As a general practice, Indiana State University requires for records to be retained for seven years. Project Directors are to maintain project documentation records for seven years after their project’s end date unless the record retention period specified by Federal and or State law or contract is longer. When destroying records after the retention period, please track the components to know quickly what has been destroyed.
FAR Part 52.215…………………states records must be available for audit 3 years after final payment.
OMB Circular A-110______.53 Retention and access requirements for records.
This section sets forth requirements for record retention and access to records for awards to recipients. Federal awarding agencies shall not impose any other record retention or access requirements upon recipients.
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 3-year period, the records should be retained until all litigation, claims or audit findings involving the records have been resolved and final action taken.
Records for real property and equipment acquired with Federal funds shall be retained for 3 years after final disposition.
When records are transferred to or maintained by the Federal awarding agency, the 3-year retention requirement is not applicable to the recipient.
Indirect costs rate proposals, cost allocations plans, etc as specified in paragraph_____.53
Grantees generally must retain financial and programmatic records, supporting documents, statistical records, and all other records that are required by the terms of a grant, or may reasonably be considered pertinent to a grant, for a period of 3 years from the date the annual FSR is submitted. For awards under SNAP (other than those to foreign organizations and Federal institutions), the 3-year retention period will be calculated from the date the FSR for the entire competitive segment is submitted. Those grantees must retain the records pertinent to the entire competitive segment for 3 years from the date the FSR is submitted to NIH. Foreign organizations and Federal institutions must retain records for 3 years from the date of submission of the annual FSR to NIH. See 45 CFR 74.53 and 92.42 for exceptions and qualifications to the 3-year retention requirement (e.g., if any litigation, claim, financial management review, or audit is started before the expiration of the 3-year period, the records must be retained until all litigation, claims, or audit findings involving the records have been resolved and final action taken). Those sections also specify the retention period for other types of grant-related records, including F&A cost proposals and property records. See 45 CFR 74.48 and 92.36 for record retention and access requirements for contracts under grants.