PROCEDURE SOURCE:
Office of Financial Affairs
PROCEDURE NO: 123 rev. 1
PAGE NO.: 1 OF 5
SUPERCEDES: 123
TITLE: Record Retention
SUBMITTED BY: T. Kenefick
REVISED DATE: March 24, 2014
APPROVED BY: R. Niebuhr
I.
PURPOSE
The purpose of this Procedure is to provide systematic control of information from creation to final
disposition. It also provides a timetable and consistent procedures for maintaining the University’s
information, moving the records to inactive storage, and disposing of the records when they are no
longer valuable to the organization.
II.
SCOPE
The procedure provides guidelines for retention of official University records and applies to all
Departments/Colleges or Administrative offices.
III.
PROCEDURE
The University is subject to numerous record retention requirements, and all records must be
maintained in a consistent and logical manner, and be retained in such a manner so that the University:
1. Meets legal standards for protection, storage and retrieval.
2. Optimizes the use of storage space.
3. Minimizes the cost of record retention.
4. Utilizes electronic storage in the Banner Document Management System where possible.
5. Destroys inactive records that have no value upon passage of the applicable retention period.
6. Ensures that records are destroyed in a manner that is appropriate for the types of records and
and information involved.
DEPARTMENTAL RESPONSIBILITIES
Departments that maintain University records are responsible for establishing appropriate
record retention management practices. Each Department Head must:
1. Implement the department’s record management practices.
2. Ensure that these management practices are consistent with this procedure.
3. Educate staff in understanding sound record management practices.
4. Utilize electronic storage in the Banner Document Management System where possible
4. Destroy inactive records that have no value upon passage of the applicable retention period.
5. Ensure that records are destroyed in a manner that is appropriate for the types of records and
Information involved.
CONFIDENTIAL REQUIREMENT
Many records subject to record retention requirements contain confidential information. Such records
are private and should be considered confidential and treated as such.
DISPOSAL & DESTRUCTION OF RECORDS
At the end of the required retention period, documents must be destroyed in an acceptable manner,
such as one of the following ways:
1. Recycle non-confidential paper records.
2. Shred or otherwise render unreadable confidential paper records.
3. Erase or destroy electronically stored data.
IV. PROCEDURE
Records will be retained for the previous fiscal year within the respective department areas. Prior years
will be labeled by department name, index, and destroy date, and stored in accordance with the
Property Administration supervisor’s instructions. Records will be destroyed at the end of required
retention date unless other arrangements are made with Property Administration.
If electronic storage is used in the Banner Document Management System it is acceptable to scan and
index with appropriate file labelling, followed by a verification step before the hard copies are
destroyed. (this practice started Feb. 2009)
V. GUIDELINES
The attached retention schedule shows types of records, responsible department and required
retention period. Record keeping policies must be guided by the rule of reason and the probability and
dollar amount of risk involved, not be statues of limitations alone.
RECORD RETENTION SCHEDULE (electronic, unless stated otherwise)
Document
Required Retention
Responsible
Period
Department
Permanent
Controller
Accounting Transactions, Audit Reports, Chart of Accounts
Original Journal Budget Entries
7 Years
Controller
Supporting Documentation for Transactions
7 Years
Controller
Travel and Employee Expense Reports and Supporting
Documentation
4 Years
Controller
Trial Balance Reports
Permanent
Controller
Level Summary Reports
Permanent
Controller
Audited University Financial Statements
Permanent
Controller
Internal Annual University Financial Statements
Permanent
Controller
Annual Approved University Budgets
7 Years
Budget Office
Accounts Receivable Invoices, Trial Balance and Ledgers
7 Years
Controller
Purchase Orders & Supporting Information (Specifications,
Bids, quotes, contracts, etc).
7 Years
Purchasing
Credit Card Statements and Supporting Documentation
7 Years
Purchasing
Controller
Copies of Purchase Orders relating to Packing Slips, Freight
Records, Bill of Lading, Export Declarations, Manifests
Purchasing
7 Years
Student-Related Transaction, including Tuition, Housing, Dining,
and supporting information
Property Admin
Controller
7 Years
Bursar__
Check Registers, Cash Deposits, Journal Entries
Capital Asset Records including Federal Property Records
Permanent
Controller_
Life of the Asset
Controller
Property Admin
Surplus Property Records
7 Years
Property Admin
Original Entries and Supporting Documents:
Postage Meter, Stamp Requisitions, International Mail,
Regular Package shipments, Cash Receipts
Pledges, Gifts, Planned Giving and Other donor
Mailroom
2 Years
Controller
Permanent
Development
Related Documentations
Controller
Capital Project Building and Renovation Records, including
Life of the Building
Purchase Orders and Change Orders
Plus One Fiscal Year Management
Employee Position Control Reports
Time and Attendance Records (timecards, rosters,
attendance cards)
Facilities
4 Years
Budget Office
Current plus 7 Years
Human
after Separation
Resources
Payroll Distribution Reports and Supporting Information
(including reallocation forms)
7 Years
Controller
Employee Records for both Current and Former Employees
including Employee Deductions, Contributions and Related
information
Employee Recruitment Activity including Applications or Resumes
Exposure to Hazardous Materials or Other Toxic Substances
Grants and Contracts Accounting Records
Current plus 7 Years
after Separation
Human
Resources
Year of Hire
Human
Plus one year
Resources
Thirty (30) Years
Human
Date of Exposure
Resources
Permanent for
Contracts, Patents &
Agreements; All Other
Accounting Records:
7 Years________Controller
Annual W-2, 1099, 1042-S and Other Individual Tax Reporting
6 Years
Controller
6 Years
VPFA
Permanent
VPFA
Insurances: Policies, Accident Reports, Fire Inspection Reports, Group
Disability Records, Safety Reports and Claims
Corporate Records: Mortgages, Notes and Leases; Bylaws, Chapter
And Minute Books; Checks (taxes, property, and fulfillment of important
Contracts); Contracts and Agreements; Copyrights and Trademark
Registrations; Deeds and Easements; Patents; Labor Contracts;
Retirement and Pension Records; Tax Return and Working Papers
Correspondence: Administrative, General and Routine
3 Years
Department