A system of monthly and quarterly financial reports is prescribed during the development period. Reports are required to be submitted within 15 days after the end of the respective calendar month or calendar quarter. The first monthly report shall be made as of the end of the month in which the first advance of loan funds, whether by State or sources other than the State, has been made. The first quarterly report shall, similarly, be made as of the end of the calendar quarter in which the first advance of loan funds has been made. The requirement to submit monthly reports shall cease when the project has been declared substantially completed, unless the division shall request the local agency to continue to submit monthly reports beyond the date of substantial completion. For detailed instructions with respect to the preparation of financial reports during the development period, see Subpart 1646-7.

Quarterly reports are required to be submitted during the operating period within 15 days after the close of each calendar quarter included in that period. Monthly reports are required to be submitted only if specifically requested by the division. For detailed instructions with respect to the preparation of financial reports during the operating period, see Subpart 1647-8.