An LEA must retain the records described in Sec. 222.9 until the later of--
(a) Three years after the last payment for a fiscal year; or
(b) If the records have been questioned on Federal audit or review, until the question is finally resolved and any necessary adjustments to payments have been made. (Authority: 20 U.S.C. 1232f, 7702, 7703, 7704, 7706)