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Policies

Record Retention

Effective Date Apr 10, 2018

I. PURPOSE

The purpose of this policy is to comply with the Records Retention Checklist distributedby the Office of Purchasing. This policy is meant to standardize record retention within university departments.

II. SCOPE

The Director of Purchasing and the Controllers Office are responsiblefor compliance.

III. PROCEDURE

Records will be retained for the previous fiscal year within the respective department areas. Prior years will be labeled by department name, index and destroy date, and stored in accordance with the Property Administration supervisor's instructions. Records will be destroyed at the end of required retention date unless other arrangements are made with Property Administration.

IV. GUIDELINES

Retention Schedule

By systematically following the check list below of many common business documents you should be able to reduce unnecessary records to a minimum. Developed as the requirements specified in over 900 federal and state regulations, the list summarizes the practices of a large number of companies.

Statute of limitations

Many business managers feel that they must keep all original records for at least a certain time (six years is most quoted), after which no action can be brought against them. In fact, there is no single statute of limitations-there are dozens of them, and the time period for each statute varies depending on the particular law and state. Record-keeping policies must be guided by the rule of reason and the probability and dollar amount of risk involved-not by statutes of limitations alone. KPMG Peat Marwick guidelines approved June 2001.