Financial and Accounting Records
(1)Account Reconciliation Records: Records document the reconciliation of funds and accounts such as checks, cash, and bank accounts, fixed assets to capital expenditures. Records may include printouts; worksheets; bank statements, reports, schedules; and other supporting documentation. SEE ALSO: Accounts Receivable Records. (Minimum retention: Federal grant records: five years after annual of financial report accepted; Other records: three years).
(2)Accounts Payable Records: Records document expenditures and purchases and provides a record of payment of bills. Records may include but are not limited to encumbrance registers; purchase orders; balance sheets; bills; invoices; invoice vouchers; journal vouchers/entry forms; price quotes; requisitions; payment authorization; check request; reports of receipt of goods or services; petty cash, voucher register; and correspondence. SEE ALSO: Purchasing Records. (Minimum retention: Federal grant records: five years after annual of financial report accepted; Other records: three years).
(3)Accounts Receivable Records: 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 but are not limited to bank statements; validated deposit slips and/or paid check copies; and reconciliation worksheets or spreadsheets; account edit sheets; credit card payment forms; invoices; journal vouchers; receipts; and correspondence. May also include account aging reports which are used to monitor accounts which are outstanding and overdue. (Minimum retention: three years after reconciled or deemed uncollectable).
(4)Annual Financial Reports: 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 combined balance sheet; combined statement of revenues; expenditures, changes in fund balance; notes to the financial statement; statistical reports, audit reports, general ledger, trial balance, and budget status reports. (Minimum retention: 20 years).
(5)Audit Reports: 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 but are not limited to audit reports; audit work-papers; supporting documentation; and correspondence. May also include performance or program audits. SEE ALSO: Financial Reports. (Minimum retention: Official copy of audit and responses: 20 years; Grant fund audits: five years; Other records: one year after audit completed).
(6)Bond Records, Financial: Records document the authorization and payment of bonds to finance college construction and improvements. Records may include but are not limited to authorizations; supporting financial documentation; G.O. Bonds and certificates of participation, revenue bonds, bond ratings; sample copies of bonds issued; paid bonds; coupons; and receipts; bond register; and correspondence. SEE ALSO: Election records in the Administrative Records section. (Minimum retention: three years after final payment).
(7)Budget Planning and Preparation Records: Records are used to develop, propose, and plan budget requests for units, departments, or the college. Records may include but are not limited to budget requests; spread sheets; expenditure projection work papers; budget development instructions, schedules; allotment reports; past and current budget worksheets; salary worksheets; miscellaneous income reports; budget instructions and guidelines; capital outlay reports; equipment need reports; decision packages; budget committee minutes and agendas; spending plans; compensation plan proposals; contingency plans; and correspondence. SEE ALSO: Board of Education Records in the Administrative Records section. (Minimum retention: five years).
(8)Budget Records: Records document the annual financial plan approved by the college’s governing board. Records may include but are not limited to adopted budgets, also called the Budget Document; budget allotment reports; budget messages; revenue and expenditure tracking records; status reports; operating programs, debt service, position, and wage analysis; and correspondence. SEE ALSO: Budget Planning and Preparation Records and Budget Status Reports in this section. (Minimum retention: Final approved budget document: 20 years; Other records: Most recent 2 budgets).
(9)Budget Status Reports: 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. SEE ALSO: Budget Planning and Preparation Records, and Budget Records in this section; and Board of Education Records in the Administrative Records section. (Minimum retention: Year-end report: five years; All other reports: Until superseded).
(10)Capital Construction Funding Records: 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 project descriptions; budget projection and allocation records; budget authorization forms; budget change orders; final acceptance statements; and related documentation and correspondence. (Minimum retention: Life of structure).
(11)Check Conversion Records: Records document checks received from customers that are electronically deposited after being imaged and converted to an Automated Clearing House (ACH) transaction or Image Replacement Document (IRD) (Minimum Retention: (a) Retain original paper instrument 30 days, destroy (b) Retain ACH transaction or IRD 6 years, destroy).
(12)Correspondence, Fiscal: 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. SEE ALSO: Administrative Records, Program in the Administrative Records section. (Minimum retention: three years).
(13)Credit and Debit Receipts: Agency’s copy of credit or debit card receipt documenting payment received by agency. Records include customer’s name and account information (Minimum Retention: Retain 36 months after transaction, destroy).
(14)General Ledger and Trial Balance Records: 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 provide 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. SEE ALSO: Subsidiary Ledgers, Journals, and Registers, and Financial Reports. (Minimum retention: Fiscal year-end reports: 20 years; Other reports: Until superseded).
(15)Grant Records, Financial: 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 grant applications; project narratives; proposed budgets; notices of grant awards; project reviews; fund request; project reports; capital outlay expenditure reports; adjustment notices; contract; financial reports; performance reports; federal evaluations; allocation preparation reports; grant status summaries; reimbursement request; correspondence; and quarterly, annual and final expenditure reports. May also include grant related fixed-asset purchase, inventory, and disposal records. SEE ALSO: Grant Records, Administrative in the Administrative Records section. (Minimum retention: five years after final or annual expenditure report accepted; Fixed asset records: two years after disposition of assets).
(16)Journal Vouchers: 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 voucher 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. (Minimum retention: three years).
(17)Purchasing Records: Records document the purchase of goods and services by the college. Records may include but are not limited to purchase orders; purchase authorizations; requisitions; contract release orders; vouchers; telephone service orders; vendor files; and correspondence. SEE ALSO: Bids and Award Records in the Contracts and Agreements section. (Minimum retention: Vendor files: Until superseded or obsolete; Other records: three years).
(18)Receipts and Receipt Registers: 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 validation receipts; cash register tapes; bank deposit slips; check stubs; departmental deposit vouchers; cash receipt slips; petty cash balance sheets; bank deposit slips; checks, check register; cash by account reports; and monthly cash register reports. (Minimum retention: three years).
(19)Subsidiary Ledgers, Journals, and Registers: 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. (Minimum retention: Trust fund ledgers: two years after trust fund closed; Other subsidiary ledgers, journals, and registers: two years).
(20)Unclaimed Property Report Records: Records document annual reports submitted to the Department of State Lands of financial assets being held for a person or entity that cannot be found. Series includes Holder Report, owner information, correspondence and other related documents. Note: Unclaimed property is not real estate, abandoned personal property, or lost and found items. (Minimum Retention: 3 years after the property is remitted to the Department of State Lands).
Rule 166-450-0050 — Financial and Accounting Records,