Post assistance requirements...
Reports
As a condition of continued guaranty coverage, the holder of the loan must notify the guaranteeing VA office of the borrower's default on installment payments or other contract terms, and of any substantive changes in the terms of the contract or the guaranty. Reporting time limitations are specified in VA regulations.
Note:
This section indicates whether program reports, expenditure reports, cash reports or performance monitoring are required by the Federal funding agency, and specifies at what time intervals (monthly, annually, etc.) this must be accomplished.
Audits
VA has the right to audit loan accounting records until expiration of the guaranty.
Note:
This section discusses audits required by the Federal agency.
The procedures and requirements for State and local governments and nonprofit entities are set forth in OMB Circular No. A-133.
These requirements pertain to awards made within the respective State's fiscal year - not the Federal fiscal year,
as some State and local governments may use the calendar year or other variation of time span designated as the fiscal year period,
rather than that commonly known as the Federal fiscal year (from October 1st through September 30th).
Records
Until VA ceases to be liable as the guarantor of a loan, the lender or loan holder must maintain adequate records on the amount and dates of payments received and disbursements made on guaranteed loans.
Note:
This section indicates the record retention requirements and the type of records the Federal agency may require.
Not included are the normally imposed requirements of the General Accounting Office.
For programs falling under the purview of OMB Circular No. A-102, record retention is set forth in Attachment C.
For other programs, record retention is governed by the funding agency's requirements.