Purpose

To provide a record of the establishment and administration of individually sponsored awards on restricted funds.

Applicability

All employees.

Policy

Document compliance with fiscal reporting requirements, including billing information for accounts receivable to sponsoring agencies.  Awards may be federal, state, commercial, or non-profit.   This may include but is not limited to: proposal; project summaries; grant authorizations; contract documents; project budget change and adjustment forms; invoices; receipts; cashier’s receipts; equipment purchase orders; prior approval request forms; account request forms; vendor telephone contact logs; subcontracts; grants and contracts monthly budget summary statements; institution billings; balance sheets; SF272 reports for grants and contracts that are operating on direct payments; final financial reports; property reports; patent/invention reports; contractor’s release reports; assignment of refunds and rebate documents; equipment disposition reports; and related documentation and correspondence.

Procedure

Office of Post Award Administration:

1. Retains Record Copy
   Retention Period:

• 5 years after final financial report is submitted and the fund is closed, or
• for awards that are renewed quarterly or annually, 5 years after quarterly or annual financial report is submitted unless specified as longer by the terms of the contract.

Business Affairs:

1. Retains all invoices, ledgers, reconciliation statements, etc. for the required time period.

Unit/Department/PI:

1. Retains Copy of Record
   Record Retention:

• 3 years after final financial report is submitted and the account is closed, or
• for awards that are renewed quarterly or annually, 3 years after quarterly or annual financial report is submitted unless specified as longer by the terms of the contract, or
• 3 years after audit, whichever is longer.

1. Required to keep Time card backup for all students and persons paid on hourly wage.  These must be kept for the entire duration of the award and 3 years after the award termination date.  If these are not separated out by funding source, it is recommended keeping these for 8 years.
2. Should keep any correspondence with the sponsor and all technical reports and deliverables for the 3-year retention period.  Do not keep paper purchase orders (PO) if the PO is in Banner (eliminate duplication).  Retention of packing slips is not required unless specifically noted in award terms and conditions.  If it is a ‘sensitive contract’ that requires lots of backup, keep everything connected with that agreement for 3 years after end date.