Sec. 05.14.01.10. Record Keeping and Record Retention; Semiannual Reports

A. Record Keeping. Nonprofit organizations receiving an allocation of tax credits for an approved project shall keep the following records:

(1) Financial records in connection with the approved project;

(2) Records in connection with contributions from business entities or individuals that claim or expect to claim tax credits; and

(3) Semiannual reports described in §C of this regulation.

B. Record Retention. The records described in §A of this regulation shall be kept for at least 7 years from the completion of the project.

C. Semiannual Reports.

(1) Nonprofit organizations receiving an allocation of tax credits for an approved project shall provide the Program with reports on the project on a semiannual basis.

(2) Each semiannual report shall contain the information and be in the form required by the Program.

(3) The Program may elect to change the frequency of reporting from time to time, in its discretion.