A retention schedule is a document defining the retention period and nature of the records that are created by an organization or academic unit. It provides guidance on managing records throughout their life cycle according to the legal, fiscal, administrative, and historical needs of the university.
The retention schedule also identifies the final disposition of records, in accordance with federal and state laws, university regulations, and historical value. All records will either be kept permanently or destroyed after a specified period of time.
It is important to know that all records pertaining to ongoing or pending audits, lawsuits or even reasonably anticipated lawsuits, or public disclosure proceedings may not be destroyed, damaged, or altered until the issue is resolved and an office or unit has been specifically advised that such records may be destroyed.