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A close-out audit will be performed by the Office of the Budget or its representative for all projects. The Applicant will not be required to pay for this audit. A portion of the final grant proceeds
shall be retained by the Office of the Budget until the completion of the legislatively-mandated final close-out audit. The commonwealth may withhold up to 10% of the grant value from the last payment request. This percentage may be reduced at the discretion of the Office of the Budget.
Executed Grant Agreements between the commonwealth and a successful Applicant, who then becomes a Grantee, include requirements as to “records and audits.” Generally, the Grantee, among other things, is required to:
- Maintain books, records, documents, correspondence and evidence pertaining to the costs and expenses to the project funded with the agreement.
- Retain records 1) seven (7) years after final payment is made by the Grantee with funds awarded via the agreement; 2) seven (7) years after the contract has expired; or 3) seven (7) years after the effective date of any termination of the agreement.
- Provide access to commonwealth auditors or its representatives during the term of the agreement and after as specified in the agreement for record retention.
- Repay to the commonwealth with interest amounts that were expended on ineligible costs, unless otherwise directed in writing by the Office of the Budget.