PROCUREMENT AUTHORIZATION NO. 41-112

***Departments do NOT need to retain printed copies of Procurement records.  Electronic copies through PeopleSoft provide sufficient documentation for audit purposes.  If you choose to retain these records in print format or electronically, they are considered informational copies for referenced value. Once the two (2) year retention period has ended, you are required to destroy the record***

Navigation Menu

  1. Purchase Requisitions
  2. Purchase Orders
  3. Purchasing Card Records
  4. Surplus Property from State
  5. Surplus Property Received from U.S. Government
  6. University Surplus Property (disposal)
  7. Formal Contract Files
  8. Equipment Inventory Records
  9. Bid Files
  10. Sole Source Documents

 

ITEM NUMBER

1. Purchase Requisitions

Automated requests through PeopleSoft for goods and services.  This request is generated when a department is requesting goods or services that require a signature for terms and conditions, exceeds $5000, or the vendor does not accept purchasing card for a method of payment. Procurement holds the ‘Official’ copy of record.

Authorized Retention:

 A. Official Records in PeopleSoft

Retain indefinitely.

B. Official Legacy Record (paper prior to automation)

Retain for five (5) fiscal years; then destroy.

C. Informational copies

Retain for reference value only, not to exceed two (2) years; then destroy.  

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2. Purchase Orders

The order document issued in PeopleSoft by a buyer after the requisition is approved. 

Authorized Retention:

A. Official Records in PeopleSoft

Retain indefinitely.

B. Official Legacy Record (paper prior to automation)

Retain for five (5) fiscal years; then destroy.

C. Informational copies

Retain for reference value only, not to exceed two (2) years; then destroy.  

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3. Purchasing Card Records

Purchasing card records consist of, but not limited to: credit card receipts, shipping documents, invoices, bills of lading, etc., received by departments using the Purchasing Card for purchases.  The records also contain Statements of Account.

Authorized Retention:

 Retain for five (5) fiscal years; then destroy. 

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4. Surplus Property from State

Records of surplus items purchased through the State of Missouri surplus property operation.

Authorized Retention:

Retain for three (3) years after year of purchase; then destroy.

Note: Items with an acquisition cost of $5000 or greater must be put to use within one (1) year from purchase date.  The item is monitored for eighteen (18) months from the first day of use.

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5. Surplus Property Received from U.S. Government

Records of new equipment or other property items purchased through government grants and contracts or surplus property either purchased or on loan to the University.

Authorized Retention:

Retain for five (5) years after title has been transferred to the University or after the property has been returned to the federal government or otherwise disposed of, then destroy.

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6. University Surplus Property (disposal)

Contains records by department on surplus property bid specifications and responses, auctions results, copy of vehicle titles, bidder list, copy of UM 27 forms, award letters and other documents related to the disposal of university property.

Authorized Retention:

Retain for five (5) fiscal years after date of disposal of property; then destroy.

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7. Formal Contract Files

Records of awarded contracts including bid quotations, specifications, etc.

Authorization Retention:

Retain for seven (7) years after end date of contract; then destroy.

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8. Equipment Inventory Records

Contains records related to equipment purchased, donated or built that cost more than $5000.  Records may include copies of purchase orders, IDO’s, UM 27 forms, equipment inventory printout and other related records.

Authorized Retention:

 A. Purchasing Department – Retain for five (5) fiscal years, then destroy.

B. Information Copies – Retain for reference value only not to exceed two (2) years, then destroy.

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9. Bid Files

Records of both accepted and rejected bids, including specifications.  These include regular and sealed bids.

Authorized Retention:

Retain for seven (7) years after end date of contract; then destroy. 

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10. Sole Source Documents

Unique items or services may qualify for “sole source.” These purchases are to be treated as exceptions to normal bidding procedures. Signed documentation stipulating the reason for sole source must be included with the purchasing request.

Authorized Retention:

 A. Official Records in PeopleSoft

Retain indefinitely.

B. Official Legacy Record (paper prior to automation)

Retain for five (5) fiscal years; then destroy.

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This authorization supersedes Records Retention Authorization 90-01.

 

 

 

 

 

 

 

 

 

Reviewed 2012-11-19.