Record Keeping. Community foundations receiving an allocation of tax credits for an approved qualified permanent endowment fund shall keep the following records: Financial records in connection with the approved qualified permanent endowment fund; Records in connection with donations from taxpayers that claim or expect to claim tax credits; and Quarterly reports described in §C of this regulation. Record Retention. The records described in §A of this regulation shall be kept for at least 7 years from the allocation of the tax credits. Quarterly Reports. Community foundations receiving an allocation of tax credits for donations to an approved qualified permanent endowment fund shall provide the Department with reports on the qualified permanent endowment fund on a quarterly basis. Each quarterly report shall contain the information and be in the form required by the Department. The Department may elect to change the frequency of reporting from time to time, in its discretion.