For campus-based programs, how long must the FISAP and supporting records be kept?

For campus-based programs, how long must the FISAP and supporting records be kept?

• A. One year after submission
• B. Three years after the end of the award year for which the FISAP is submitted
• C. Seven years after submission
• D. Five years after submission

Answer: (B)

The key idea is how long institutions must keep FISAP records for campus-based programs. The required period is three years after the end of the award year for which the FISAP is submitted. This three-year window aligns with typical audit and review cycles, ensuring documentation is available if questions arise about fund allocations or expenditures for that award year. For example, if an award year ends on June 30, 2023, you’d retain the FISAP and all supporting records through June 30, 2026. The other timeframes don’t match this standard, since retention is tied to the end of the award year, not the submission date.

The key idea is how long institutions must keep FISAP records for campus-based programs. The required period is three years after the end of the award year for which the FISAP is submitted. This three-year window aligns with typical audit and review cycles, ensuring documentation is available if questions arise about fund allocations or expenditures for that award year. For example, if an award year ends on June 30, 2023, you’d retain the FISAP and all supporting records through June 30, 2026. The other timeframes don’t match this standard, since retention is tied to the end of the award year, not the submission date.