Written by Justo Torres, Director, Contracts and Grants.
This month’s Finance Division Knowledge Base spotlight is on “How long should I keep contracts and grants records?”
The determination of how long to keep contract and grants records is a critical one. Errors in record retention could lead to significant audit findings, both for not retaining records long enough or for keeping records too long.
Typically, retention periods are set by a term in the contract, grant, sponsor policy or federal regulation.
For most federal awards, we retain financial and programmatic records, supporting documents, statistical records and all other records that are required by the terms of a grant for a period of three years from the date the annual Federal Financial Report (FFR) is submitted. This typically means for a period of three years from the proper closeout of an award. A slower closeout means longer retention periods. A longer retention period means a longer period of time an award is subject to audit.
In addition to the sponsor or federal requirements, university policies and procedures should be followed. REG 01.25.12 – University Record Retention and Disposition Regulation governs the retention and disposal process.
Questions about records retention?
Please contact Allison Nelson at the Office of Contract and Grants.