RRDS Financial and Accounting Records

Records Retention & Disposition Schedule

Financial & Accounting Records

Schedule #: 166-450-0050

Account Reconciliation Records

Schedule Number: 166-450-0050 (1)

Records document the reconciliation of funds and accounts such as checks, cash, and bank accounts, fixed assets to capital expenditures. Records may include but are not limited to:

Bank statements,
Printouts,
Reports,
Schedules,
Worksheets,
Other supporting documentation.

(a) Federal grant records:
Retention: 5 years after annual financial report accepted
Disposition: destroy
Responsible office: College Finance

(b) Other records:
Retention: 3 years
Disposition: destroy
Responsible office: College Finance

Accounts Payable Records

Schedule Number: 166-450-0050 (2)

Records document expenditures and purchases and provide a record of payment of bills. Records may include but are not limited to:

Balance sheets,
Bills,
Checks requests,
Encumbrance registers,
Invoice vouchers,
Invoices,
Journal vouchers/entry forms,
Payment authorizations,
Petty cash,
Price quotes,
Purchase requisitions,
Reports of receipt of goods or services,
Requisitions,
Voucher registers,
Related correspondence and documentation.

(a) Federal grant records:
Retention: 6 years after annual financial report accepted
Disposition: transfer to Records Center, destroy
Responsible office: College Finance

(b) Other records:
Retention: 3 years
Disposition: destroy
Responsible office: College Finance

SEE ALSO: Purchasing Records

Accounts Receivable Records

Schedule Number: 166-450-0050 (3)

Records document current status and transaction activity of college funds held in bank accounts, billings and collections, deferred tuition, and provides a record of money and miscellaneous debts owed to the college. Records may include account aging reports which are used to monitor accounts which are outstanding and overdue. Records may include but are not limited to:

Account edit sheets,
Account aging reports,
Bank statements,
Correspondence,
Credit card payment forms,
Invoices,
Journal vouchers,
Receipts,
Reconciliation worksheets or spreadsheets,
Validated deposit slips and/or paid check copies.

Retention: 7 years after reconciled or deemed uncollectable
Disposition: transfer to Records Center, destroy
Responsible office: College Finance

Annual Financial Reports

Schedule Number: 166-450-0050 (4)

Records document the college's financial condition and results of operation using trial balance data. These reports are used to report and monitor the college's financial condition, and as a reference by auditors. Records may include:

Audit reports,
Budget status reports,
Changes in fund balance,
Combined balance sheets,
Combined statements of revenues,
Expenditures,
General ledger reports,
Notes to the financial statement,
Statistical reports, 
Trial balance reports.

Retention: 20 years
Disposition: transfer to Records Center, destroy
Responsible office: College Finance

SEE ALSO: Audit Reports

Audit Reports

Schedule Number: 166-450-0050 (5)

Records document the examination of the college's financial condition by internal or independent auditors. Audits examine the fiscal condition, internal controls and compliance policies and procedures, accounting principles and methods, the accuracy and legality of transactions. Records may include performance or program audits. Records may include but are not limited to:

Audit reports,
Audit work-papers,
Correspondence,
Supporting documentation.

(a) Official copy of college audit and responses: 
Retention: permanent
Disposition: transfer to Archives
Responsible office: College Finance

(b) Other audits: Retention: 20 years
(c) Grant fund audits: Retention: 5 years
(d) Other records: Retention: 1 year after audit completed
Disposition: transfer to Records Center, destroy
Responsible office: College Finance

SEE ALSO: Annual Financial Reports

Bond Records, Financial

Schedule Number: 166-450-0050 (6)

Records document the authorization and payment of bonds to finance college construction and improvements. Records may include but are not limited to:

Authorizations,
Bond ratings,
Bond registers,
Correspondence,
Coupons,
G.O. Bonds and certificates of participation,
Paid bonds,
Receipts,
Revenue bonds,
Sample copies of bonds issued,
Supporting financial documentation.

Retention: 3 years after final payment
Disposition: transfer to Records Center, destroy
Responsible office: College Finance

SEE ALSO: Election Records

Budget Planning and Preparation Records

Schedule Number: 166-450-0050 (7)

Records are used to develop, propose, and plan budget requests for units, departments, or the college. Records may include but are not limited to:

Allotment reports,
Budget committee minutes and agendas,
Budget development instructions,
Budget instructions and guidelines,
Budget requests,
Budget worksheets (past and current),
Capital outlay reports,
Compensation plan proposals,
Contingency plans,
Correspondence,
Decision packages,
Equipment need reports,
Expenditure projection work papers,
Miscellaneous income reports,
Salary worksheets,
Schedules,
Spending plans,
Spread sheets.

Retention: 5 years
Disposition: transfer to Records Center, destroy
Responsible office: College Operations-Budget Office or creating office

SEE ALSO: 
Board of Education Records
Budget Committee Records

Budget Records

Schedule Number: 166-450-0050 (8)

Records document the annual financial plan approved by the college's governing board. Records may include but are not limited to:

(a)
Adopted budgets (Budget Document)

Retention: permanent
Disposition: transfer to Archives
Responsible office: College Operations-Budget Office

(b)
Budget allotment reports,
Budget messages,
Correspondence,
Debt service, position, and wage analysis,
Operating programs,
Revenue and expenditure tracking records,
Status reports.

Retention: most recent 2 budgets
Disposition: transfer to Records Center, destroy
Responsible office: College Operations-Budget Office

SEE ALSO: 
Budget Committee Records
Budget Planning and Preparation Records
Budget Status Reports

Budget Status Reports
[Detail Expenditure Reports]

Schedule Number: 166-450-0050 (9)

Records document departmental expenditures in relation to the approved budget and are used to monitor allotments, and expenditures. Records may include monthly or quarterly printouts of departmental expenditures and amounts available for use in various funds and accounts. Printout information may include but is not limited to fund or account name and/or code; object description; encumbrances or amount allocated; expenditures; balances; and related data.

Detail Expenditure Reports (DERs) including financial reports and transfer resolutions documenting budget transfers to original appropriations which are submitted to the Board.

Retention: 
(a) Year-end report: 5 years
(b) All other reports: Until superseded
Disposition: transfer to Records Center, destroy
Responsible office: 
College Finance
College Operations-Budget Office

SEE ALSO: 
Budget Planning and Preparation Records
Budget Records

Capital Construction Funding Records

Schedule Number: 166-450-0050 (10)

Records document the funding of capital construction projects on campus, and are used to prepare budgets and allocations for capital construction projects. Records may include but are not limited to:

Budget authorization forms,
Budget change orders,
Budget projection and allocation records,
Final acceptance statements,
Project descriptions,
Related documentation and correspondence.

Retention: life of structure
Disposition: transfer to Records Center
Responsible unit: creating office or department

Correspondence, Fiscal

Schedule Number: 166-450-0050 (11)

Records document significant communication between the college and other government agencies, vendors, students, and the public pertaining to fiscal policy, obligations, revenue and transactions. Records include letters sent and received by the college's administrative and/or business office staff. 

Retention: 3 years
Disposition: transfer to Records Center, destroy
Responsible unit: creating office or department

SEE ALSO: Administrative Records, Program 

General Ledger and Trial Balance Records

Schedule Number: 166-450-0050 (12)

Records provide a comprehensive listing of all fiscal transactions of the college and are used to prepare the college's Financial Reports. The General Ledger provides a record of fiscal transactions for all asset, liability, owners equity, revenue, and expenditure accounts for the college. The Trial Balance provides a list of all open accounts in the General Ledger and reflects the current financial position of the college. Information includes: debit, credit, and balance amounts per fund and account.

Retention: 
(a) Fiscal year-end reports: 20 years
(b) Other reports: Until superseded
Disposition: transfer to Records Center, destroy
Responsible unit:  College Finance

SEE ALSO: 
Annual Financial Reports
Subsidiary Ledgers, Journals, and Registers

Grant Records, Financial

Schedule Number: 166-450-0050 (13)

Records document the expenditure data and status of federal and
other grants received by the college. The records may include but are not limited to:

Adjustment notices,
Allocation preparation reports,
Capital outlay expenditure reports,
Contracts,
Correspondence,
Federal evaluations,
Financial reports,
Fixed-asset purchase, inventory, and disposal records,
Fund requests,
Grant applications,
Grant status summaries,
Notices of grant awards,
Performance reports,
Project narratives,
Project reports,
Project reviews,
Proposed budgets,
Quarterly, annual and final expenditure reports, reimbursement requests.

Retention:
(a) Fixed asset records: 2 years after disposition of assets
(b) Other records: 6 years after final or annual expenditure report accepted
Disposition: transfer to Records Center; destroy
Responsible unit: College Finance

SEE ALSO: Grant Records, Administrative

Journal Vouchers

Schedule Number: 166-450-0050 (14)

Records document authorization and movement of funds between college accounts and cost center. The records include journal vouchers which show account numbers, amount, authorizing signature, and related information. The records may also include intra-institutional vouchers which provide detail of internal charge-backs for campus services such as phones, postage, copying and media. May also include documentation explaining and/or justifying transfer. 

Retention: 3 years
Disposition: transfer to Records Center, destroy
Responsible unit:  College Finance

Purchasing Records

Schedule Number: 166-450-0050 (15)

Records document the purchase of goods and services by the college.
Records may include but are not limited to:

Contract release orders,
Correspondence,
Purchase authorizations,
Purchase orders,
Requisitions,
Telephone service orders,
Vendor files,
Vouchers.

Retention: 
(a) Vendor files: Until superseded or obsolete; 
(b) Other records: 3 years
Disposition:  transfer to Records Center, destroy
Responsible unit: Purchasing Services

SEE ALSO: Bids and Award Records

Receipts and Receipt Registers

Schedule Number: 166-450-0050 (16)

Records document cash received or distributed by the college. It also documents all money received and deposited to department accounts through daily deposits. This series may include but is not limited to:

Bank deposit slips,
Cash by account reports,
Cash receipt slips,
Cash register tapes,
Check stubs,
Check registers,
Checks,
Departmental deposit vouchers,
Monthly cash register reports,
Petty cash balance sheets,
Register reports,
Validation receipts.

Retention: 5 years
Disposition: transfer to Records center, destroy
Responsible unit: creating office or department or College Finance

SEE ALSO: Accounts Receivable Records

Subsidiary Ledgers, Journals, and Registers

Schedule Number: 166-450-0050 (17)

Records document details of transactions such as those related to receipts and expenditures on a daily, monthly, quarterly, or similar basis.
Includes journals, ledgers, registers, day books, and other account books that provide backup documentation to the general ledger. May include details of revenues, expenditures, encumbrances, cash receipts, warrants and others. Information often includes date, payee, purpose, fund credited, or debited, check number, and similar or related data. Note: These ledgers, journals, and registers may no longer be created due to the automation of accounting systems. 

Retention:
(a) Trust fund ledgers: 2 years after trust fund closed
(b) Other subsidiary ledgers, journals, and registers: 2 years
Disposition: transfer to Records Center, destroy
Responsible unit: College Finance