Instructional Leadership, emphasis: K-12 School Leadership (MEd)
Rows of electronic computer equipment, including lights and displays, in a dark environment.
  1. IN
  2. NAU Research
  3. Proposal and award management
  4. Project closeout
  5. Record retention

Record retention

Record retention establishes how long university sponsored project records must be maintained to comply with sponsor requirements and Comptroller Policy (CMP) 103.

What is record retention?

Records retention is the term applied to safeguarding of important records that document decisions, policies, financial transactions, and internal controls. NAU’s Sponsored Projects Records Retention Policy ensures that NAU maintains the integrity of the records for an appropriate and/or required period of time.

Historically, records were maintained on paper, but today they also include other formats, such as electronic records.

Background

Departments should retain financial records in order to comply with sponsor restrictions and Arizona State Law. Under the terms of awards to NAU, sponsors and auditors have the right to access all official university records associated with a project. NAU is obligated to make such records available for examination. Maintaining source documents is a means to substantiating charges to grants and contracts. Interdepartmental billing computations and receipt acknowledgements for services or materials are particularly important source documents for this purpose.

Departmental record retention

All NAU departments for the periods listed below shall retain financial records for sponsored projects.

Types of recordsRetention periodComments
Interdepartmental billing computations, receipt acknowledgements, and other documents of servicing departments substantiating interdepartmental charges5 years after the fiscal year prepared or 3 years after submission of the grant/contract final financial report, whichever is longer.Failure to adhere to this policy could result in cost disallowances to NAU and possible charge-backs of previous billings to departments.
Documentation of purchases made with an NAU Purchasing Card. Documentation includes itemized cash register receipts and other point of sale documents that specify what was purchased.5 years after the fiscal year prepared or 3 years after submission of the grant/contract final financial report, whichever is longer.All documentation for Purchasing Card transactions is maintained in the department making the purchase. The documentation must be available for review/audit as indicated for the required retention period.
Cash receipts and cash register tapes5 years after the fiscal year prepared or 3 years after submission of the grant/contract final financial report, whichever is longer.