4.3 Records Retention
Service Center charges are subject to audit as long as the grants or contracts which they charge remain subject to audit. Service centers are also subject to periodic review by the University’s Internal Audit department and by external auditors to evaluate compliance with established University policies and accounting practices.
Retain financial records 4 years
If under litigation or audit -7 years after resolution
- Retain salary support documents 4 years
- Charges to grants and contracts are subject to audit 4 or more years after the project is closed.
Each service center must, at a minimum, retain the following: Documentation of the proposal for the establishment and approval of a new service center. Documentation as to how the rate(s) were calculated. RFCS' rate approval letter(s). Supporting documents related to expenses incurred, including salary data for all current employees. Records supporting utilization (level of activity). Records supporting the amount and basis of user billings (revenues).
Charges to grants and contracts are subject to audit at least three, and sometimes four or more, years after the project expires and is fully settled. Since some projects run over ten years, there is no simple rule-of-thumb holding period for retention of records.