Retaining sponsored research records is mandated by federal, state and local regulations, as well as VPF policy. Retaining records also provides a way to monitor activity and resolve problems.
Regulations
The Federal Acquisition Regulation (FAR), Uniform Guidance, the IRS and other federal, state, and local regulations govern the auditing and retaining of records. Retention requirements are typically defined by the type of award (grant, contract, cooperative agreement) and the sponsor (federal, non-federal, foundation).
- Federal awards that fall under OMB's Uniform Guidance: See Retention Requirements for Records § 200.334
- Federal contracts: See FAR Subpart 4.7 - Contractor Records Retention.
Retention Times and Responsibilities
Legal and audit requirements generally dictate how long financial and project records should be retained.
When requirements for long-term retention of records overlap, the responsible office should retain records for the maximum period needed to meet legal and audit requirements. Longer retention times apply to certain documents retained by central offices. For information on a specific document or category of documents, consult with the office responsible for processing that type of transaction.
Financial Records Retention
The VPF is responsible for retaining financial records uploaded to VPF financial systems. If locally storing paper or electronic records, follow the Financial Record Retention Chart retention times.
Scientific Data/Technical Records Retention
The Principal Investigator is responsible for retaining scientific and technical data per sponsor and award terms, as well as related compliance documentation.
Updated September 30, 2024