Common use of Record Keeping and Reporting Requirements Clause in Contracts

Record Keeping and Reporting Requirements. Accurate record keeping and reporting are crucial to the successful management of your CDBG- funded activities. The failure to maintain adequate documentation of CDBG-funded activities continues to be one of the most serious administrative issues undermining program performance and regulatory compliance of subrecipients in the CDBG Entitlement program. Without adequate record keeping, you and your grantee cannot track performance against your contract goals and your grantee cannot provide adequate management support in its oversight of your activities. Insufficient documentation and reporting on your part leads to serious monitoring findings, and those findings are likely to be much more difficult to resolve in cases where records are missing, inaccurate, or otherwise deficient. It is very important, therefore, that you adhere to the record-keeping and reporting requirements of the Entitlement program and other pertinent regulations. Adequate documentation means knowing: • What information needs to be collected and why. • When that information should be collected (and how often). • How the information should be acquired, organized, and stored. • How the information should be reported. • The required retention period for records. This chapter addresses the minimum standards for documentation with respect to general record- keeping requirements, file organization and maintenance, retention of records, access to records, and reporting requirements. The end of the chapter contains a comprehensive chart identifying key records for each of three record types: administrative records, financial records and project records. AS YOU READ THIS CHAPTER, THINK ABOUT …

Record Keeping and Reporting Requirements. Accurate record keeping and reporting are crucial to the successful management of your CDBG- funded activities. The failure to maintain adequate documentation of CDBG-funded activities continues to be one of the most serious administrative issues undermining program performance and regulatory compliance of subrecipients in the CDBG Entitlement program. Without adequate record keeping, you and your grantee cannot track performance against your contract goals and your grantee cannot provide adequate management support in its oversight of your activities. Insufficient documentation and reporting on your part leads to serious monitoring findings, and those findings are likely to be much more difficult to resolve in cases where records are missing, inaccurate, or otherwise deficient. It is very important, therefore, that you adhere to the record-keeping and reporting requirements of the Entitlement program and other pertinent regulations. Adequate documentation means knowing: •  What information needs to be collected and why. •  When that information should be collected (and how often). •  How the information should be acquired, organized, and stored. •  How the information should be reported. •  The required retention period for records. This chapter addresses the minimum standards for documentation with respect to general record- keeping requirements, file organization and maintenance, retention of records, access to records, and reporting requirements. The end of the chapter contains a comprehensive chart identifying key records for each of three record types: administrative records, financial records and project records. AS YOU READ THIS CHAPTER, THINK ABOUT …