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Records Schedule: Financial Records

List of Schedules

Schedule Number Record Series
020 Accounts Payable Records
030 Accounts Receivable Records
040 Banking Records
050 Budget Records
060 Capital Construction Funding Records
065 Financial Statements and Reports

Warning

Do not follow this records retention schedule to destroy records that are currently part of–or you are aware that they are going to be part of–any legal action or proceeding, litigation, audit, investigation, or review. For more information, see the Subpoenas for University Records Policy.

Accounts Payable Records
020
These records document a department or office’s expenditures and purchases. These records may include, but are not limited to, departmental purchase orders, requisitions (IDRs), expense transfers, credit card charge slips and statements (including P-Card transactions), bills, invoices, journal vouchers, justifications of purchases, payment authorizations, reports of receipt of goods or services, and receipts.

Record Holder Retention Period Disposition
Official Copy Finance Division 7 Years
Further details in the Finance Division Records Policy
Confidential Destruction
Unofficial Copy Departments and Offices Purchase Confirmed, see Notes for more details

P-Card Records
7 Years

Confidential Destruction

Notes
General Accounts Payable Records
The Finance Division holds the official copy of A/P records, except for P-Card records (see below for notes about P-Card records). Department and programs need to retain their copy of A/P records until they have reviewed and accepted the corresponding financial reports from the Finance Division (usually in PeopleSoft). Then confidentially destroy the records. Departments and offices may destroy these records immediately after accepting the financial reports or at the close of every fiscal year.

For general accounts payable records documenting purchases made on sponsored accounts, retain until the close of the grant, award segment, or contract then confidentially destroy the records.

P-Card Records
Departments and programs hold the official copy of P-Card records. Retain P-Card records for 7 years, then confidentially destroy the records. For P-Card records documenting purchases made on sponsored accounts, retain for the life of the grant, award segment, or contract + 7 years, then confidentially destroy the records.

A/P Records documenting the purchase of equipment or services
Departments and programs may retain records for life of the equipment or warranty, plus one additional year (plus seven additional years for P-Card purchases), as needed. Then confidentially destroy the records.

Official Copy of Accounts Payable Records (excluding P-Card records)
The Finance Division manages a wide range of accounts payable records. The retention and disposition of accounts receivable records managed by the Finance Division are detailed in the Finance Division Records Policy.

References None
Approved Digital Collections and Archives
Effective Date 1998-07-01
Updated 2002-03-01, 2008-08-14, 2011-08-03


Accounts Receivable Records
030
These records are used by departments and offices to document billing and collection activities. These records may include, but are not limited to, account edit sheets, classified advertisement forms, invoices, journal vouchers, checks, and receipts.

Record Holder Retention Period Disposition
Official Copy Finance Division 7 Years
Further details in the Finance Division Records Policy
Confidential Destruction
Unofficial Copy Departments and Offices Transaction Confirmed, see Notes for more details Confidential Destruction

Notes
The Finance Division holds the official copy of accounts receivable records. Departments and offices need to retain their copy of accounts receivable records until they have reviewed and accepted the corresponding financial reports from the Finance Division (usually in PeopleSoft). Then confidentially destroy the records. Departments and offices may destroy these records immediately after accepting the financial reports or at the close of every fiscal year.

Official Copy of Accounts Receivable Records
The Finance Division manages a wide range of accounts receivable records. The retention and disposition of accounts receivable records managed by the Finance Division are detailed in the Finance Division Records Policy.

References None
Approved
Digital Collections and Archives
Effective Date 1998-07-01
Updated 2002-03-01, 2008-08-14, 2011-08-03


Banking Records
040
These records may include, but are not limited to banking deposits, reconciliations, statements, registers, stubs, canceled checks, deposit slips, and wire transfers.

Record Holder Retention Period Disposition
Official Copy Finance Division Delineated in the Finance Division Records Policy Confidential Destruction
Unofficial Copy Departments and Offices Transaction Confirmed, see Notes for more details Confidential Destruction

Notes
The Finance Division holds the official copy of banking records. Departments and offices need to retain their copy of banking records until they have reviewed and accepted the corresponding financial reports from the Finance Division (usually in PeopleSoft). Then confidentially destroy the records. Departments and offices may destroy these records immediately after accepting the financial reports or at the close of every fiscal year.

Official Copy of Banking Records
The Finance Division manages a wide range of banking records. The retention and disposition of banking records managed by the Finance Division are detailed in the Finance Division Records Policy.

References None
Approved Digital Collections and Archives
Effective Date 2000-06-01
Updated 2001-12-01, 2008-08-14, 2011-08-03


Budget Records
050
These records provide a record of departmental fiscal activity presented in summary form which may be used for budget planning. These records may be used to analyze budget cuts or restructuring of programs. These records may include, but are not limited to, working papers, memorandums, final summary reports and spreadsheets, and related documentation and correspondence.

Record Holder Retention Period Disposition
Official Copy Finance Division Delineated in the Finance Division Records Policy Confidential Destruction
Unofficial Copy Departments and Offices Summary Budget Reports: Permanent

All Other Records: Until no longer needed

Summary Budget Reports: Transfer to the Digital Collections and Archives

All Other Records: Confidential Destruction

Notes
Confidentially destroy periodic budget reports generated from financial systems, budget calculations, draft budgets, and documents used to formulate budgets when they are no longer needed. Retain Annual or project budget summary reports or proposals permanently.

Official Copy of Budget Records
The Finance Division manages a wide range of budget records. The retention and disposition of budget records managed by the Finance Division are detailed in the Finance Division Records Policy.

References None
Approved Digital Collections and Archives
Effective Date 1999-10-01
Updated 2008-08-14, 2011-08-03


Capital Construction Funding Records
060
These records document the funding of capital construction projects and to prepare budgets and allocations for capital construction projects. These records may include, but are not limited to, project descriptions, budget projections and allocation records, budget authorization forms, budget change orders, final acceptance statements, and related documentation and correspondence.

Record Holder Retention Period Disposition
Official Copy Finance Division Delineated in the Finance Division Records Policy Delineated in the Finance Division Records Policy
Unofficial Copy Departments and Offices Consult with Digital Collections and Archives Consult with Digital Collections and Archives

Notes None
References None
Approved Digital Collections and Archives
Effective Date 2000-06-01
Updated 2008-08-14, 2011-08-03


Financial Statements and Reports
065
These records include annual certified and uncertified financial statements and reports.

Record Holder Retention Period Disposition
Official Copy Finance Division Delineated in the Finance Division Records Policy Delineated in the Finance Division Records Policy
Unofficial Copy Departments and Offices See Notes See Notes

Notes
The Finance Division is normally the official record holder of financial statements and reports. Departments and Offices that hold unofficial copies of financial statements and reports, should retain these documents until no longer needed, and then confidentially destroy them. If a department or office holds a copy of a statement or report that is not held by the Financial Division, consult with the Digital Collections and Archives about how long to retain these records.

Official Copy of Financial Statements and Reports
The Finance Division manages a wide range of financial statements and reports. The retention and disposition of financial statements and reports managed by the Finance Division are detailed in the Finance Division Records Policy.

References None
Approved Digital Collections and Archives
Effective Date 2000-06-01
Updated 2008-08-14, 2011-08-03