This policy is intended to ensure that the university:
Meets legal standards.
Optimizes the use of space.
Minimizes the cost of record retention.
Destroys outdated and useless records.
Board of Regents Regulation 05.08.01 (Currently under revision)
Financial records must be retained by UAA departments for the periods listed below:
Retention Periods for Financial Records
Type of Records
|General Financial Records || || |
|Interdepartmental billing computations, |
receipt acknowledgments, and other
documents of service departments
substantiating interdepartmental charges
|Five years ||Failure to adhere to this policy could |
result in cost disallowance to UAA and
possible charge-backs of previous billings
|Documentation of purchases made with a |
UAA Purchasing Card. Documentation
includes cash register receipts and
other point of sale documents that specify
what was purchased.
|Seven years ||All documentation for Purchasing Card |
transactions is maintained in the
department making the purchase. The
documentation must be available for
review/audit for seven years.
|Cash receipts details and cash register tapes ||Three years || |
|Departments with delegated journal |
voucher entry and approval authority will
be responsible for the retention of the
|Supporting documentation must be |
retained until it has been transmitted to
Statewide Fund Accounting for
microfilming (approximately 18 months
after the end of the fiscal year).
|Reconciliation forms and supporting |
documentation for ticket, pass and permit
sales must be retained to substantiate
|Three years || |
|All other financial records including |
accounting system printouts
|Three years ||Financial Services typically maintains a |
copy of these records for seven years.
|Sponsored Project Records || || |
Project documentation including the
- Credit card purchase documentation
- Progress, technical, intellectual
property and equipment inventory
- Correspondence pertaining to the award
|Retention Period |
report on the
|If any litigation, claim, or audit has started |
before the expiration of the three year
period, the records should be retained
until the findings involved have been resolved.
Departments with limited storage space may contact Material Management
for information on storage alternatives.Effective: 07/10/2005, Revised: 6/27/2007