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Destroys outdated and useless records.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. | 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.
