---
kind: "section"
citation: "13 C.F.R. § 108.600"
title: "13"
number: "108.600"
heading: "General requirement for NMVC Company to maintain and preserve records."
url: "https://uscodex.org/cfr/13/108.600"
---

# §108.600. General requirement for NMVC Company to maintain and preserve records.

- (a) **Maintaining your accounting records.** You must establish and maintain your accounting records using SBA's standard chart of accounts for SBICs, unless SBA approves otherwise. You may obtain this chart of accounts from SBA.
- (b) **Location of records.** You must keep the following records at your principal place of business or, in the case of [paragraph (b)(3)](#b-3) of this section, at the branch office that is primarily responsible for the transaction:
  - (1) All your accounting and other financial records;
  - (2) All minutes of meetings of directors, stockholders, executive committees, partners, or other officials; and
  - (3) All documents and supporting materials related to your business transactions, except for any items held by a custodian under a written agreement between you and a Portfolio Concern or non-SBA lender, or any securities held in a safe deposit box, or by a licensed securities broker in an amount not exceeding the broker's per-account insurance coverage.
- (c) **Preservation of records.** You must retain all the records that are the basis for your financial reports. Such records must be preserved for the periods specified in this [paragraph (c)](#c), and must remain accessible for the first two years of the preservation period.
  - (1) You must preserve for at least 15 years or, in the case of a Partnership NMVC Company or LLC NMVC Company, at least two years beyond the date of liquidation:
    - (i) All your accounting ledgers and journals, and any other records of assets, asset valuations, liabilities, equity, income, and expenses.
    - (ii) **Your Articles, bylaws, minute books, and NMVC Company application.**
    - (iii) All documents evidencing ownership of the NMVC Company including ownership ledgers, and ownership transfer registers.
  - (2) You must preserve for at least six years all supporting documentation (such as vouchers, bank statements, or canceled checks) for the records listed in [paragraph (b)(1)](#b-1) of this section.
  - (3) After final disposition of any item in your Portfolio, you must preserve for at least six years:
    - (i) **Financing applications and Financing instruments.**
    - (ii) **All loan, participation, and escrow agreements.**
    - (iii) **Size status declarations (SBA Form 480).**
    - (iv) Any capital stock certificates and warrants of the Portfolio Concern that you did not surrender or exercise.
    - (v) All other documents and supporting material relating to the Portfolio Concern, including correspondence.
  - (4) You may substitute a microfilm or computer-scanned or generated copy for the original of any record covered by this [paragraph (c)](#c).
- (d) **Additional requirement.** You must comply with the recordkeeping and record retention requirements set forth in Circular A-110 of the Office of Management and Budget. (OMB circulars are available from the addresses in [5 CFR 1310.3](/cfr/5/1310.3.md).)

## Notes

### Authority

Authority: 15 U.S.C. 689-689q.

### Source

Source: 66 FR 28609, May 23, 2001, unless otherwise noted.