Record Keeping

  1. Colleges are required to keep intact and accessible all financial records, supporting source documents, statistical records, and other records pertinent to the grant. These include but are not limited to; invoices and backup documentation which supports the expenditure, purchase requisitions, purchase orders, contracts, and associated backup documentation, check logs and check registers, collections and disbursement of funds, and journal entries pertinent to grants and contract.
  2. The Attorney General’s Office requested that retention schedules be submitted for revision. This was accomplished and the State Records Commission extended the requirement to six (6) years.
  3. For funds allotted to a State for any program year, records must be retained for six years following the date on which the annual expenditure report containing the final expenditures charged to the program year’s allotment is submitted to the Department of Education. This equates to an effective period of nine (9) years (i.e. Grant received 10/1/10 and the final report due on 12/31/13. Six years from due date of final report is 12/31/19.)
  4. The awarding agency, the Department of Education (including the Department of Education’s Office of the Inspector General), and the Comptroller General of the United States, or any of their authorized representatives, have the right of timely and reasonable access to any books, documents, papers, computer records, or other records of colleges and sub-colleges that are pertinent to the grant, in order to conduct audits and examinations, and to make excerpts, transcripts, and photocopies of such documents. This right also includes timely and reasonable access to college and sub-college personnel for the purpose of interview and discussion related to such documents. The right of access in this section is not limited to the required retention period but last as long as the records are retained.