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last updated: 10/3/2012

Financial Management Services (University Archives)

 
RECORD RETENTION AND DESTRUCTION

Below is a listing of FMS financial documents and their required retention periods. Most of these documents either originate in FMS or reside there after they have been entered into the university financial system.

This listing is compiled:

  1. To advise departments of their responsibility for the retention of their financial records.
  2. To inform them of the future availability of this information.

Please direct any questions to Sterling George, Director of Operations, Financial Management Services. Phone: (812) 855-6107 E-mail: sgeorge@indiana.edu

CONTRACT AND GRANT FILES

Source documentation, accounting documents, supporting information, financial and statistical records, and all other records pertinent to a contract or grant must must be retained for at least seven fiscal years plus the current fiscal year. This includes transactions that originated on non-Contract and Grant accounts but were later transferred to a Contract and Grant account.

For Contract and Grant payroll related items, the minimum retention period is seven fiscal years + the current fiscal year. However, some items must be retained for a longer period of time. See the "PAYROLL" section of this document for further restrictions.

DOCUMENTS RETENTION PERIOD
Includes proposals submitted by faculty members for grants, original contract agreements from sponsoring agencies, supporting documentation, accounting documents, copies of financial reports, and correspondence. 7 F/Y + Current

CURRENT ACCOUNTING DOCUMENTS

Often, the original copy of accounting documents are retained in FMS or put in storage until such time as they are filmed or destroyed or both. We are directed by the guidelines set forth by the Commission of Public Records for the State of Indiana. Yearly, we submit a request for destruction to the commission and those items which are approved for destruction are recycled, shredded, or purged. Many of the accounting records have duplicate copies that are retained by departments when submitting the original for entry into the system. These duplicate copies are important records and must be retained by the departments for three fiscal years plus the current fiscal year for Internal Auditing and State Board of Accounts audits.

CURRENT ACCOUNTING DOCUMENTS ORIGINAL DOCUMENT RETENTION FISCAL YEARS FILMED/IMAGED/CD DUPLICATE COPY RETENTION FISCAL YEAR
FIS "Electronic" Documents Permanent Archived to Text After 5 F/Y + Current 3 F/Y + Current
"Electronic" DV Permanent Imaged 3 F/Y + Current
Auxiliary Financial Reports/Vouchers 7 F/Y + Current No 3 F/Y + Current
Bursar/Student Refund Checks (Bank One) Permanent CD – Fiche/Film Prior to 97 No Copy
Cancelled Checks -Bank One Permanent CD No Copy
Cancelled Checks -Northern Trust Permanent CD No Copy
Cash Receipt Vouchers 7 F/Y + Current Film 3 F/Y + Current
Invoice Checks -Northern Trust Check Kept at Bank CD – Fiche/Film Prior to 11/96 No Copy
Mechanics Laundry Invoices 7 F/Y + Current Film No Copy
Monthly Standard Reports Permanent IUDSS/FDRS 3 F/Y + Current
Outstanding Check List 7 F/Y + Current No No Copy
Paper DV (FM/Check Request) 7 F/Y + Current Film 3 F/Y + Current
Payroll Checks –NBD 3 F/Y + Current Film No Copy
Revolving Fund Checks 7 F/Y + Current No No Copy
System Balancing Reports 7 F/Y + Current No No Copy
TOPS Purchase Order 7 F/Y + Current Yes No Copy
TOPS Vender Invoice 7 F/Y + Current Yes No Copy
Voided Checks 7 F/Y + Current No No Copy

PRE-FIS ACCOUNTING DOCUMENTS (PRIOR TO FY 1994)

PRE-FIS DOCUMENTS ORIGINAL DOCUMENT RETENTION FISCAL YEARS FILMED DUPLICATE COPY RETENTION FISCAL YEARS
Batch Listings 3 F/Y + Current No No Copy
Budget Reports 3 F/Y + Current
June Permanently
No 3 F/Y + Current
Budget Transfers 3 F/Y + Current Yes 3 F/Y + Current
Cash Receipt Vouchers 3 F/Y + Current Yes 3 F/Y + Current
Cash Reports On Fiche Since 86/87 Film Prior to 86/87 3 F/Y + Current
General Ledger 3 F/Y + Current
June Permanently
No No Copy
Income and Expense Statements 3 F/Y + Current No No Copy
Inter-Dept Billings On Fiche Since 86/87 Film Prior to 86/87 3 F/Y + Current
Intramural Invoices 3 F/Y + Current Yes 3 F/Y + Current
Journal Vouchers 3 F/Y + Current Yes 3 F/Y + Current
Statements of Account On Fiche Since 86/87 Film Prior to 86/87 3 F/Y + Current
Transfer of Funds 3 F/Y + Current Yes 3 F/Y + Current

TRAVEL

DOCUMENTS ORIGINAL DOCUMENT RETENTION FISCAL YEARS FILMED/IMAGED/CD DUPLICATE COPY RETENTION FISCAL YEARS
In-State/Out-of-State Employee Travel Vouchers 10 F/Y + Current No 3 F/Y + Current
Non-Employee Travel Reimbursements (A123) 10 F/Y + Current No 3 F/Y + Current
Travel Authorizations 10 F/Y + Current No 3 F/Y + Current
Travel Reimbursements 10 F/Y + Current No 3 F/Y + Current

PAYROLL DOCUMENTS

Payroll documents are crucial to the financial reporting of the university and must be kept until all federal and state auditing requirements are met. Some of the basic documents must be kept on microfilm for up to 15 years. This policy statement outlines the general rules governing the retention of these documents. No one is authorized to destroy any documents until written permission is received from FMS. A determination will be made as to the cleared audit time periods before any authorization for destruction will be given.

For Contract and Grant accounts, payroll items must be retained for a minimum of seven fiscal years plus the current fiscal year. Some of the items listed below have retention periods in excess of this minimum. For Contract and Grant accounts the LONGER of: 1) seven fiscal years plus the current fiscal year or; 2) the period stated below must be followed.

The following documents are governed by this policy:

DOCUMENT RETENTION
Certificate of Residence Destroy 3 years after termination or change in certificate.
Deduction Cards Destroy after receipt of State Board of Accounts audit report and satisfaction of unsettled charges. Most items are kept 2 years.
Deduction Listing Printout Destroy after receipt of State Board of Accounts audit report and satisfaction of unsettled charges. Most items are kept 2 years.
Federal Exemption Certificates (W-4) Destroy 4 years after due date of annual tax return after certificate has become outdated or replaced.
Federal Withholding Statements (W-2/W-2P) Microfiche.
Financial Control Totals Destroy after 3 years and after receipt of State Board of Accounts audit report and satisfaction of unsettled charges.
Garnishment File Destroy 2 years after obligation has been satisfied.
Holding Files Destroy 3 years after end of fiscal year and after receipt of State Board of Accounts audit report and satisfaction of unsettled charges.
Payroll Check Register Microfiche.
Payroll Distribution Destroy after 15 years.
Payroll Vouchers Microfilm and destroy after receipt of State Board of Accounts audit report and satisfaction of unsettled charges. Destroy microfilm after 15 years.
Perf Quarterly Reports, Wages, and Deductions Microfiche and destroy after receipt of State Board of Accounts audit report and satisfaction of unsettled charges. Hard copy kept for 1 year.
Quarterly Report Microfilm and destroy hard copy after 7 years. Destroy microfilm 4 years after filing of final report.
Retirement and Pension Records Microfilm and destroy paper after 2 years.
State Exemption Certificates (W4-H) Destroy 4 years after due date of annual tax return.
State/Federal Monthly Withholding Tax Returns Destroy 4 years after due date of annual tax return.
Tax Correspondence Destroy after 4 years.
TIAA Monthly Reports Microfilm and destroy after receipt of State Board of Accounts audit report and satisfaction of unsettled charges.
Time Sheets, Attendance Reports Destroy time sheets and supplementary documents 3 years after end of fiscal year, subject to Indiana University Counsel's approval.
Time Clock Cards Destroy 3 years after end of fiscal year, subject to Indiana University Counsel's approval.



last updated: 10/3/2012