General requirement for RBIC to maintain and preserve records.

CFR · 2024-01-01 · US · Title 7

(a) Maintaining your accounting records. You must establish and maintain your accounting records using SBA's standard chart of accounts for SBICs, unless the Agency approves otherwise. You may obtain this chart of accounts from SBA or at (b) (1) All your accounting and other financial records; (2) All minutes of meetings of directors, stockholders, executive committees, partners, members, or other officials; and (3) All documents and supporting materials related to your business transactions, except for any items held by a (c) (1) You must preserve for at least 15 years or, in the case of a Partnership RBIC or LLC RBIC, at least two years beyond the date of liquidation: (i) All your accounting ledgers and journals, and any other records of assets, asset valuations, liabilities, equity, income, and expenses; (ii) Your Articles, bylaws, minute books, and RBIC application; and (iii) All documents evidencing ownership of the RBIC including ownership ledgers and ownership transfer registers. (2) You must preserve for at least six years all supporting documentation (such as vouchers, bank statements, or canceled checks) for the records listed in paragraph (b)(l) of this section. (3) After final disposition of any item in your Portfolio, you must preserve for at least six years: (i) Financing applications and Financing instruments; (ii) All loan, participation, and escrow agreements; (iii) All certifications listed in § 4290.610 of this part; (iv) Any capital stock certificates and

official document · source cfr-2024 · id 7:§ 4290.600