Common use of Records to be kept Clause in Contracts

Records to be kept. 8.1 The Recipient must: (a) maintain and operate effective monitoring and financial management systems; and (b) keep a record of expenditure funded partly or wholly by the Grant, and retain all accounting records relating to this for a period of at least 12 years after the end of the Funding Period, or longer if required in accordance with the ESF Regulations as detailed in Clause 14. Accounting records include: original invoices, receipts, minutes from meetings, accounts, deeds, and any other relevant documentation, whether in writing or electronic form. 8.2 Where the Recipient is working in partnership and its partner(s) wish to retain such documentation, the Recipient should obtain from the partner(s): (a) an annual, written statement, signed by the partner’s treasurer, of how the money was spent; and (b) a signed undertaking that the partner will retain such documents for the period prescribed above.