8.2.6 Compliance Checklists

While an issuer’s debt administration and compliance activities should be documented in written procedures or desk manuals, agencies may also identify and track post issuance compliance responsibilities using task schedules and tickler reminders. If so, these tools should identify the frequency of the tasks (i.e., weekly, monthly, quarterly, and annually) and the name/title of staff or organizational unit responsible for completing them.

There are sample compliance checklists for the administration of tax exempt debt available from external sources, such as the NABL/GFOA Post Issuance Compliance Checklist. Many financial advisory firms also provide compliance checklists tailored to fit an issuer’s debt management strategy. Additionally, information on federal compliance requirements for tax advantaged bonds can be found on the IRS website.

The Final Report of the Task Force on Bond Accountability includes sample checklists for Debt Issuance and Management Review and Internal Control for Bond Requirements (see section titled “Internal Controls; Accountability of Bond Funds”).