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Title: Records Retention
Subject: Contracting and Procurement
Policy No: FIN: 2015:11                                                                                             
Applies: University-Wide                   
Issuing Authority: President
Responsible Officer: SeniorVice President for Finance and CFO
Record Retention Manager: Christine Brasteter
Adopted: 12/02/2016
Last Revision: 11/18/2020
Last Reviewed: 11/1815/20202021

I.   PURPOSE

1. This policy is designed to meet legal and regulatory standards to ensure that public records are destroyed properly, with the additional benefits:
   1. Economies - Cost avoidance or savings through reduced purchase and maintenance of real estate, equipment and supplies; and
   2. Efficiencies - Increases in efficiency and safety through the removal of unnecessary files, and reductions in staff time allocated to managing unneeded files.
2. Avoidance of Potential Problems Associated with Noncompliance, such as:
   1. Unplanned expenses of financial settlements or loss of revenues
   2. Disruption of efficiency due to gaps in information
   3. Irretrievable loss of historical legacy

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