Why keep records?
Public money is ultimately accountable to the tax payer and you should expect to be asked to make regular and detailed reports of activities and expenditure as well as keeping detailed records. It is essential that you keep all the paperwork (and computer files).
- all correspondence with the funder (including emails)
- the approved application form or letter
- a contract if there is one
- any guidance notes issued by the funder
- all claims and monitoring reports sent to the funder
- details of any agreed changes to the activity
- Written confirmation of any important advice you have received over the phone from the funder (you will probably need to ask for this or send an email with notes of your conversation)
- Working papers to show how the budgets and reports were calculated throughout the project.