Records Management
Determining Retention Requirements
In determining the retention requirements of public records, four values must be evaluated to assure that the records will fulfill their reason for creation and maintenance. These are the administrative, legal, fiscal and the historical value. These four values have been considered in depth to determine the retention requirement of the records listed herein. There are two particular financial factors which may impact the retention period of an agency's records.
A. Audits - Audits are the means by which independent auditors examine and express an opinion on financial statements and, as applicable, report on public agencies compliance with laws, regulations, and internal controls.
There are various types of audits. Financial audits include (1) an examination of financial statements in order to express an opinion on the fairness with which they present a financial position, results of operations, and changes in financial position in conformity with general accepted accounting principles; (2) an examination to determine whether operations are properly conducted in accordance with legal and regulatory requirements; and (3) an examination of any additional financial information necessary to comply with general accepted accounting principles. As applicable, the scope of the financial audit shall include any additional auditing activities necessary to comply with the term "financial statement audit" as defined and used in Government Auditing Standards (1994 Revision). Also as applicable, the scope of a financial audit shall encompass the additional activities necessary to establish compliance with the Single Audit Act Amendments of 1996, Public Law 104-156 (21 U.S.C.A. ss. 7501 to 7507); United States Office of Management and Budget (OMB) Circular A-133; and other applicable Federal law.
Audits may be conducted by independent public accountants, state or federal auditors as well as grant funding agencies and national or statewide professional accreditation or certification groups. Performance audits examine the economy and efficiency and/or effectiveness of applicable programs, activities, or functions.
B. Grants - Any public agency receiving local, state, or federal grant money will need to familiarize themselves with grantor-agency requirements. For additional information on grant-related record keeping, please contact the Division of Contracts and Grants or Records management Offices.
