Record Retention refers to the time period that a document is kept or “retained” whether in electric or paper format. The time period varies for different types of documents and these periods are all contained in the Records Retention Schedule.
The records retention schedule is a document that identifies and describes Prairie View A&M’s records and the minimum length of time that each type of record must be retained. The numbers on the retention schedule usually refer to the number of years a record should be retained. If a federal or state statue or regulation specifies a longer retention period for any of the record series received, created or maintained, then this will now dictate how long you keep the record.
There are some instances when a record will have to be kept beyond it’s retention period and this happens when a litigation, claim, negotiation, audit, open records request, administrative review or any other action involving the record is initiated before the expiration of the retention period. In this instance, the record must be retained until the completion of the action and the resolution of all issues that arise from it, or until the expiration of the retention period, whichever is later.
- AC – After Closed (or terminated, completed, expired, or settled).
- AV – Administrative Value. The immediate purpose that the record was created for has been fulfilled.
- CE – Calendar Year End. (December 31).
- FE – Fiscal Year End (August 31).
- LA – Life of Asset (record retained until the disposal of the asset).
- PM – Permanent ( record that has enduring legal, fiscal or administrative value and must be preserved permanently).
- US – Until Superseded (record is replaced by an updated version).