Effective: 10/25/2005
| Revised: |
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Destroys outdated and useless records.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 Regulation 05.08.01 (Currently under revision)
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. | Five 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.
