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HOW LONG MUST RECORDS BE RETAINED?
In determining the retention of public records, four values must be evaluated to assure that records will fulfill their reason for creation and maintenance. These are the administrative, legal, fiscal and historical value. There are two financial factors - audits and grants - that may impact the retention period of an agency's records. 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, regulation and internal controls. There are various types of audits your program may be required to undergo.
Financial audits include an examination of financial statements in order to express an opinion on the fairness with which they present a financial position, results of operation and changes in financial position based on conformity with generally accepted accounting principles. Financial audits determine whether operations are properly conducted in accordance with legal and regulatory requirements. They also review any additional financial information necessary to comply with generally accepted accounting principles.
Performance audits examine the economy and efficiency and/or effectiveness of applicable programs, activities or functions. Audits may be conducted by the Florida Auditor General, independent public accountants or other state or federal auditors as well as grant funding agencies and national or statewide professional accreditation or certification groups.
Grants - any public agency receiving federal, state or local grant money will need to be familiar with grantor-agency requirements.
