General Accounting and Miscellaneous

NOTE: See item no. 15 [656] in the Electronic Data Processing section for system backup files for fiscal systems and related electronic records.

1[199] General ledger showing summary receipts and disbursements from all funds and accounts

RETENTION: 6 years after last entry

NOTE: Appraise these records for historical significance prior to disposition. Records with historical value should be retained permanently. General ledgers containing detailed entries that include information on the nature of transaction and parties involved may be valuable in documenting financial transactions involving a college or the University.

2[200] Subsidiary ledger providing details of the general ledger accounts

RETENTION: 6 years after last entry

NOTE: Appraise these records for historical significance prior to disposition. Records with historical value should be retained permanently. Subsidiary ledgers containing detailed entries that include information on the nature of transaction and parties involved may be valuable in documenting financial transactions involving a college or the University if this detailed information is not contained in general ledgers.

3[201] Journal recording chronological entries of all fiscal transactions

RETENTION: 6 years after last entry

NOTE: Appraise these records for historical significance prior to disposition. Records with historical value should be retained permanently. Journals containing detailed entries that include information on payor, payee, and purpose may be valuable in documenting financial transactions involving a college or the University.

4[202] Accounting register, including but not limited to check register, transfer of funds register, encumbrance register, and register of claims presented for payment and paid claims

RETENTION: 6 years after last entry

5[203] Cash transaction record showing cash received from collection of various fees and petty cash disbursed

RETENTION: 6 years

6[85] Admissions collection record, including but not limited to record of receipts and log of operations

RETENTION: 6 years

7[205] Daily cash record, including adding machine tapes, cashier’s slips showing daily cash receipts, and analysis of cash receipts

RETENTION: 6 years

8[206] Notice of encumbrance indicating funds encumbered and amount remaining unencumbered

RETENTION: 6 years

9[207] Past due account fiscal records and summaries

RETENTION: 6 years after account satisfied or otherwise closed

10[208] Intermediary fiscal record of receipts and disbursements, including but not limited to detail record, analysis, proof sheet or trial balance worksheet, and adding machine tapes

RETENTION: 6 years

11[209] Abstract of receipts, disbursements, or claims

RETENTION: 6 years

12[210] Billing records covering services provided by a college or the University, other than student’s individual account records

a. Customer’s individual account

RETENTION: 6 years after last entry

b. Records used to determine billing and charges, including copies of bills and charge slips

RETENTION: 6 years

c. Billing address records

RETENTION: 0 after superseded or obsolete

NOTE: See item no. 20 [86] in this section for student’s individual account records.

13[211] Bill of sale of property owned by a college or the University other than real property

RETENTION: 6 years

14[212] Sales tax records, covering sales tax collected by a college or the University and transmitted to State Department of Taxation and Finance

RETENTION: 6 years

15[213] Tax exemption records, showing that a college or the University is exempt from paying sales, use, or other taxes

RETENTION: 1 year after superseded or obsolete

16[719] Payment recoupment records, documenting the process of recovering monies paid erroneously by a college or the University to employee, vendor, or other payee

RETENTION: 6 years after last entry

17[237] Receipt (received) or copy of receipt (issued), other than for payment of taxes

RETENTION: 6 years

18[720] Grant, award, or gift files, covering grants, awards, and gifts given by a college or the University to students, faculty, staff, or other individuals or entities

a. Master summary record of grants, awards, or gifts

RETENTION: PERMANENT

b. Detailed records of grants, awards, and gifts to students or other individuals or entities other than faculty or staff, excluding master summary record

RETENTION: 6 years

c. Detailed records of grants, awards, and gifts to faculty or staff, excluding master summary record

RETENTION: 6 years, or termination of employment, whichever is longer

19[721] Credit card records, documenting payments received by credit cards or electronic transactions, including credit card payment receipts and statements showing amounts of payments received and fees deducted

RETENTION: 6 years

20[86] Student’s individual account records, covering credit, non-credit, or continuing education courses, housing, food, laboratory and equipment use, and other fees, charges, and expenses, and tuition waivers

RETENTION: 6 years after last entry

NOTE: See item no. 12 [210] in this section for other billing records.

21[CU4] Income tax filing and related records, including but not limited to 990-T information returns regarding unrelated business income, work papers, supporting documentation, and correspondence

a. Tax returns

RETENTION: PERMANENT

b. Related records

RETENTION: 7 years

Audit

22[214] Report of audit of financial affairs

a. Audit filed pursuant to Section 35, General Municipal Law, conducted by the Office of the State Comptroller, the New York City Comptroller, or an outside auditing firm

RETENTION: PERMANENT

b. Other external audits

RETENTION: 7 years

c. Internal audits, conducted by college or University officials

RETENTION: 7 years

23[215] Audit background documentation, including summaries, posting records, and related records created by an auditing office as part of the auditing procedure

RETENTION: 6 years

24[216] Audit hearing or review file

RETENTION: 6 years after audit accepted

Banking and Investment

25[217] Banking communications, including but not limited to bank statement, reconciliation, notification of voiding or return of check, cancellation of payment, or other notice for checking or savings account

RETENTION: 6 years

26[218] Canceled check (including payroll check), or other instrument of payment, such as bank check, warrant check, order check, or order to fiscal officer to pay, when used as a negotiable instrument, including voided check

RETENTION: 6 years

NOTE: It is recommended that a list of destroyed unused checks be created and maintained for legal or audit purposes.

27[219] Copy of check or check stub

RETENTION: 6 years

28[220] Depository agreement, including designation of depository, bond or surety, or other record relating to deposit of college or University funds

RETENTION: 6 years after agreement, designation, bond, or surety has expired or been superseded or rescinded

29[221] Deposit book for checking account

RETENTION: 6 years after last entry

30[222] Deposit book for savings account

RETENTION: 6 years after cancellation

31[223] Deposit slip

RETENTION: 6 years

Claims and Warrants

32[229] Claim for payment (approved or disallowed), including claim, vendor’s voucher, and bill

RETENTION: 6 years

33[231] State or federal-state reimbursement claim file, including but not limited to summary and detail of claim, worksheets, and other supporting documents

RETENTION: 6 years

34[232] Summary record of outstanding or paid warrants or claims

RETENTION: 6 years

35[233] Notice of claim record and index as required by Section 50-f of the General Municipal Law

RETENTION: 6 years after final disposition of claim

36[234] Order or warrant to pay monies

a. For any funds held in a savings bank

RETENTION: 20 years

b. For any funds not held in a savings bank

RETENTION: 6 years

37[235] Outstanding warrants listing, including adding machine tapes

RETENTION: 6 years

38[236] Assignment of claim

RETENTION: 6 years after satisfaction, or 10 years, whichever is shorter

Reports

39[238] Daily, weekly, monthly, quarterly, or other periodic fiscal reports, including but not limited to daily funds report, daily cash report, statement of monthly balances, recapitulation of disbursements, and departmental reports

RETENTION: 6 years

40[239] Annual or final fiscal reports

a. When report is not included in minutes

RETENTION: PERMANENT

b. When report is included in minutes

RETENTION: 0 after officially recorded

41[242] Certificate, demand, or direction to fiscal officer to pay monies

RETENTION: 6 years

42[243] Verification of travel expenses, including but not limited to certificate of accuracy and receipts

RETENTION: 6 years

43[87] Fiscal reports submitted to or received from the University, including operating report (budget) and annual report (year-end)

RETENTION: 6 years