Finance Record Retention Schedule

Record/Document Name or TypeNumber of YearsDivisionDepartment
1099 FormsShredded after 10 yearsFinanceAccounts Payable
Accounts Payable LedgersCurrent Year + 1FinanceAccounts Payable
Accounts Payable RecordsCurrent Year + 7FinanceAccounts Payable
Accounts Receivable (Miscellaneous)Current Year + 7FinanceAccounting
Annual BudgetPermanentFinanceResource & Allocation
Annual Financial Report Working PapersPermanentFinanceAccounting
Annual Financial Statements (Audited)PermanentFinanceAccounting
Bad Debts (Journal Entry Backup)PermanentFinanceAccounting
Bank -- Cancelled ChecksCurrent Year + 7FinanceAccounting
Bank ReconciliationCurrent Year + 7FinanceAccounting
Bank StatementsCurrent Year + 7FinanceAccounting
Bills of LadingCurrent Year + 7FinanceAccounts Payable
Bond IndenturesPermanentFinanceTreasury Operations
Cash Receipt RegisterCurrent Year + 1FinanceAccounting
Cash Receipts, DepositsCurrent Year + 7FinanceAccounting
Certificates of DepositUntil cashed & auditedFinanceAccounting
Certificates of Stock, Bonds, etcUntil cashed & auditedFinanceAccounting
Collection Agency Statements3 yearsFinanceCredit & Collections
Credit MemosCurrent Year + 7FinanceAccounting
Endowment Initial Unitization LogicPermanentFinanceAccounting
Endowment Quarterly Unitization SchedulesPermanentFinanceAccounting
Endowment & Scholarship Gift FilesPermanentFinanceAccounting
Expense Reports (Accounts Payable)Current Year + 7FinanceAccounts Payable
FISAP Reports (Including Federal Work Study)PermanentFinanceStudent Loans
Fixed Asset Additions -- Substantiating Documents PermanentFinanceResource & Allocation
Fixed Asset Inventory DocumentPermanentFinanceResource & Allocation
Fixed Asset Retirements -- Related DetailsPermanentFinanceResource & Allocation
General Ledger Transaction ReportPermanentFinanceAccounting
General Ledger / Journal & Supporting DocumentsPermanentFinanceAccounting
Grant Documents & Related Information5 years after completion of grant activityFinanceAccounting
Income Tax Payment Checks -- Wire RequestsPermanentFinanceAccounting
Interdepartmental BillingPermanentFinanceAccounting
Journal EntryPermanentFinanceAccounting
Perkins Loan Activity Reports & FilesPermanentFinanceStudent Loans
Purchase Order CancellationCurrent Year + 7FinancePurchasing
Purchase Order DocumentationCurrent Year + 7FinancePurchasing
Purchase Order Line ItemCurrent Year + 7FinancePurchasing
Purchase Orders / RequisitionsCurrent Year + 7FinancePurchasing
Purchase Order, Vendor InvoicesCurrent Year + 7FinancePurchasing
Purchase Records (unless otherwise defined)Current Year + 7FinancePurchasing
Real PropertyIndefinitelyFinanceResource & Allocation
Shipping & Receiving ReportsCurrent Year + 7FinanceAccounts Payable
Shipping PapersIndefinitelyFinanceAccounts Payable
Student Loan Ledger (FYE Run)PermanentFinance Student Loans
Student Receivable -- Drop / Add RecordsCurrent Year + 7FinanceStudent Loans
Student Receivable -- Individual Student FilesCurrent Year + 7FinanceStudent Loans
Student Receivable LedgersCurrent Year + 7FinanceAccounting
Student Receivable Transactions (Daily Work)Current Year + 7FinanceAccounting
Student Repayment Deposits2 yearsFinanceStudent Loans
Student Balance Write-offsUntil Scanned, Then PermanentFinanceCredit & Collections
Tax CorrespondencePermanentFinanceAccounting
Tax Records of Employee WagesPermanentFinanceAccounting
Tax Return SupportPermanentFinanceAccounting
Tax Returns & Work PapersPermanentFinanceAccounting
Trial Balance (FYE Run)PermanentFinanceAccounting
Trust / BequestsIndefinitelyFinanceAccounting