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The Office of the Controller maintains the official copy of financial
records, except in the case of time cards and EASY receipts, where
the department maintains the official records for a period of seven
years. All records are maintained consistent with federal requirements
for grants, contracts and taxes.
Financial records (electronic and paper), supporting documents,
correspondence, statistical records, records for real property and
equipment acquired with federal funds, and all other records pertinent
to a sponsored award or tax return shall be retained for a period
of seven years quarterly or annually, from the date of submission
of the quarterly or annual financial report or seven years from
the filing date of the University's tax returns. Departments need
to be aware of any specific language in a contract that dictates
the length of record retention. For non-sponsored accounts, financial
records are to be retained at least seven years from the date the
tax returns are filed. If any litigation, claim, or audit is started
before the expiration of the seven year period, the records shall
be retained until all litigation, claims, or external audit findings
involving the records have been resolved and final action taken.
Items maintained by the Controller's Office include expenditure
statements, validated deposit advices, journal vouchers, transfer
forms, and supporting documents for disbursements such as invoices
check requisitions, and payroll forms. Copies of these documents
on file in originating departments are "convenience" copies
and may be discarded when no longer needed by the department.
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- Office
of the Controller-443-997-8151
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