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 Sec. 80.42;
(d) Property management requirements in Secs. 80.31 and 80.32; and
(e) Audit requirements in Sec. 80.26.
(Authority: 20 U.S.C. 3474; OMB Circular A-102)