The countdown is based on server time, which is currently:
Updated August 2016
All applicants and service providers are required to retain receipt and delivery records relating to pre-bidding, bidding, contracts, application process, invoices, provision of services, and other matters relating to the administration of universal service for a period of at least ten years after the latter of the last day of the applicable funding year or the service delivery deadline for the funding request.
The current document retention requirement became effective upon announcement in the Federal Register on November 20, 2014. The suggested list of documents to be retained can be found in paragraphs 45-50 in the FCC's 5th Report and Order (FCC 04-190).
For example, if a service provider provides Internet access to an applicant for Funding Year 2015 (July 1, 2015 - June 30, 2016) both the applicant and the service provider must retain all records on this transaction until at least June 30, 2025.