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PCard Record Retention Policy

West Virginia University Policy
Division of Administration and Finance


WVU-PS-18

WV STATE PURCHASING CARD RECORD RETENTION POLICY

PURPOSE

The purpose of this policy is to set the guidelines for record retention within the West Virginia University’s PCard Programs.

SCOPE

This policy applies to all transactions placed on the West Virginia University (WVU) State or West Virginia University Research Corporation (WVURC) PCards.

POLICY
Record retention is required based on the type of documentation:

Application/Agreement/Maintenance/Training (Administrative):

Documentation must be maintained as long as the card is active or for two (2) years from the end of the fiscal year in which the last transaction was completed, whichever is longer.

To maintain compliance, WVU PCard Administration will be responsible for scanning and maintaining all administrative documents in accordance with the PCard requirements. Original paper documents will be destroyed upon confirmation of the electronic image. Individual WVU departments will not be responsible for maintaining any administrative-type documentation.

Hard Copy (Paper) Transaction Receipt Documentation for Non-Grant Funded Purchases:

Documentation must be maintained for a five (5) year period.

Hard Copy (Paper) Transaction Receipt Documentation for Grant Funded Purchases:

Documentation must be retained for a minimum of five (5) years, from the date of submission of the final expenditure report or, for awards renewed quarterly or annually, the date of the quarterly or annual final report, or longer if required by the Federal-awarding agency. The only exceptions are the following:

A. If any litigation, claim or audit is started before the expiration of the five-year period, the records shall be retained until all litigation, claims or audit findings involving the records have been resolved and final action taken.
B. If transaction detail records are requested by the Federal awarding agency and thus maintained by the Federal agency, the five-year retention requirement is not applicable.
C. Financial Services will inform departments of instances when records can be destroyed before the end of the five-year period.

To maintain compliance with all transaction-type documentation, each EBO is responsible for defining their internal document handling process through the Internal Control Document that is placed on file in PCard Administration.

Documentation within the retention period must be obtainable for PCard review purposes. Upon completion of each fiscal year, Procurement, Contracting and Payment Services will request approval from the State to destroy the oldest year of receipt documentation for State funded transactions. Once approval is obtained, notification will be communicated to the Departmental Card Coordinators that those documents may be destroyed.

Please note: This retention policy does not supersede any retention requirements imposed or required by any federal, state or local granting/contracting agency.

PROCEDURE

Unit based procedure development rests with the Dean, Director, or Designee of each school, area or college within the WVU system.

RESPONSIBILITY FOR IMPLEMENTATION

All employees are charged with providing full support to this policy. It is the responsibility of the Dean, Director, or Designee to implement this policy within their college, department or unit. Procurement, Contracting and Payment Services is available to answer questions or provide additional information regarding this policy. For contact information, please visit: http://pcps.wvu.edu/.

RESPONSIBILITY FOR INTERPRETATION

The responsibility for interpretation of this policy rests with the WVU Director of Procurement, Contracting and Payment Services.

Effective Date: December 1, 2013

Approved By: Narvel G. Weese, Jr., Vice President for Administration and Finance
Approved By: Daniel A. Durbin, Senior Associate Vice President for Finance