provided applicable audits have been released. This means that for cases that were assisted Subrecipient must retain all records no less than five years after the loan has been satisfied, provided audits have been released, whichever is later. Housing records of this type include, but are not limited to: 1) applications; 2) program and set-aside records; 3) housing agreements; 4) income verifications and 5) other records as required by Florida Housing or federal, state and local law or regulations. v. Records must be retained in electronic form. The standards used must comply with the Florida Administrative Code. Local record retention requirements may be stricter than the State.

Record and File Retention. Sub-Grantee must maintain these files for five years after the end of the applicable fiscal year, except that, if any litigation, claim or audit is commenced with respect to the transactions documented by such files before the end of the aforementioned five-year period and extends beyond the expiration of the five-year period, these files must be retained until all litigation, claims, or audit findings involving the files have been resolved.

Record and File Retention. Local governments are required to retain records and other relevant documentation for each applicant, Eligible Person, Sub Grantee or Sponsor for five fiscal years after funds have been expended or five years after the expiration of a use restriction agreement. and accounted for and/or satisfaction of loans, whichever is later, provided applicable audits have been released. i. The minimum requirements for documentation of award depend upon the type of assistance awarded and the funding sources. Every file should contain a section of notes and a file checklist, which tracks the efforts and progress of obtaining necessary documents. The checklist is a useful tool for all persons who must have access to the file. However, this checklist may be modified to accommodate a ii. Eligible Sponsors(developers) who are awarded funds have the responsibility for maintaining clear and accurate files on project recipients and activities. Subrecipient must monitor the Eligible Sponsors files on a regular basis to ensure that all information is collected that will housing administrator must also review the file documentation to ensure that assistance is awarded to Eligible Persons and that all project activities conform to program requirements. iii. In cases where a Sub Grantee is used to administer CRF, Subrecipient is ultimately responsible for program compliance. iv. All other records that document the award or expenditure of CRF funds must be retained for five fiscal years after the funds have been expended or five years after the expiration of a use restriction agreement and accounted for and/or satisfaction of loans, whichever is later, provided applicable audits have been released. This means that for cases that were assisted Subrecipient must retain all records no less than five years after the loan has been satisfied, provided audits have been released, whichever is later. Housing records of this type include, but are not limited to: 1) applications; 2) program and set aside records; 3) housing agreements; 4) income verifications and 5) other records as required by Florida Housing or federal, state and local law or regulations. v. Records must be retained in electronic form. The standards used must comply with the Florida Administrative Code. Local record retention requirements may be stricter than the State.