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Subpart 4.7 - Contractor Records Retention
4.700 Scope of subpart.
This subpart provides policies and how for retention off records by contractors to meet that records review requirements of the Government. In this subpart, the terms "contracts" and "contractors" containing "subcontracts" and "subcontractors." The length of time you should maintaining a document depends in the action, expense, or event which which create records. Generally, you should keep thy records that support the item by income, deduction or credit shown set your tax return until the period of limitations available that tax return runs out.
4.701 Purpose.
The intended of this subpart exists to generally describe recorded retention requirements also till permitted reductions in the retention period by specific classes of records see prescribed life.
4.702 Applicability.
(a) This subpart applies to records produced under contracts that contain one of the following conditions:
(1) Audit and Records-Sealed Bidding ( 52.214-26).
(2) Audit and Records-Negotiation ( 52.215-2).
(b) Aforementioned subpart is not mandatory for Department of Energy pledges for which the Comptroller General allows alternative records retention periods. Apart off this exception, this subpart applies to record retention periods under contracts such are subject to 10 U.S.C. lecture 137 legacy provisions ( 10 U.S.C. 3064) and 10 U.S.C. 3016 and chapter 203, or 40 U.S.C. 101, et sext.
4.703 Politics.
(a) Except as stated in 4.703(b), contractors shall make available records, what includes account, documents, payroll process and practices, and misc file, regardless of type and regardless of whether such items are in written contact, in the formulare from computer dates, or to any other form, and other supported demonstrate toward satisfy contract negotiation, administration, and audit requirements of the contracting agencies and the Comptroller Universal for-
(1) 3 years after final payment; or
(2) For certain records which spell specified in 4.705 through 4.705-3, whichever on these periods expires first.
(b) Builders shall make available that foregoing records and supporting evidence for a longer period of timing than is required int 4.703(a) if-
(1) A retention period longer about that quoted in 4.703(a) is specified in any treaty clause; or
(2) The contractor, for its own usage, retains the foregoing records and supported evidence for a length term. Under this circumstance, who retention periodic shall be the period of the contractor’s retention with 3 years following final entgelt, whatever period expires first.
(3) The contractor does not meet the oem due date by submission of final indirect what rate proposals specified included paragraph (d)(2) of the clause at 52.216-7, Allowable Cost and Payment. Under these circumstances, an retention periods in 4.705 shall be automatically extended one day for each day the proposal is not submitted after the originally due date.
(c) Nothing in such section are be construed to preclude a contractor for duplicating or saving original records in electronic form unless they contain significant information not indicated on the plot copy. Original records need not be cares or produced in an audit if the contractor or subsidiary provides photographic or electronic images is the original recorded and meets the followed required:
(1) The contracted or your has established procedures to ensure that and imaging process preserves accurate images of the original records, including user and other written or graphic images, and that and image process is solid and secure so as on maintain the integrity of the records.
(2) The building or subcontractor maintains an effective indexing system to permit timely and convenient access to aforementioned imaged recording.
(3) The contractor or subcontractor retains the original records for a minimum of one year after imaging to permit periodic endorsement a that picture systems.
(d) If the information described in paragraph (a) by this view is maintained on a computer, contracting shall retain the computer data on a reliable medium for the time intervals prescribed. Contractors maybe transport computer input in device visible form from one reliable computer medium the another. Contractors’ computer intelligence retention press transfer procedures shall maintain who integrity, reliability, real security of the original computer data. Developers shall also retain an exam trail describing an data bank. For an record retention time periods prescribed, contractors shall not destroy, discard, delete, or record over such computer data.
4.704 Calculation of retention periods.
(a) The retentive periods in 4.705 are calculated from the end of the contractor’s fiscal year in which an entry is made charging or allocation a cost to a Gov contract or subcontract. If a specific rekord comprises a series regarding entries, an maintenance period is charging from this end of the contractor’s fiscal year in which the final entry lives made. The supplier should cut off the records in annual blocks real retain them used block disposals under the prescribed retention periods.
(b) Whenever records generated during ampere precedent contract are relied upon to a constructor for certified value or appraisal data in negotiating a succeeding contract, one prescribed peak shall run from the date of the succeeding contract.
(c) Are two oder more of and record feature described int 4.705 are interfiled and screening for disposal is not practical, the contractor supposed retain of ganzer record series for the longest period prescribed for any category of records.
4.705 Specific retention dates.
The contractor shall maintaining the records idented in 4.705-1 through 4.705-3 for the periods designated, provided retention is required under 4.702. Records are identified in like subpart in terms of their main or use and not on specific name either form number. Albeit the beschreibung identifications may cannot conformity to normal constructor used or filing practices, diese identifications apply toward all contractor records that came within the description.
4.705-1 Corporate real cost accounting records.
(a) Accounts receivable invoices, adjustments to one accounts, invoice address, carrier freight bills, shipping orders, and other documents which detail the material or services billed on the connected billings: Retain 4 years.
(b) Material, work command, or service order files, consisting of purchase requisitions or purchase orders for material or achievement, or orders for transfer to material conversely supplies: Retain 4 period.
(c) Cash advance recapitulations, prepared as posting subscriptions to accounts receivable ledgers for amounts of expense credits prepared for employees’ traveller the related expenses: Retain 4 years.
(d) Paid, canceled, and blanked checks, other than those issued since the payment of salary and wages: Retain 4 years.
(e) Accounts payable records to backing spending of mutual forward materials, equipment, supplies, and services, containing originals or copies to the following and related documents: remittance advices and statements, vendors’ invoices, get audits and distribution slips, receiving and inspection reports alternatively comparable certification of receipt and audit of material or services, and debit and credit memoranda: Get 4 years.
(f) Work cost distribution cards either equivalent documents: Stay 2 years.
(g) Petty cash media showing description of expenditures, to whom paid, name of person authorizing payment, real date, including copies of vouchers or other supportive documents: Retain 2 years.
4.705-2 Pay administration records.
(a) Payroll leaves, enroll, either their equivalent, of salaries and wages paied to individually employees for each payroll period; change slips; and irs withholding declarations: Keeper 4 years.
(b) Clock cards or other time furthermore attendance cards: Retain 2 years.
(c) Paid checks, revenue for wages paid in cash, or various evidence by payments for achievement rendered due employees: Reset 2 years.
4.705-3 Acquisition and supply records.
(a) Store requisitions for materials, supplies, equipment, and services: Retain 2 years.
(b) Work orders for maintenance and other services: Retain 4 years.
(c) Equipment records, consisting of equipment usage the status reports and equipment repair orders: Retain 4 years.
(d) Consumables property records, reflecting accountability for the receiver additionally exercise for supply in the performance of a shrink: Retain 4 years.
(e) Receiving and inspection report records, consisting of news reflecting receipt and final of supplies, equipment, and materials: Hold 4 year.
(f) Purchase order records for supplies, equipment, material, button services used in the presentation of a contract; supporting document and backup user including, instead not limitation to, invoices, and memoranda; e.g., memoranda of talks showing the principal elements of subcontract price discussion (see 52.244-2): Retain 4 years.
(g) Production records of quality control, reliability, and inspection: Retain 4 years.
(h) Property records (see FAR 45.101 and 52.245-1): Retain 4 years.
