Do not follow the records retention schedule to destroy records that are currently part of–or you are aware that they are going to be part of–any legal action or proceeding, litigation, audit, investigation, or review. For more information, see the Subpoenas for University Records Policy.
Financial Records
| Schedule Number | Record Series |
|---|---|
| 020 | Accounts Payable Records |
| 030 | Accounts Receivable Records |
| 040 | Banking Records |
| 050 | Budget Records |
| 060 | Capital Construction Funding Records |
| 065 | Financial Statements and Reports |
Warning
Accounts Payable Records
Schedule Number
020
These records document a department or office’s expenditures and purchases. These records may include, but are not limited to, departmental purchase orders, requisitions (IDRs), expense transfers, credit card charge slips and statements (including P-Card transactions), bills, invoices, journal vouchers, justifications of purchases, payment authorizations, reports of receipt of goods or services, and receipts.
| Copy Type | Record Holder | Retention Period | Disposition |
|---|---|---|---|
| Official Copy | Finance Division | 7 years |
|
| Unofficial Copy | Departments and Offices | Purchase confirmed, see Notes for details P-Card records |
Notes
General Accounts Payable records
The Finance Division holds the official copy of A/P records, except for P-Card records (see below for notes about P-Card records). Departments and programs need to retain their copy of A/P records until they have reviewed and accepted the corresponding financial reports from the Finance Division (usually in PeopleSoft). Then confidentially destroy the records. Departments and offices may destroy these records immediately after accepting the financial reports or at the close of every fiscal year.
For general accounts payable records documenting purchases made on sponsored accounts, retain until the close of the grant, award segment, or contract then confidentially destroy the records.
P-Card records
Departments and programs hold the official copy of P-Card records. Retain P-Card records for 7 years, or until uploaded to PeopleSoft, then confidentially destroy the records. For P-Card records documenting purchases made on sponsored accounts, retain for the life of the grant, award segment, or contract + 7 years, or until uploaded to PeopleSoft, then confidentially destroy the records.
A/P records documenting the purchase of equipment or services
As needed, departments and programs may retain records for the life of the equipment or warranty, plus one additional year beyond the usual retention period, then confidentially destroy the records.
Official Copy of Accounts Payable records (excluding P-Card records)
The Finance Division manages a wide range of accounts payable records. The retention and disposition of accounts receivable records managed by the Finance Division are detailed in the Finance Division Records Policy.
References
None
Approved
Digital Collections and Archives and Office of the Controller
Effective Date
Updated
Accounts Receivable Records
Schedule Number
030
These records are used by departments and offices to document billing and collection activities. These records may include, but are not limited to, account edit sheets, classified advertisement forms, invoices, journal vouchers, checks, and receipts.
| Copy Type | Record Holder | Retention Period | Disposition |
|---|---|---|---|
| Official Copy | Finance Division | 7 years |
|
| Unofficial Copy | Departments and Offices | Transaction confirmed, see Notes for details |
Notes
The Finance Division holds the official copy of accounts receivable records. Departments and offices need to retain their copy of accounts receivable records until they have reviewed and accepted the corresponding financial reports from the Finance Division (usually in PeopleSoft). Then confidentially destroy the records. Departments and offices may destroy these records immediately after accepting the financial reports or at the close of every fiscal year.
Official Copy of Accounts Receivable records
The Finance Division manages a wide range of accounts receivable records. The retention and disposition of accounts receivable records managed by the Finance Division are detailed in the Finance Division Records Policy.
References
None
Approved
Digital Collections and Archives
Effective Date
Updated
Banking Records
Schedule Number
040
These records may include, but are not limited to banking deposits, reconciliations, statements, registers, stubs, canceled checks, deposit slips, and wire transfers.
| Copy Type | Record Holder | Retention Period | Disposition |
|---|---|---|---|
| Official Copy | Finance Division | Delineated in the Finance Division Records Policy |
|
| Unofficial Copy | Departments and Offices | Transaction confirmed, see Notes for details |
Notes
The Finance Division holds the official copy of banking records. Departments and offices need to retain their copy of banking records until they have reviewed and accepted the corresponding financial reports from the Finance Division (usually in PeopleSoft). Then confidentially destroy the records. Departments and offices may destroy these records immediately after accepting the financial reports or at the close of every fiscal year.
Official Copy of Banking records
The Finance Division manages a wide range of banking records. The retention and disposition of banking records managed by the Finance Division are detailed in the Finance Division Records Policy.
References
None
Approved
Digital Collections and Archives
Effective Date
Updated
Budget Records
Schedule Number
050
These records provide a record of departmental fiscal activity presented in summary form which may be used for budget planning. These records may be used to analyze budget cuts or restructuring of programs. These records may include, but are not limited to, working papers, memorandums, final summary reports and spreadsheets, and related documentation and correspondence.
| Copy Type | Record Holder | Retention Period | Disposition |
|---|---|---|---|
| Official Copy | Finance Division | Delineated in the Finance Division Records Policy |
|
| Unofficial Copy | Departments and Offices | Summary Budget reports: Permanent All other records: Until no longer needed |
Summary Budget reports: Transfer to Tufts Archival Research Center All other records: Confidential destruction |
Notes
Confidentially destroy periodic budget reports generated from financial systems, budget calculations, draft budgets, and documents used to formulate budgets when they are no longer needed. Retain annual or project budget summary reports or proposals permanently.
Official Copy of Budget records
The Finance Division manages a wide range of budget records. The retention and disposition of budget records managed by the Finance Division are detailed in the Finance Division Records Policy.
References
None
Approved
Digital Collections and Archives
Effective Date
Updated
Capital Construction Funding Records
Schedule Number
060
These records document the funding of capital construction projects and to prepare budgets and allocations for capital construction projects. These records may include, but are not limited to, project descriptions, budget projections and allocation records, budget authorization forms, budget change orders, final acceptance statements, and related documentation and correspondence.
| Copy Type | Record Holder | Retention Period | Disposition |
|---|---|---|---|
| Official Copy | Finance Division | Delineated in the Finance Division Records Policy |
Delineated in the Finance Division Records Policy |
| Unofficial Copy | Departments and Offices | Consult with Tufts Archival Research Center |
Consult with Tufts Archival Research Center |
Notes
None
References
None
Approved
Digital Collections and Archives
Effective Date
Updated
Financial Statements and Reports
Schedule Number
065
These records include annual certified and uncertified financial statements and reports.
| Copy Type | Record Holder | Retention Period | Disposition |
|---|---|---|---|
| Official Copy | Finance Division | Delineated in the Finance Division Records Policy |
Delineated in the Finance Division Records Policy |
| Unofficial Copy | Departments and Offices | See Notes |
See Notes |
Notes
The Finance Division is normally the official record holder of financial statements and reports. Departments and Offices that hold unofficial copies of financial statements and reports, should retain these documents until no longer needed, and then confidentially destroy them. If a department or office holds a copy of a statement or report that is not held by the Financial Division, consult with the Tufts Archival Research Center about how long to retain these records.
Official Copy of Financial Statements and Reports
The Finance Division manages a wide range of financial statements and reports. The retention and disposition of financial statements and reports managed by the Finance Division are detailed in the Finance Division Records Policy.
References
None
Approved
Digital Collections and Archives
Effective Date
Updated