Effective: 07/10/2005
| Revised: 06/27/2007 |
Finance 102: Departmental Financial Record Retention (Interim)
Purpose
This policy is intended to ensure that the university:
-
Meets legal standards.
-
Optimizes the use of space.
-
Minimizes the cost of record retention.
-
Destroys outdated and useless records.
Reference
Policy
Financial records must be retained by UAA departments for the periods listed below:
Retention Periods for Financial Records
| Type of Records | Retention
Period | Comments |
| General Financial Records | | |
Interdepartmental billing computations,
receipt acknowledgments, and other
documents of service departments
substantiating interdepartmental charges | Five years | Failure to adhere to this policy could
result in cost disallowance to UAA and
possible charge-backs of previous billings
to departments. |
Documentation of purchases made with a
UAA Purchasing Card. Documentation
includes cash register receipts and
other point of sale documents that specify
what was purchased. | Seven years | All documentation for Purchasing Card
transactions is maintained in the
department making the purchase. The
documentation must be available for
review/audit for seven years. |
| Cash receipts details and cash register tapes | Three years | --- |
Departments with delegated journal
voucher entry and approval authority will
be responsible for the retention of the
supporting documentation | See
Comments | Supporting documentation must be
retained until it has been transmitted to
Statewide Fund Accounting for
microfilming (approximately 18 months
after the end of the fiscal year). |
Reconciliation forms and supporting
documentation for ticket, pass and permit
sales must be retained to substantiate
activity. | Three years | --- |
All other financial records including
accounting system printouts | Three years | Financial Services typically maintains a
copy of these records for seven years. |
| Sponsored Project Records | | |
| Project documentation including the
following: - Credit card purchase documentation
- Progress, technical, intellectual
property and equipment inventory
reports - Correspondence pertaining to the award
| Retention Period
as indicated
above plus
three years
after the
submission of
the last
financial
report on the
project | If any litigation, claim, or audit has started
before the expiration of the three year
period, the records should be retained
until the findings involved have been resolved. |
Departments with limited storage space may contact
Material Management for information on storage alternatives.
