The repository shall have financial practices and procedures which are transparent, compliant with relevant accounting standards and practices, and audited by third parties in accordance with territorial legal requirements.

This is necessary in order to guard against malfeasance or other untoward activity that might threaten the economic viability of the repository.

Demonstrated dissemination requirements for business planning and practices; citations to and/or examples of accounting and audit requirements, standards, and practice; audited annual financial statements.

The repository cannot simply claim transparency, but should show that it adjusts its business practices to keep them transparent, compliant, and auditable. Confidentiality requirements may prohibit making information about the repository’s finances public, but the repository should be able to demonstrate that it is satisfying the needs of its Designated Community.

APTrust is quite transparent with its business practices and budgeting.

Financial Sustainability Document

Financial Sustainability and Business Principles outlines the business, financial, and service principles for APTrust, including a commitment to diversity of services and openness. The Budget Process and all Financial Practices and Procedures are described, including audits, in which “the University Library’s financial procedures are subject to audit review on multi-year cycles by the University of Virginia’s auditors and periodically by the Commonwealth of Virginia’s Auditor of Public Accounts.”

Article IX of APTrust Governance Manual:

ARTICLE IX: Budget and Finance

The budget of APTrust is a separately maintained budget held within the University of Virginia Library and university systems. The University Library’s financial procedures are subject to audits by the University of Virginia’s auditors.

Section 1: Checks, drafts, etc.

All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness issued in the name of APTrust shall be handled consistent with the financial policies and practices of the University of Virginia.

Section 2: Deposits of Funds

All funds of APTrust shall be deposited from time to time to the credit of APTrust in such banks, trust companies, or other depositories as the Board may elect and that conform to the University of Virginia practice.

Section 3: Gifts

The Board may accept, on behalf of APTrust, any contributions, gifts, or bequests for the general purposes or for any special purpose of APTrust.

Section 4: Fiscal Year

The fiscal year for APTrust shall begin on the first day of July of each year and end on the thirtieth day of June next succeeding.

APTrust How Deposits Work Guideline:

• Costs, Storage Allocations and Termination of Service
  • If the Depositor fails to pay any invoice when due, the Depositor’s account will be classified as “unpaid,” and the APTrust staff will contact the Depositor using contact information previously submitted by the Depositor.
  • Unless payment is received or other arrangements are made, APTrust services to the Depositor will terminate 60 days after the account is designated “unpaid.” The matter will then be referred to the Governing Board to determine what will happen to the Deposited Content. The Governing Board will consider the nature of the Deposited Content and, if no more appropriate option emerges, may order its deletion from the APTrust preservation storage environment.
  • A Depositor may terminate preservation storage services by notifying the APTrust in writing by four months in advance of the termination effective date. Service will continue to that date, and the Depositor will have until that date to retrieve its Deposited Content from the APTrust storage environment, unless both parties have previously agreed to other arrangements. If there is no such agreement, a Depositor’s content will be deleted from the APTrust’s storage environment on the termination effective date.
  • In the event of either a Depositor’s failure to pay or a Depositor’s election to terminate service as described above, the Depositor will have the option to establish a direct relationship with the third-party storage provider with whom the APTrust stored the Depositor’s data. Details of how the Depositor can establish the direct relationship and take over technical management of the deposited data appear in the latest APTrust Succession Policy.

APTrust Services and Fees List 

Core costs go to Storage documents

APTrust Answers to Cost Questions

APTrust Answers to Cost Questions were suggested by the MetaArchive Cooperative in Spring 2015.