Click here to access the Record Retention section of the Post-Award Sponsored Projects Guide on page 43.
Record retention is critically important where sponsored projects are concerned because under the legal terms of awards to the University, auditors have the right to access all official University records associated with a project. Furthermore, the University is obligated to make such records readily available for examination.
Uniform Guidance governs the retention and disposition of records pertaining to Federal awards. Financial records, supporting documents, statistical records, and all other records pertinent to an award shall be retained for a period of three years from the date of submission of the final expenditure report or, for awards that are renewed quarterly or annually, from the date of the submission of the quarterly or annual financial report, as authorized by the Federal awarding agency. The only exceptions are the following.
- If any litigation, claim, or audit is started before the expiration of the three-year period, the records shall be retained until all litigation, claims or audit findings involving the records have been resolved and final action taken
- When the University is notified in writing by the Federal agency or pass through entity to extend the period
- Records for real property and equipment acquired with Federal funds shall be retained for three years after final disposition.
As part of the OCGA closeout process a financial record retention date is calculated and input into PeopleSoft.
- Calculated as 3 years plus 1 month on the greater of:
- Submission of final financial/invoice
- Receipt of final payment
- End date of the award
However, if the record retention regulations relative to a sponsor or a specific award are longer than those of the campus, they must be followed.