(b) The grantee retains the following documents on file for three (3) years or until audited, whichever is later:

1. (1) A copy of the original grant agreement;
2. (2) A list of all project expenditures;
3. (3) All project expenditure invoices; and
4. (4) All documentation of receipt and expenditure of matching funds.

(d)

1. (1) The grantee shall submit a final report to the Arkansas Economic Development Commission at the completion of the project to close out the grant.

2. (2) This report shall:

   1. (A) Be submitted to the commission no more than sixty (60) days following the project’s completion or within the twenty-four-month period of the grant award, whichever comes first;
   2. (B) Include canceled checks and receipts of all funds expended;
   3. (C) Document all received and expended cash matching funds;
   4. (D) Include invoices for all professional in-kind labor donations; and
   5. (E) Include the state’s portion of any unspent or improperly expended grant funds.
3. (3) All expenditures will be subject to audit by the State of Arkansas.
4. (4) A grantee may be subject to an on-site review of the final project by the commission to close out the grant.