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Records Retention General Schedule for Financial Records

General Schedule for Financial Records [NOTE: Records listed in this General Schedule are typically for departmental use. Official records may be listed separately, with longer retention periods, on specific schedules for the Controller or other responsible office. Contact University Archives with questions regarding this General Schedule]

Record Series

(and Description)

Retention Period 

(Regardless of Format)

Additional Notes 

MDAH #

Accounts Payable

This series documents monies to be paid by an agency.  It may include purchase orders, invoices related to billings, requisitions, and other related documentation.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G36

Accounts Receivable

This series documents monies owed to an agency.  May include, but not limited to, notes receivable, taxes, amounts due for goods and services, licenses and fees from other agencies, and federal reimbursement for grants and contracts.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G37

Acquisition Receipts

This series consists of records related to the acquisition of property that meet the criteria of the state to be tagged and maintained in an Asset Management database.  Included are acquisition receipts.

Hold in current files area seven (7) years, then dispose.  Audit must have been released three (3) years prior to disposal.

 

5848

Audit Reports – Agency (or Departmental) Copy

This series documents audits of an agency by the State Auditor’s Office (or in some cases, by IHL Internal Auditors)

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

 

G52

Bank Reconciliation Records

This series documents the reconciliation of an agency’s bank accounts.  May include spreadsheets, balance reports, and other working papers used for reconciliation.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G42

Bank Records

This series documents an agency’s financial transactions with a banking institution.  May include cancelled checks, returned checks, check register, checking statements, reports, and other related documentation.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G41

Budget (Departmental Records)

Budget allocation by budget category and by six month allocation.  Computer printouts showing fund balances and status.

Departments must maintain all budget information for three (3) years after release of audit; then destroy. The official copy of the University budget is maintained by the University Budget Office and University Archives indefinitely.

 

G5

Cash Records and Reports 

This series documents the management of the flow of cash or cash equivalents, excluding bank records, in an agency.  Included, but not limited to, cash records, cash reconciliations, transmittal records, and other related documentation.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G39

Credit Card Records  

This series documents the purchasing and payment of services and goods by an agency with credit cards.  Included are copies of receipts, monthly statements, summaries, and other related documentation.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G46

Financial Correspondence

Documents relating to financial transactions.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G7

General Ledgers

Posting to GAAP fund types and account groups.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G8

General Ledger Reconciliation

This series documents the reconciliation of an agency’s general ledgers.  May include monthly reconciliation reports, manual daily cash transaction worksheets, monthly reports, and other related documentation.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G43

Grant Financial Records

Financial records documenting use of grant funds by individual offices and departments, including, but not limited to:  purchase requisitions, credit card and procurement card receipts and reports, periodic account summaries, travel authorizations and requests for reimbursement, cash receipt copies, cash deposit slips, reconciliations forms or spreadsheets, and time sheets (except work study), regardless of format.

Retain for 5 years following submission (and acceptance) of the final report to the funding agency, then destroy.

Recipient departments should also be aware of and follow any record retention requirements of a granting agency (in addition to the above Financial Records Section "NOTE")

5626

Grant Proposals and Reports - Funded

Original proposal or application and final report. For renewals, proposal submitted requesting renewal, and final report of renewed project/grant.

 Hold in the current files area the number of years required by the granting agency following submission and acceptance of the final report to the funding agency, then dispose.  Audit must have also  been released three (3) years prior to disposal.

Recipient departments should also be aware of and follow any record retention requirements of a granting agency (in addition to the above Financial Records Section "NOTE")

5859

Grant Proposals and Reports - Unfunded

This series consists of unsuccessful grant applications

Destroy upon receipt of proposal rejection.

Departments may retain selected copies for reference purposes.

5754

Petty Cash

This series documents petty cash accounts.  Included, but not limited to, statement of petty cash/imprest fund forms, summaries of expense, payment vouchers, and other related documentation.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G40

Procurement Card Records    

This series documents the purchases made with an agency’s state procurement card.  May include billing statements, payment vouchers, receipts, purchase requisition forms, and other related documentation.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G47

Property Affidavits

This series consists of property affidavits which document the removal of items from inventory due to loss or theft.  Included are property affidavits.

Hold in the current files area three (3) years, then dispose.  Audit must have been released three (3) years prior to disposal.  

 

5849

Purchase Orders 

Purchase Orders and purchase order adjustments.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G6

Receiving Records/Freight Files   

This series documents the receiving of goods or services which have been purchased by the agency.  Included are freight tickets, shipping lists, and other related documents.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G49

Requisition for Issuance of Warrant/Payment Vouchers

Issuance of disbursement warrant for goods received or services rendered for the state.

 

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G1

Travel Reimbursement Files   

This series documents the purchases made with an agency’s state procurement card.  May include billing statements, payment vouchers, receipts, purchase requisition forms, and other related documentation.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G48

Trial Balance

This series documents daily transactions, typically computer printouts.  May include daily figures, monthly figures, year-to-date figures, encumbered and unencumbered figures, summaries, and other related documentation.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G44

Vendor Files 

This series contains records of transactions with various vendors that provide goods and services to an agency.  These records may duplicate those retained on the Accounts Payable file.

Hold original or authenticated reproduction three (3) years after release of the audit; then destroy.

 

G45

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