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
List archives at http://lists.ufl.edu/archives/recmgmt-l.html
Contact [log in to unmask] for assistance