Financial Records Retention for Sponsored Programs
Handbook Section and Topic Page Links
Section 1: Introduction
Section 2: Proposal and Budget Development
- Charging Administrative Expenses
- Accounting for Unallowable Costs
- Application of Facilities and Administrative (F&A) Cost Rates
- Facilities and Administrative (F&A) Cost Waivers
- Personnel Costs
- Fringe Benefit Rates
- Institutional Base Salary
- Cost Sharing
Section 3: Managing Awards
- Opening or Modifying a Project
- Prior Approvals
- No-Cost Extension
- Cost Transfers
- Effort Reporting
- Salary Cap Administration
- Program Income
- Clinical Trials Financial Management
- Managing Sponsor Payments
Section 4: Travel and Procurement
- Domestic and Foreign Travel
- Memberships, Subscriptions, and Professional Activities
- Managing Subawards
- Small Business Program
- Managing Equipment Acquired with Federal Funding
- Recharge Center Policy
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:
- If any litigation, claim, or audit is started before the expiration of the three-year period, the records shall be retained until all litigation, claims or audit findings involving the records have been resolved and final action taken.
- Records for real property and equipment acquired with Federal funds shall be retained for three years after final disposition.
- When records are transferred to or maintained by a Federal sponsor, the three-year retention requirement is not applicable for NYU.
- Indirect cost rate proposals:
- If submitted for negotiation, the three-year retention period for its supporting records starts on the date of such submission.
- If not submitted for negotiation, the three-year retention period starts at the end of the fiscal year (or other accounting period) covered by the proposal.
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:
- Maximus Effort Reporting System (ERS)
- Journal Entry Management System (JEMS)
- AP Workflow
- Accounts Payable
- iBuy NYU
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.
SPA 017: Closing and Award
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:
- Award Closeout for Sponsored Programs
- Financial Record Retention for Sponsored Programs
- Defining Closeouts (5:30 min.)
- Record Retention (5 min.)
- Award Closeout (8:30 min.)
Total Duration: 19:00 minutes