The Official Grant File The Official Grant File

The Official Grant File

The Official Grant File n Basic Concepts q n Support Audit Mirror the life of the grant n n n n n Pre-award & Application Notice of Grant Award Official correspondence Key personnel Protocols Budgets/approvals Training information Monitoring documentation Stand Alone n n n Document outcomes q Program n q n Consistent format Available 24/7 Required information Record key decision points Success/something less Fiscal Compliance

Unofficial Files n Kept by program Mgr. q q n No specific format Draft – informal material Not readily available Not required for audit Backup File q q Should be available in case of emergency Off-site n n Maybe electronic Network files q Software backup

Who & Where & How is the File Kept n Admin Specialist q n n q Protocols for maintenance n Reasonably Secure q n Program Specialist – memo files Program Manager is Responsible for the File Front/Branch Office q n n Controlled Access Backup File q Network files Experience of Admin Personnel is important q Sign out system n Should review to make sure that it is kept current High Turnover/Temps = more reviews For Auditors: The File (s) = the grant Sub-grant

How Long Should the File be Kept? n EDGAR 80. 42 – Three years from the date the final expenditure report is filed q n Lots of exceptions The is a minimum time period – 5 Five years is much safer

RECORDS n Keep records that show: q Amount of funds under grant 1. 2. 3. 4. 5. 6. How the funds are used Total cost of the project; Share of costs provided by other sources Records that show compliance Records that show performance Other records to facilitate an effective audit

RECORD RETENTION n n 3 Years Statute of Limitations (ED) 5 Years