Record Retention for Account Expenditure Records

Purpose

This detail table identifies the minimum legal and corporate requirements for the retention of account expenditure paper and/or data records applicable to the Finance Office. Campus can copy this table for administrative purposes only (e.g., add action item column) to assist with their implementation of the requirements.

Contact

Megan Moran, Finance Office

Detail Table

Administrative

Justification

Required Retention Period

Record

Office of Record

Legally Required Period (Skupsky Typical Period) (1)

Legal Authority for Selected Retention Period

Business Practice

For Paper and/or Data (3)

Monthly Account Summary (MAS) Reports

 

Central office for all locations

Current year + 4

26 USC 6501

Account Reconciliation

Current fiscal year + 4

Income Fund Reimbursable (IFR) Registers

 

Central office for all locations

Current year + 4

26 USC 6501

Bank Reconciliation

Current calendar year + 4

Issue/Cancel Registers: Payroll & Vendor

 

Central office for all locations

Current year + 4

26 USC 6501

Bank Reconciliation

Current calendar year + 4

Journals (budget, general journals, cash receipts, indirect cost, account expenditure reports)

 

Central office for all locations

Current year + 4

26 USC 6501

Account Reconciliation

Current fiscal year + 4

Journal Entries: Payroll and General

 

Central office if input by central office, campus if input by campus

Current year + 4

26 USC 6501

Account Reconciliation

Current calendar year + 4

Petty Cash Bank Statements, Deposit Slips, and Checks

Operating locations

Current year + 4

26 USC 6501

Bank Reconciliation

Current fiscal year + 4

Petty Cash Vouchers

Operating locations

Current year + 4

26 USC 6501

Audit Requirement

Current fiscal year + 4

Vendor Check Registers

Central office for all locations

Current year + 4

26 USC 6501

Bank Reconciliation

Current fiscal year + 4

Data: 10 days

Vendor Payment files (may include purchase orders, purchase requisitions, vendor invoices, wires, category refunds, zero clearings, receiving documents, bids, vendor contracts, documentation for payments exceeding $100,000)

Operating locations

Current year + 4

26 USC 6501

Audit Requirement

Paper: Current fiscal year + 4

Data: Current fiscal year + 1

Vendor 1099s

 

Central office for all locations

Current year + 4

26 USC 6501

IRS Requirement

Current calendar year + 4

Vendor 1099 Year End Reports

 

Central office for all locations

Current year + 4

26 USC 6501

IRS Requirement

Current calendar year + 4

Property Control System (PCS) Records

Operating locations

3 years from final disposition
------------------
Active + 4 years

OMB Circular A-110, Section .53(b)(2)
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26 USC 6501

Sponsor Requirements

3 years from final disposition

Property Report Files

Central office for all locations except 010, 020, 030, 050, 655

Active + 4 years

OMB Circular A-110, Section .53(b)(2)
----------------------
26 USC 6501

Sponsor Requirements

6 years from submission

Financial Statements and Report of Independent Accountants

Central office for all locations

10 years

NY N-PCL 621; Legal Considerations

Audit Requirements

10 years

Monthly Trial Balance and General Ledger (ACCPAC)

Central office for all locations

Current year + 4

26 USC 6501

General Ledger Reconciliation

Current fiscal year + 4

Tax Returns (IRS Form 990)

Central office for all locations

Current year + 4

26 USC 6501

IRS Requirements

Current fiscal year + 4

Royalty Payments

Central office for all locations

Current year + 4

26 USC 6501

Invention Contracts

Current fiscal year + 4

Stores Account Register

 

Central office for all locations

Current year + 4

25 USC 6501

Account Reconciliations

Current fiscal year + 4

Indirect Cost Proposals and supporting workpapers

Central office

Current year + 4

OMB Circular A-110, Section .53(g)(1)

Audit Requirement

3 years from date of submission

Records for the facilities portion of indirect cost proposals, including space records, property records, metering records, etc.

Operating locations

Current year + 4

OMB Circular A-110, Section .53(g)(1)

Audit Requirement

3 years from date of submission

Proposals for fringe benefit rates, including supporting workpapers, etc.

Central office

Current year + 4

OMB Circular A-110, Section .53(g)(1)

Audit Requirement

3 years from date of submission

Based on the books Record Retention Procedures and Recordkeeping Requirements, authored by Donald S. Skupsky, J.D., President and General Counsel of Information Requirements Clearinghouse, Denver, Colorado. The typical legal retention period satisfies all requirements of federal law and the requirements of the laws of most states. It may not satisfy requirements of law in some states that are clearly exceptional.

Operating locations should retain for two calendar years copies of any records that the central office retains permanently for them.

 

 

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