The closeout of a grant does not affect:

(a) The Federal agency's right to disallow costs and recover funds on the basis of a later audit or other review;

(b) The grantee's obligation to return any funds due as a result of later refunds, corrections, or other transactions;

(c) Records retention as required in §33.42;

(d) Property management requirements in §§33.31 and 33.32; and

(e) Audit requirements in §33.26.

[53 FR 8070, 8087, Mar. 11, 1988. Redesignated and amended at 57 FR 6199, 6201, Feb. 21, 1992]