General. (1) This section outlines the procedure to be followed in the preparation of closeout documents for the FAP.
The period between the completion of construction and submission of the closeout documents to RUS should not exceed 60 days.
Documents. The documents required to close the FAP are listed in the following table. The following is a brief description of the closeout documents:
Closeout procedures. (1) The borrower shall notify the GFR when the project is ready for final inspection.
The GFR shall be invited to make the final inspection accompanied by the engineer and the borrower.
The borrower shall correct all deficiencies found during the final inspection.
The borrower may request the assistance of an RUS field accountant to review the borrower's record of construction expenditures and assist the borrower with any accounting problems in connection with construction expenditures.
After inspection, the final inventory documents shall be assembled as indicated in the table in this section. RUS Forms 817, 817a, and 817b are to be submitted to GFR only if the amount of the closeout exceeds the original force account proposal by 20% or more. Otherwise, the final inventory documents are to be assembed and retained by the borrower for at least two years.
Upon approval of the closeout documents, RUS will notify the borrower of approval and of any adjustments to be made in funds advanced in connection with the construction.
The above are not intended to be a complete description of the requirements of the documents relating to RUS's closeout procedure. Refer to the documents for additional requirements.
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