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<br />(1) If any litigation, claim, or audit is started before the <br />expiration of the 3-year period, the records shall be retained <br />until all litigations, claims, or audit findings involving the <br />records have been resolved. <br /> <br />(2) Records for nonexpendable property acquired with Federal <br />funds shall be retained for 3 years after its final disposition. <br /> <br />(3) When records are transferred to or maintained by the <br />Federal sponsoring agency, the 3-year retention requirement is <br />not applicable to the recipient. <br /> <br />b. The retention period starts from the date of the submission of <br />the final expenditure report. <br /> <br />c. Recipients should be authorized by the Federal agency, if they <br />so desire, to substitute microfilm copies in lieu of original <br />records. <br /> <br />d. The Federal agency shall request transfer of certain records <br />to its custody from recipient when it determines that the records <br />possess long-term retention value. However, in order to avoid <br />duplicate recordkeeping, a Federal agency may make arrangements <br />with recipients to retain any records that are continuously needed <br />for jo int use. <br /> <br />e. The head of the Federal agency and the Comptroller General of <br />the United States, or any of their duly authorized representatives, <br />shall have access to any pertinent books, documents, papers, and <br />records of recipients and subcontractors to make audits, examinations, <br />excerpts, and transcripts. <br /> <br />f. Unless otherwise required by law, no Federal agency shall <br />place restrictions on recipients that will limit public access to <br />the records of recipients that are pertinent to a cooperative <br />agreement except whell the agency can demonstrate that such records <br />must be kept confidential and would have been excepted from <br />disclosure pursuant to the Freedom of Information Act (5 U.S.C. 552) <br />if the records had belonged to the Federal agency. <br /> <br />4. Recipient Financial Management Systems. - Recipient financial management <br />systems shall proV1de for: <br /> <br />a. Accurate, current, and complete disclosure of the financial results <br />of each cooperative agreement program in accordance with reporting <br />requirements set forth in General Provision No.6 below. , When a Federal <br />agency requires reporting on an accrual basis, the recipient shall not <br />be required to establish an accrual accounting system but shall develop <br />such accrual data on its reports on the basis of an analysis of the <br />documentation on hand. <br /> <br />b. Records that identify adequately the source and application of <br />funds for cooperative agreement-supported activities. These records <br /> <br />2 <br />