Records Retention/Destruction - Financial Records
Revised: July 1, 2007
Also refer to Signature Authority Policy
Table of Contents
Records Retention/Destruction Policy
Responsibility for Records Retention
Purpose
Storage Methods
Financial Records Retained
Obtaining Records
Records Destruction Methods
Additional Information
Records retention / destruction policy
The University retains its financial records for seven years. Records are stored on-site at the University or externally with a document management company. Documents containing salary information, social security numbers, taxpayer identification numbers, and/or other confidential information (such as bank account and credit card numbers) must be secured while retained and shredded when destroyed.
Responsibility for records retention
Retention is the responsibility of a central administrative office (i.e., payroll, financial reporting, accounts payable, purchasing, etc.). Individual University departments are not required, nor encouraged, to maintain copies of financial records.
Purpose
The purpose for retaining records enables the University to comply with governmental regulations, respond to auditors' questions, and provides those responsible for the management of accounts with the means to monitor transactions and resolve problems.
Storage methods
Records are to be protected against unauthorized access and loss (fire, flood, theft, etc.) in a secure area. Storage with off-site records storage companies is permitted.
Financial records retained
Examples of financial records retained by Business & Finance are:
- award letters (grants),
- contracts,
- journal entries,
- original invoices,
- original receipts,
- 1099s,
- timesheets,
- time and effort reports,
- W-2s.
Obtaining records
Contact the appropriate department to obtain a copy of the record (see below). Minimum lead times are one business day for records stored on-site and three business days for records stored off-site.
Records destruction methods
Methods for record destruction are:
- utilizing a shredder, or
- utilizing a bonded external business record destruction firm (obtain records destruction certification and retain two years).
Note: Contact the Purchasing Department for assistance with purchasing a shredder or contracting with a bonded external business record destruction firm.
Additional information
Contact the following departments for additional information:
| Record | Contact |
| Award Letter | Sponsored Programs |
| Contracts | Purchasing Department |
| Journal Entries | Financial Reporting |
| Original Invoices | Accounts Payable |
| Original Receipts | Financial Reporting |
| 1099s | Accounts Payable |
| Timesheets | Payroll Department |
| Time and effort reports | Sponsored Programs |
| W-2s | Payroll Department |