[Code of Federal Regulations]
[Title 25, Volume 1]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 25CFR900.41]

[Page 999]
 
                            TITLE 25--INDIANS
 
  CHAPTER V--BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR, AND 
     INDIAN HEALTH SERVICE, DEPARTMENT OF HEALTH AND HUMAN SERVICES
 
PART 900_CONTRACTS UNDER THE INDIAN SELF-DETERMINATION AND EDUCATION 
ASSISTANCE ACT--Table of Contents
 
Subpart F_Standards for Tribal or Tribal Organization Management Systems
 
Sec. 900.41  How long must an Indian tribe or tribal organization keep 
management system records?

    The Indian tribe or tribal organization must retain financial, 
procurement and property records for the minimum periods described 
below. Electronic, magnetic or photographic records may be substituted 
for hard copies.
    (a) Financial records. Financial records include documentation of 
supporting costs incurred under the contract. These records must be 
retained for three years from the date of submission of the single audit 
report to the Secretary.
    (b) Procurement records. Procurement records include solicitations, 
purchase orders, contracts, payment histories and records applicable of 
significant decisions. These records must be retained for three years 
after the Indian tribe or tribal organization or subcontractors make 
final payment and all other pending matters are closed.
    (c) Property management records. Property management records of real 
and personal property transactions must be retained for three years from 
the date of disposition, replacement, or transfer.
    (d) Litigation, audit exceptions and claims. Records pertaining to 
any litigation, audit exceptions or claims requiring management systems 
data must be retained until the action has been completed.

               Standards for Financial Management Systems