Iwasaki Library

Records Retention & Disposition Schedule: Financial Management

List of Schedules

Schedule Number Records Series
300 Financial Administration
320 Accounts Payable/Receivable
330 Risk Management
340 Student Accounts

Warning

If your department or office receives a notice of a Records Preservation/Hold Order you must comply with the instructions from General Counsel’s office. A Records Preservation/Hold Order is an internal procedure to ensure that certain information is preserved which may be needed for reasonably anticipated or actual government investigation, audit, or litigation. A Records Preservation/Hold Order temporarily sets aside the retention period stated in the Records Retention and Disposition Schedule, and suspends destruction for the affected records until the Records Preservation/Hold Order is released.

Financial Administration

Schedule Number Records Series
300 Balance Sheets
301 College Financial Audit Work Papers
302 Deposit and Withdrawal Records
303 Bank Statements and Reconciliations
304 Voided and Cancelled Checks
305 New Accounts Records and Back-up Documentation
306 Annual Financial Reports and Work Papers - General Ledger
307 Performer Withholding Tax Returns
308 Information Returns - 990, 1099, Form PC, etc.
309 Bond Documentation
310 Property Tax Returns

Balance Sheets

  Record Holder Retention Disposition
Official Record Finance Department 7 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

College Financial Audit Work Papers

  Record Holder Retention Disposition
Official Record Finance Department Permanent Transfer to Archives
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Deposit and Withdrawal Records

  Record Holder Retention Disposition
Official Record Finance Department 7 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Bank Statements and Reconciliations

  Record Holder Retention Disposition
Official Record Finance Department 7 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Voided and Cancelled Checks

  Record Holder Retention Disposition
Official Record Finance Department 7 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

New Accounts Records and Back-up Documentation

  Record Holder Retention Disposition
Official Record Finance Department Retain for 7 Years After Account Closing Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Annual Financial Reports and Work Papers - General Ledger

  Record Holder Retention Disposition
Official Record Finance Department Permanent Transfer to Archives
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Performer Withholding Tax Returns

  Record Holder Retention Disposition
Official Record Finance Department 7 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Informaton Returns - (990, 1099, Form PC, etc.)

  Record Holder Retention Disposition
Official Record Finance Department 20 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Bond Documentation

  Record Holder Retention Disposition
Official Record Finance Department Life of the Bond plus 20 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Property Tax Returns

  Record Holder Retention Disposition
Official Record Finance Department 7 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Accounts Payable/Receivable

Schedule Number Records Series
320 Accounts Payable Vouchers and Attachments
321 Travel Reimbursements and Attachments
322 Corporate Credit Card Charge Documentation
323 Accounts Receivable Statements
324 Cash Receipts
325 Purchase Orders

Accounts Payable Vouchers and Attachments

  Record Holder Retention Disposition
Official Record Finance Department 7 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Travel Reimbursements and Attachments

  Record Holder Retention Dispositon
Official Record Finance Department 7 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Corporate Credit Card Charge Documentation

  Record Holder Retention Disposition
Official Record Finance Department 7 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidentail Destruction

Accounts Receivable Statements

  Record Holder Retention Disposition
Official Record Finance Department 7 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Cash Receipts

  Record Holder Retention Disposition
Official Record Finance Department 7 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Purchase Orders

  Record Holder Retention Disposition
Official Record Finance Department 7 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Risk Management

Schedule Number Records Series
330 Contracts and Agreements
331 Capital Equipment Records
332 Depreciation Records
333 Property Inventories
334 Certificates of Insurance, Indemnification Agreements, Hold Harmless Agreements, Contracts
335 Insurance Policies (Claims-made, Property, and Benefits)

Contracts and Agreements

  Record Holder Retention Disposition
Official Record Finance Department 20 years from termination of contract, or term of the contract, whichever is longer Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Capital Equipment Records

  Record Holder Retention Disposition
Official Record Purchasing Department Retain for life of the equipment. Records of equipment purchased on federal funds must be retained for three years after final disposition Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Depreciation Records

  Record Holder Retention Disposition
Official Record Purchasing Department Retain for life of the equipment Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Property Inventories

  Record Holder Retention Disposition
Official Record Finance Department Retain for life of the property Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Certificates of Insurance, Indemnification Agreements, Hold Harmless Agreements, Contracts

  Record Holder Retention Disposition
Official Record Finance Department 7 years after expiration Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Insurance Policies (Claims-made, Property, and Benefits)

  Record Holder Retention Disposition
Official Record Finance Department 6 years after expiration Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction

Student Accounts

Schedule Number Records Series
340 Student Billing Records

Student Billing Records

  Record Holder Retention Disposition
Official Record Student Account Services 7 Years Confidential Destruction
Duplicate Record All other offices Destroy when no longer needed Confidential Destruction