Post assistance requirements...
Each eligible entity receiving a grant under this program annually shall submit to the Secretary a report of its operations and activities. Each such annual report shall include-- (1) a copy of the most recent financial statements, and any accompanying opinion on such statements, prepared by the independent public accountant reviewing the financial records of the eligible entity; (2) a copy of any report made on an audit of the financial records of the eligible entity that was conducted during the reporting period; (3) an evaluation by the eligible entity of the effectiveness of its use of the Federal funds in leveraging private funds; (4) a listing and description of the charter schools served during the reporting period; (5) a description of the activities carried out by the eligible entity to assist charter schools; and (6) a description of the characteristics of lenders and other financial institutions participating in the activities undertaken by the eligible entity during the reporting period.
This section indicates whether program reports, expenditure reports, cash reports or performance monitoring are required by the Federal funding agency, and specifies at what time intervals (monthly, annually, etc.) this must be accomplished.
The financial records of each eligible entity receiving a grant under this subpart shall be maintained in accordance with generally accepted accounting principles and shall be subject to an annual audit by an independent public accountant.
This section discusses audits required by the Federal agency.
The procedures and requirements for State and local governments and nonprofit entities are set forth in OMB Circular No. A-133.
These requirements pertain to awards made within the respective State's fiscal year - not the Federal fiscal year,
as some State and local governments may use the calendar year or other variation of time span designated as the fiscal year period,
rather than that commonly known as the Federal fiscal year (from October 1st through September 30th).
In accordance with the General Education Provisions Act and the Education Department General Administrative Regulations (EDGAR), certain records must be retained for 3 years after the end of the grant.
This section indicates the record retention requirements and the type of records the Federal agency may require.
Not included are the normally imposed requirements of the General Accounting Office.
For programs falling under the purview of OMB Circular No. A-102, record retention is set forth in Attachment C.
For other programs, record retention is governed by the funding agency's requirements.