Common use of Records Keeping and Reporting Clause in Contracts

Records Keeping and Reporting. The Grant Recipient shall maintain or cause to be maintained books, records, documents and other evidence pertaining to the costs or expenses associated with the completion of the Predesign Stage and, if accomplished, the acquisition of an interest in and, if applicable, the improvement of the Real Property and, in addition and if applicable, the acquisition, improvement, renovation, rehabilitation, or new construction of the Facility, and the contemplated use of the Real Property and, if applicable, the Facility, and compliance with the requirements contained in this Agreement, and upon request shall allow or cause the entity which is maintaining such items to allow the State Entity, auditors for the State Entity, the Legislative Auditor for the State of Minnesota, or the State Auditor for the State of Minnesota, to inspect, audit, copy, or abstract, all of its books, records, papers, or other documents relevant to the Grant. The Grant Recipient shall use or cause the entity that is maintaining such books and records to use generally accepted accounting principles in the maintenance of such books and records, and shall retain or cause to be retained all of such books, records, documents, and other evidence for a period of 6 years from the date that the Predesign Stage has been completed and, if applicable, for a period of 5 years from the date of the Grant Recipient’s acquisition of an interest in and, if applicable, the improvement of the Real Property and, in addition and if applicable, the acquisition, improvement, renovation, rehabilitation, or new construction of the Facility.