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RECORD
RETENTION
The
University is required to retain all contract-related records (federal
and non-federal) in accordance with the Commonwealth of Virginia, The
Library of Virginia Record Retention and Disposition Schedule for
College and University Records. Although, federal grantee records
are required for three years, Virginia Commonwealth University must
retain accounting and administration records for five years or in
accordance with contract or grant stipulations, whichever is greater,
then destroyed once an approved "Records Retention and Disposition
Schedule" has been obtained.
See:
Records Management This
means the university retains grant-related financial records for the
current fiscal year, plus five more years or until audited,
whichever is longer, except for the following items:
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Grants involved with
litigations or claims,
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Grants under audit,
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Records for
nonexpendable property acquired with federal funds, and
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Records transferred to
or maintained by the federal sponsoring agency.
Only the Office of
Sponsored Programs (OSP) and Office of Grants and Contracts Accounting (OGCA)
know when particular grants or contracts were audited. Departments
must verify a grant's or contract's audit status with OGCA before
destroying any related documents. For
the items in the OGCA list immediately preceding, the retention period
is dated from submission of the final expenditure report; for grants
renewed annually, the retention period dates from submission of the
annual financial status report. For records under audit, such
records should be retained not only until audits of such records are
completed, but until all audit findings are fully resolved or
negotiated.
Records
Management
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