BS1120 - Retention of Records

1. Institutional Regulations
   
   Source documents regarding financial data will be retained as required for auditing purposes, state or federal regulations, or internal research needs. The documents will be stored in a manner allowing for safekeeping, fire protection and availability.
    
2. Procedure
   1. Source documents will be retained for a minimum period as indicated below:
      1. Paid Voucher File - seven years
      2. Bank reconciliations and statements - seven years
      3. Cash Reports - seven years
      4. Receipt Books (numeric file) - seven years
      5. Audit reports - permanently
      6. Computer reports (financial) - seven years
      7. Fiscal Year End Reports to DOE - permanently
      8. Minutes of Board of Directors - permanently
      9. Published Budget - permanently
      10. Record of judgements paid - twenty years
      11. Written contracts - ten years
      12. Bonds & bond coupons - ten years from recall date
      13. Minutes of closed sessions of the Board - one year
      14. Secretary’s financial records - permanently
      15. Personnel Records - ten years after employee termination
      16. Payroll Records - three years
      17. Real estate records - permanently
      18. Student records - permanently
   2. Imaged Items
      1. Documents may be imaged and retained for the time specified above.
      2. Images shall be stored in the appropriate, safekeeping manner.