Financial Record Retention
Accident reports, claims (settled cases)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Accounts payable ledgers and schedules
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Accounts receivable ledgers and schedules
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Audit reports
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Bank reconciliations
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Two years
Contact:
Bank statements
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Three years
Contact:
Capital stock and bond records; ledgers, transfer registered, stubs showing issues, record of interest coupons, options, etc.
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Permanent
Contact:
Cash books
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Charts of accounts
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Checks (canceled, see exception below)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Checks (canceled for important payments, i.e., taxes, purchases of property, special contracts, etc. Checks should be filed with the papers pertaining to the underlying transactions)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Contracts, mortgages notes and leases (expired)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Contracts, mortgages notes and leases (unexpired)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Correspondence (general)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Two years
Contact:
Correspondence (legal and important matter only)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Permanent
Contact:
Correspondence (routine) with customers and vendors
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Two years
Contact:
Deeds, mortgages and bill of sale
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Permanent
Contact:
Depreciation schedules
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Duplicate deposit slips
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Two years
Contact:
Expense analyses, expense distribution schedules
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Three years
Contact:
Financial statements (year-end, other optional)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
General/private ledgers, year-end trial balance
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Insurance policies (expired)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Three years
Contact:
Insurance records, current accident reports, claims, policies, etc.
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Permanent
Contact:
Internal audit reports (longer retention periods may be desirable)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Three years
Contact:
Internal reports (miscellaneous)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Three years
Contact:
Inventories of products, materials and supplies
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Invoices (to customers, from vendors)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Journals
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Magnetic tape and tab cards
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: One year
Contact:
Minute books of directors, stockholders, by laws and charters
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Permanent
Contact:
Notes receivable ledgers and schedules
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Option records (expired)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Patents and related papers
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Payroll records and summaries
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Petty cash vouchers
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Three years
Contact:
Physical inventory tags
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Three years
Contact:
Plan cost ledgers
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Property appraisals by outside appraisers
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Permanent
Contact:
Purchase orders (except purchasing department copy)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: One year
Contact:
Property records, including costs, depreciation reserve, year-end trial balances, depreciation schedules, blueprints and plans
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Purchase orders (purchasing department copy)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Receiving sheets
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: One year
Contact:
Requisitions
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: One year
Contact:
Sales commission reports
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Three years
Contact:
Sales records
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Scrap and salvage records (inventories, sales, etc.)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Stenographers' notebooks
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Stock and bond certification
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Stockroom withdrawal forms
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: One year
Contact:
Subsidiary ledgers
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Tax returns and worksheets, revenue agents' reports and other documents relating to determination of income tax liability
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Trademark registrations and copyrights
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Permanent
Contact:
Union agreements
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Permanent
Contact:
Voucher register and schedules
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses)
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Withholding tax statements
Department or entity: Business Office
Limiting criteria: None
Applicable federal/state law, agency or organization best practice: As recommended by auditors
Safe destruction date: Seven years
Contact:
Financial aid information
Department or entity: Student Life
Format: Hard copy
Limiting criteria: 1960-present
Storage location: Student services file
Applicable federal/state law, agency or organization best practice: FERPA
Safe destruction date: One year after graduation
Contact: