(a) The State may conduct or require periodic audits to ensure Awardees are using funds consistent with the requirements and the terms of the Program, the related financing program, and this Article as approved. Awardees shall retain all documentation and financial data necessary to substantiate the purposes for which the financing funds were spent for a period of three years after the certification of completion and repayment of the debt or three years after the Program funds are no longer held in reserve, whichever is longer.

(b) Applicants and Awardees must avoid apparent and actual conflicts of interest when participating in grants from the U.S. Department of Education. U.S. Department of Education regulations at 34 CFR 75.525(a) prohibit a person from participating in an administrative decision regarding a project if (a) the decision is likely to benefit that person or his or her immediate family members; and (b) the person is a public official or has a family or business relationship with the Awardee. 34 CFR 75.525(b) provides further that an Awardee may not permit any person participating in a project to use his or her position for a purpose that is -- or gives the appearance of being -- motivated by a desire for a private or financial gain for that person or for others.

(c) When relying on federal funds to enter into a contract, a State or local entity benefiting from a grant must comply with 34 CFR 80.36. These standards require federal grant Awardees to develop written procurement procedures and to conduct all procurement transactions in a manner that provides, to the maximum extent possible, open and free competition. No employee, officer, or agent of the Awardee may participate in the selection, award, or administration of any contract supported by federal funds if a real or apparent conflict of interest exists.

(d) The Authority reserves the right to conduct site visits to any Charter School facility or project receiving a reservation of funds pursuant to this Article.

(e) Participants will be required to routinely submit documentation in order to support continued eligibility on at least an annual basis.

(f) Awardees shall comply with all State and Federal requirements throughout the award period.