The University retention requirements are established to ensure the availability of financial records that may be required for audit purposes. These retention periods either meet or exceed federal and state requirements. State and federal auditors have a 6 year window of opportunity to audit financial records that begins either when the FSR is submitted, the date the Final Invoice was submitted to the sponsor where no additional FSR is required, or the date the final budget reconciliation was completed where the sponsor does not require a FSR or Final Invoice. Unless you have a SNAP grant, these submissions or final budget reconciliations take place annually or sometimes quarterly for your grant. Only departments with SNAP grants must retain their financial records for the full term of the award.