Section 1: Introduction
Section 2: Proposal and Budget Development
Section 3: Managing Awards
Section 4: Travel and Procurement
Section 5 Closing an Award
It is the policy of New York University that all financial records and supporting documentation for Federal awards are retained in accordance with the OMB Uniform Guidance unless a longer duration is required by the sponsor. For all other awards, records should be retained in accordance with sponsor requirements.
For Federal awards, financial records, supporting documents, statistical records and all other records pertinent to an award shall be retained for three years from the date of submission of the final expenditure report or, for awards that are renewed quarterly or annually, from the date of the submission of the quarterly or annual financial report, as prescribed by the sponsor. The only exceptions are the following:
For non-Federal sponsors, retention requirements will vary with the sponsor. New York State, for example, has a six-year retention period. The grant award should specify the specific timeframe.
Departments must maintain any documentation, including emails, to support charges to a sponsored project that were not previously submitted through University administrative systems such as:
All P-Card holders must retain documentation for such purchases irrespective of the procedures outlined for all other sources. Documents may be imaged provided information is legible and not missing any pages.
Open SPA 017: Closing an Award (NYUHome login required)
This learning module will discuss the closeout process, and will cover the following policies outlined in the SPA Handbook:
- Defining Closeouts (5:30 min.)
- Record Retention (5 min.)
- Award Closeout (8:30 min.)
Total Duration: 19:00 minutes