Or. Admin. R. 732-040-0020 – Accounting Requirements

(1) The Agency shall account separately for moneys in the STIF Formula Fund, Discretionary Fund, and Intercommunity Discretionary Fund.
(2) Recipients shall manage STIF moneys in separate governmental accounts for each of the applicable STIF funds: STIF Formula Fund, STIF Discretionary Fund, and STIF Intercommunity Discretionary Fund. Any interest accrued must be added to the moneys and must be reported to the Agency 60 days after the end of the Fiscal Year in which it was earned.
(3) Recipients shall document the expenditure of all STIF funds disbursed by the Agency. Recipients shall create and maintain all expenditure records in accordance with generally accepted accounting principles and in sufficient detail to permit the Agency to verify how the STIF funds were expended.
(4) Record Retention:
1. (a) Recipients shall maintain all financial records for at least three years after the Agency’s final disbursement under the STIF Plan or grant agreement; and
2. (b) Recipients shall maintain all records relating to Capital Assets for three years after disposition.

ORS 184.619, 184.758 & 184.761

ORS 184.751-184.766