Sec. 4215.10. Recordkeeping, auditing, and reporting

(a) Each administering corporation shall maintain adequate books and records of its activities hereunder and shall submit annual reports to the corporation describing the financial assistance provided pursuant to this Part, including:

(1) the number of projects assisted;

(2) the amount and type of each loan approved or advanced;

(3) a description of each project assisted by each loan;

(4) the number of jobs created or retained by each project;

(5) the amount of principal and interest of each loan outstanding;

(6) an itemized accounting and documentation of administrative costs incurred in connection with administering the financial assistance programs set forth hereunder, and paid for with disbursements from an administrative expense trust fund account; and

(7) such other information as the corporation may require.

(b) The corporation shall periodically and annually audit each administering corporation to ensure conformity of all aspects of loan transactions and the use of disbursements from the administering corporation's administrative expense trust fund account with the substantive and procedural provisions of this Part. In the event that the corporation finds instances of substantive noncompliance by an administering corporation with any of the provisions of this Part and such instances were, or should have been, known to be in noncompliance, the administering corporation shall be obligated to return, within a reasonable time, upon demand by the corporation, any funds advanced from the minority and women revolving loan trust fund account or its administrative expense trust fund account, as the case may be, that were used in such instances. The corporation may withhold the administering corporation's allocation within a minority and women revolving loan trust fund account and an administrative expense trust fund account until such time as the administering corporation is in full compliance with all of the provisions of this Part.