Fiscal records

Federal awards

Retain records for three years after submission of the fiscal status report (annual or, if annual is not required, competitive segment) or after final payment under a federal contract. If any litigation, claim, or audit is started before the expiration of the three-year period, the records must be retained until all litigation, claims, or audit findings involving the records have been resolved and final action taken. Record retention under federal grants is governed by the Uniform Guidance, 2 CFR 200.334-338. Record retention under federal contracts is governed by the Federal Acquisition Regulation, FAR 52.215-2 Alt II.

U.S. state and city awards

Check the award terms. A number of these awards require that UMB retain fiscal records for six years; it is recommended that all records for projects funded under state and city awards be retained for six years.

International (in-country) activities

Check the award terms. Foreign governments may require a longer retention period than the those required by the State of Maryland, applicable Federal laws and requirements, and the applicable sponsor. Follow country office policies and procedures when applicable. If there is no country office, bring or send all receipts and other fiscal documentation to UMB (department/center/institute office) for retention, with a translation into English when applicable.

Other awards

Check the award terms and conditions or the sponsor’s written policies. If the sponsor or award document does not specify a specific time period to retain project records, follow the federal requirement (retain for three years after final payment under the award).