Records Management & Retention

Grantees are required to keep intact and accessible all financial and programmatic records, supporting documents, statistical records and other records pertinent to an award. The records retention and custodial requirements extend not only to the records of the grantee but also to those of its sub-grantees, contractors, and subcontractors. Records must be retained for a period of no less than five years or longer as specified in each agreement.

Property Management

A grantee's property records for nonexpendable personal property (e.g., equipment) acquired under the grant must be retained for three years after the final disposition of the property. Records should include the following:

  • Description of property.
  • Manufacturer's' serial number, model number, Federal Stock Number, National Stock Number, or other identification number.
  • Source of the property, including grant or agreement number.
  • Property title holder.
  • Acquisition date and cost.
  • Percentage (at the end of the budget year) of federal participation in the project or program for which the property was acquired.
  • Location, use, condition, and the date the information was reported.
  • Unit acquisition cost.
  • Ultimate disposition data, including date of disposal, sales price, or method used to determine fair market value where a grantee compensates the agency for its share.

Grantees must:

  • Take a physical inventory at least every year with the results reconciled with property records. The inventory should verify the existence, current use, and continued need for the property.
  • Establish a control system of adequate safeguards and maintenance to prevent loss, damage, or theft.
  • Maintain property in good condition.
  • Use selling procedures that provide for competition that will result in the highest possible return.

It is the responsibility of the PI to notify UWF Property of any need to transfer or relocate property, check out property for off-campus use of 1-10 days or in excess of 10 days, to request survey of property, or to report missing/stolen property. Forms for property actions are available at the Financial Services web site and must be routed through RSP for signature before final routing to Property.