[Code of Federal Regulations]
[Title 13, Volume 1]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 13CFR307.13]

[Page 627]
 
                TITLE 13--BUSINESS CREDIT AND ASSISTANCE
 
CHAPTER III--ECONOMIC DEVELOPMENT ADMINISTRATION, DEPARTMENT OF COMMERCE
 
PART 307_ECONOMIC ADJUSTMENT ASSISTANCE INVESTMENTS--Table of Contents
 
Subpart B_Special Requirements for Revolving Loan Funds and Use of Grant 
                                  Funds
 
Sec.  307.13  Records and retention.

    (a) Closed Loan files and related documents. The RLF Recipient shall 
maintain Closed Loan files and all related documents, books of account, 
computer data files and other records over the term of the Closed Loan 
and for a three-year (3) period from the date of final disposition of 
such Closed Loan. The date of final disposition of a Closed Loan is the 
date:
    (1) Principal, interest, fees, penalties and all other costs 
associated with the Closed Loan have been paid in full; or
    (2) Final settlement or discharge and cessation of collection 
efforts of any unpaid amounts associated with the Closed Loan have 
occurred.
    (b) Administrative records. RLF Recipients must at all times:
    (1) Maintain adequate accounting records and source documentation to 
substantiate the amount and percent of RLF Income expended for eligible 
RLF administrative costs.
    (2) Retain records of administrative expenses incurred for 
activities and equipment relating to the operation of the RLF for three 
(3) years from the actual submission date of the last semi-annual or 
annual report that covers the period that such costs were claimed, or 
for five (5) years from the date the costs were claimed, whichever is 
less.
    (3) Make available for inspection retained records, including those 
retained for longer than the required period. The record retention 
periods described in this section are minimum periods and such 
prescription does not limit any other record retention requirement of 
law or agreement. In no event will EDA question claimed administrative 
costs that are more than three (3) years old, unless fraud is at issue.