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The retention period is how long a record must be kept by the University to meet state and federal laws.
Retention periods are the defined periods of time that records need to be kept.
An organization should only retain data for as long as its needed, whether thats six months or six years. Retaining data longer than necessary takes up unnecessary storage space and costs more than needed.
Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to. The tax year: is the fiscal period for corporations.
Retention schedules are established based on data type and ownership as well as aspects such as the datas business value and regulatory compliance mandates. The schedules outline the business reason for retaining specific records and designate what should be done with the data when its eligible for disposal.
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The retention period begins at a specific time depending on the type of record. For example, the retention period for a financial record starts on July 1 of the following year. For another example, the retention period for the records of an employment search begins on the date that the hiring decision is made.
A retention schedule is a list of the types of records (record series) created, received, and used by an institution along with information on how long to keep them and when to delete them.
Retention time is the amount of time a compound spends on the column after it has been injected. If a sample containing several compounds, each compound in the sample will spend a different amount of time on the column ing to its chemical composition i.e. each will have a different retention time.

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