Borrowers must adopt a system of accounts for maintaining financial records acceptable to the Agency, as described in 7 CFR part 1770, subpart B.

Borrowers must submit annual audited financial statements along with a report on compliance and on internal control over financial reporting, and management letter in accordance with the requirements of 7 CFR part 1773. The Certified Public Accountant (CPA) conducting the annual audit is selected by the borrower and must be approved by RUS as set forth in 7 CFR 1773.4.

Borrowers must comply with all reasonable Agency requests to support ongoing monitoring efforts. The Borrower shall afford RUS, through its representatives, reasonable opportunity, at all times during business hours and upon prior notice, to have access to and the right to inspect the Broadband System, and any other property encumbered by the Mortgage, and any or all books, records, accounts, invoices, contracts, leases, payrolls, timesheets, cancelled checks, statements, and other documents, electronic or paper of every kind belonging to or in the possession of the Borrower or in any way pertaining to its property or business, including its subsidiaries, if any, and to make copies or extracts therefore.

Borrower records shall be retained and preserved in accordance with the provisions of 7 CFR part 1770, subpart A.

Borrowers must submit semiannual reports for 3 years after completion of the project. The reports must include the following information:

The purpose of the financing, including new equipment and capacity enhancements that support high-speed broadband access for educational institutions, health care providers, and public safety service providers (including the estimated number of end users who are currently using or forecasted to use the new or upgraded infrastructure);

The progress towards fulfilling the objectives for which the assistance was granted, including:

The number and location of residences and businesses that will receive service at or greater than the broadband lending speed;

The types of facilities constructed and installed;

The speed of the broadband services being delivered;

The average price of the broadband services being delivered in each proposed service area;

The broadband adoption rate for each proposed service territory, including the number of new subscribers generated from the facilities funded; and

Any other reporting requirements established by the Administrator by notice in the Federal Register.