federal grant record retention requirements

2681. 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. [20] The final rule differs from the proposed rule in that it adds the language emphasizing that prior to the destruction of any transferred records such transferee will be required to give the FDIC the opportunity to cause the return of such records to the FDIC as receiver. (2) Not included in receivership records. the hierarchy of the document. 857. (e) General provisions. In the case of a three-year receivership,[15] (ii) A receivership record that is subject to a litigation hold imposed by the Corporation, is subject to a Congressional subpoena, or relates to an ongoing investigation by Congress, the United States Government Accountability Office, or the Corporation's Office of Inspector General shall be retained pursuant to the conditions of such hold, subpoena, or investigation. Generally, the proposed rule required that records inherited from a covered financial company that were created less than ten years before the appointment of the FDIC as receiver be retained for not less than 6 years following the date of the appointment of the receiver. Do you know how long you need to keep the records? The retention schedule for records inherited from the covered financial company was modeled after the treatment of records of a failed insured depository institution pursuant to a regulation entitled Records of Failed Depository Institutions[7] The FDIC has presented the final rule in a simple and straightforward manner. Record Retention | FTA - Federal Transit Administration switch to eCFR drafting site. (a) Scope. (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. as well as documentary material generated or maintained by the FDIC as receiver for a covered financial company in connection with the exercise of its orderly liquidation authorities. 5382(d) (providing for a three-year initial time limit on receivership authority, subject to extensions as provided in that section). The final rule addresses only inherited records and receivership records. Examples of inherited records include, without limitation: Correspondence; tax forms, accounting forms, and related work papers; internal audits; inventories; board of directors or committee meeting minutes; personnel files and employee benefits information; general ledger and financial reports; financial data; litigation files; loan documents including records relating to intercompany debt; contracts and agreements to which the covered financial company was a party; customer accounts and transactions; qualified financial contracts and related information; and reports or other records of subsidiaries or affiliates of the covered financial company that were provided to the covered financial company. (2) If not submitted for negotiation. You should make sure to comply with 2 CFR 200.333 Retention Requirements for Records as you prepare to closeout your grant award. legal research should verify their results against an official edition of 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). 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. Records that demonstrate efforts at compliance, monitoring, and program achievements are all items that need to documented and retained for future reference. (b) When the non-Federal entity is notified in writing by the Federal awarding agency, cognizant agency for audit, oversight agency for audit, cognizant agency for indirect costs, or pass-through entity to extend the retention period. 2 CFR Part 200 Subpart D - Record Retention and Access Accountability is based primarily on performance and results. No Federal awarding agency may place restrictions on the non-Federal entity that limit public access to the records of the non-Federal entity pertinent to a Federal award, except for protected personally identifiable information (PII) or when the Federal awarding agency can demonstrate that such records will be kept confidential and would have been exempted from disclosure pursuant to the Freedom of Information Act (5 U.S.C. Federal awarding agencies and pass-through entities must not impose any other record retention requirements upon non-Federal entities. Paragraph (d)(2) makes it clear that receivership records are those that are generated or maintained by the FDIC as receiver in connection with a Title II orderly liquidation and do not include the inherited records generated or maintained by the financial company which are addressed in paragraph (c) of the final rule. This web site is designed for the current versions of The third category of exclusions from the scope of the final rule and section 210(a)(16)(D) of the Act is non-publicly available supervisory information and operating or condition reports that were prepared by, on behalf of, or at the requirement of any agency responsible for the supervision or regulation of the covered financial company or its subsidiaries. Unless required by Federal, state, local, and tribal statute, non-Federal entities are not required to permit public access to their records. The proposed rule was published in the Federal Register on October 24, 2014 with a 60-day comment period that ended on December 23, 2014. Paragraph (e)(2) of the final rule lists three categories of documentary material that are excluded from the definition of inherited records and receivership records and thus will not be subject to the retention requirements of section 210(a)(16)(D) of the Act and the final rule. of the Federal Deposit Insurance Act. 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. (2) Examples. However, only under extraordinary and rare circumstances would such access include review of the true name of confidential informants or victims of crime. Get your very own really cool one page Quick Reference Guide: Record Retention., (Just click on the link to download the .pdf file. Temporary records may document agency operations or contain information of legal, administrative, or fiscal value to the agency. 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. (d) 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. 200.334 Retention requirements for records. (1) An institution shall keep records relating to its administration of the Federal Perkins Loan, FWS, FSEOG, Federal Pell Grant, ACG, National SMART Grant, or TEACH Grant Program for three years after the end of the award year for which the aid was awarded and disbursed under those programs, provided that an institution shall keep - 19. Federal Register :: Record Retention Requirements These tools are designed to help you understand the official document State or local governments may impose record retention and maintenance requirements in addition to those prescribed. If the Corporation transfers an inherited record of a covered financial company to a third party (including a bridge financial company) in connection with the acquisition of assets or liabilities of the covered financial company by such third party, the record retention requirements of 12 U.S.C. Federal Record Retention. When in place, it requires that parties preserve records when they learn of pending or imminent litigation, or when litigation is reasonably anticipated. Thus it is unnecessary to include definitions of the terms covered financial company and financial company in the final rule. This is an area that gets many Federal grant recipients into trouble. For real property and equipment, records must be retained for three years from the date of final disposition of the property. In addition, the third party must agree that prior to the destruction of any such inherited records it will provide the FDIC with notice and the opportunity to cause return of such inherited records to the FDIC as receiver. (2) Inherited record. 5381 through 5397. This content is from the eCFR and may include recent changes applied to the CFR. The OFR/GPO partnership is committed to presenting accurate and reliable eCFR :: 2 CFR 200.334 -- Retention requirements for records. Retention of Grant Records Documentation and Record Retention GP1400.1 ( ) Complete Revision Supersedes: Page: ( ) Partial Revision Page 1 of 2 (X ) New Overview of Procedure The District is responsible for retaining the programmatic and financial records of federal and nonfederal - grants for a minimum of six (6) years. Section 200.333 - Retention requirements for records. (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. The retention period for Federal grant records and documentation is three years past the submission date of the final expense report. 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. At the same time, this explosion of data and changes in form and media make it important to differentiate between meaningful data and irrelevant information. 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. This is consistent with the federal common law bank examination privilege, many state statutes, and the FDIC's long-standing policy that reports of examination or other confidential supervisory correspondence or information prepared by FDIC examiners or for the use of the FDIC and other regulatory agencies with respect to a financial company or an insured depository institution or other regulated subsidiary of a financial company belong exclusively to such regulators and not to the institution, even though institutions may retain copies. DOL shall not impose any other record retention or access requirements upon recipients. (a) This section sets forth requirements for record retention and access to records for awards to recipients. Unless exempt, covered employees must be paid at least the minimum wage and not less than one and one-half times their regular . Navigate by entering citations or phrases You can learn more about the process This exclusion was included in paragraph (d)(3)(ii) of the proposed rule. REVISED DECEMBER2022. 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. Thus, as noted in the preamble to the proposed rule, the FDIC prescribed minimum retention periods in the proposed rule, recognizing that the FDIC may, as it has in the past with regard to the records of failed insured depository institutions, retain certain records for longer periods of time or even indefinitely for analytical, historical, or other purposes. The FDIA records rule addresses the retention of records of failed insured depository institutions pursuant to section 11(d)(15)(D)[8] 5389; 12 U.S.C. 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). Those recipients must retain the records pertinent to the entire competitive segment for 3 years from the date the FFR is submitted to NIH. Displaying title 2, up to date as of 7/06/2023. (c) Inherited records. (1) Retention schedule for inherited records. Although the proposed rule separately addressed these two kinds of records, they were described rather than defined (records of a covered financial company for which the Corporation is appointed receiver and records or the Corporation as receiver for a covered financial company). 5381(b); 12 U.S.C. Not only are there more items to track, the tracking needs to happen for potentially a much, much longer period of time. No new collections of information within the meaning of the Paperwork Reduction Act, 44 U.S.C. The commenter suggested that if a party in litigation is willing to pay for the recovery of electronically-stored information, such a record should be made available. 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. Included examples are: Correspondence; tax forms; accounting forms and related work papers; inventories; contracts and other information relating to the management and disposition of the assets of the covered financial company; documentary material relating to the appointment of the FDIC as receiver; administrative records and other information relating to administrative proceedings; pleadings and similar documents in civil litigation, criminal restitution, forfeiture litigation, and all other litigation matters in which the FDIC as receiver is a party; the charter and formation documents of a bridge financial company; contracts, other documents and information relating to the role of the FDIC as receiver in overseeing the operations of the bridge financial company; reports or other records of the bridge financial company and its subsidiaries or affiliates that were provided to the FDIC as receiver; and documentary material relating to the administration, determination, and payment of claims by the FDIC as receiver. the current document as it appeared on Public Inspection on 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. The proposed rule has been revised to eliminate the set retention period for records created by the FDIC in connection with its appointment as receiver for a covered financial company and in connection with its exercise of its Title II responsibilities. Paragraph (e)(1) of the final rule makes clear that the FDIC's designation of documentary material as inherited records or receivership records pursuant to paragraph (c) or (d) is solely for the purpose of identifying documentary material subject to the retention requirements of section 210(a)(16)(D) of the Act and the final rule has no effect on whether the documentary material is discoverable or admissible in any court, tribunal, or other adjudicative proceeding, nor on whether such material is subject to release under the Freedom of Information Act,[16] Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 20429. Generally, federal grant recipients must retain records for three years from the date of submission of the final expenditure report (4); however, exceptions include real property and equipment.

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