Procurement Services 112: Purchasing Records Retention (Interim)

Purpose

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  • Destroys outdated and useless records.

Reference

Board of Regents Policy & Regulation 05.08.022

UA Retention and Disposition Schedules

Policy

Purchasing records must be retained by UAA departments for the periods listed below:
 
                             Retention Periods for Purchasing Records
 

Type of Records

Retention Period

Comments

General Purchasing Records

Documentation of purchases made with a UAA Purchasing
Card.  Documentation includes itemized 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 five years.




Sponsored Project Records

UAA Purchasing Card documentation.  Documentation
includes itemized cash register receipts and other point of sale
documents that specify what was purchased.

Three years
after the
submission of
the last
financial
report on the
project

If any litigation, claim, or audit has started before the
expiration of the three year period, 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: 10/25/2005