Folks,
For those in institutions or entities that receieve federal grants and 
contracts the retention period of time sheets may be as much as ten 
years.  Most financial records for federal grants and contracts specify 
retention of ten after the close of the grant or contract (one assumes 
that a grant or contract renewal is the same as a new grant or contract 
and retention remains ten years on the original award). That could 
entail a retention period of up to, say, twenty years (grant or contract 
period + 10).  However, one may be able to negotiate this period down a 
few years but that entails working with one's primary audit agency.  The 
same stickey wicket applies here that others have mentioned; how does 
one know when the grant or contract fianally closes?  Our sponsored 
projects folk have negotiated a retention period of eight years after 
the fiscal year of creation regardless of how long the grant or contract 
may run.  This provides ample time (8 years) for auditing.

Dick King
Director, records Management & Archives
University of Arizona

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