The closeout of a grant does not affect:

(a) The Federal agency's right to disallow costs and recover funds on the basis of a later audit or other review;

(b) The grantee's obligation to return any funds due as a result of later refunds, corrections, or other transactions;

(c) Records retention as required in § 97.42;

(d) Property management requirements in §§ 97.31 and 97.32; and

(e) Audit requirements in § 97.26.