3.1.36 Document Retention and Destruction
The University is committed to effective records retention to preserve its history, ensure that critical records are available to meet business needs, comply with legal requirements, optimize the use of space, minimize the cost of record retention, and ensure that outdated and useless records are destroyed. The University requires that University records be retained for specific periods of time and has designated official repositories for their maintenance. These records should be managed according to procedures that are outlined in the Document Retention Schedule.
Document Retention Schedule:
Document Description
|
Official Creator/ Repository
|
Retention Period (in Years)
|
Accounts Payable (Cks, wires, EFT, disbursement records)
|
Controller's Office
|
7
|
Accounts Receivable
|
Controller's Office
|
7
|
Annual Budget Documents
|
Controller's Office
|
7
|
Annual Financial Report (Audited)
|
Controller's Office
|
Permanent
|
Audit Work Papers
|
Controller's Office
|
7
|
Bank Reconciliations
|
Controller's Office
|
7
|
Bank Statements
|
Controller's Office
|
7
|
Bond Issue Docs
|
Controller's Office
|
Permanent
|
Cancelled Checks/Wire Transfers
|
Controller's Office
|
7
|
Capital Equipment Records
|
Controller's Office
|
4 years after Sale of Property/ Equipment
|
Capital Property Records
|
Controller's Office
|
Permanent
|
Chart of Accounts
|
Controller's Office
|
Permanent
|
Construction Contracts
|
Controller's Office
|
7
|
Contracts and Leases
|
Controller's Office
|
7 years after expiration
|
Deeds and Titles
|
Controller's Office
|
Permanent
|
Deposit Records
|
Controller's Office
|
7
|
Fixed Assets and Asset Depreciation Schedules
|
Controller's Office
|
Permanent
|
Determination Letter for Income Tax Exemption
|
Controller's Office
|
Permanent
|
States Sales Tax Exemption Letter
|
Controller's Office
|
Permanent
|
Federal Grant Records
|
Controller's Office
|
7 years after expiration
|
General Ledgers
|
Controller's Office
|
7
|
Credit Card Receipts
|
Controller's Office
|
3
|
Insurance Policies
|
Controller's Office
|
Permanent
|
Certificates of Insurance
|
Controller's Office
|
1
|
Invoices or expense records
|
Controller's Office
|
7
|
Monthly/Quarterly Investment Statements for Managers/Brokers
|
Controller's Office
|
7
|
Mortgage Records
|
Controller's Office
|
Permanent
|
Payroll Registers
|
Controller's Office
|
Permanent
|
Earnings Records
|
Controller's Office
|
7
|
Garnishment Records
|
Controller's Office
|
7
|
Payroll Tax Records
|
Controller's Office
|
7
|
W2 Statements
|
Controller's Office
|
7
|
Garnishment Records
|
Controller's Office
|
7
|
Property Appraisals
|
Controller's Office
|
Permanent
|
Property Tax Reports
|
Controller's Office
|
Permanent
|
Purchase Orders
|
Controller's Office
|
7
|
Tax Reports - 1098-T
|
Controller's Office
|
7
|
Tax Reports - 1099
|
Controller's Office
|
7
|
Tax Returns - Payroll
|
Controller's Office
|
Permanent
|
Tax Returns 990 and 990-T
|
Controller's Office
|
Permanent
|
Unclaimed Property
|
Controller's Office
|
Permanent
|
Check Registers
|
Controller's Office
|
7
|
Construction Documents
|
Facilities
|
Permanent
|
Fiscal Operations Report and Application to Participate (FISAP)
|
Financial Aid Office
|
5
|
Worker’s Compensation Claims
|
Human Resources
|
30
|
EEOC Investigations
|
Human Resources
|
7 years after conclusion
|
Employee Applications
|
Human Resources
|
1
|
Employee I-9
|
Human Resources
|
3 years after termination
|
Retirement Records
|
Human Resources
|
Permanent
|
Employee Policy Manual
|
Human Resources
|
Permanent
|
Wage and Personnel Records
|
Human Resources
|
7 years after termination
|
Endowment Records
|
Institutional Advancement
|
Permanent
|
Gift Agreements
|
Institutional Advancement
|
Permanent
|
Gift Receipts
|
Institutional Advancement
|
7
|
Private Grant Records
|
Institutional Advancement
|
7 years after expiration
|
Grant Applications - Denied/Declined
|
Institutional Advancement
|
3
|
Scholarships Agreements
|
Institutional Advancement
|
Permanent
|
Trusts/Bequests
|
Institutional Advancement
|
Permanent
|
Deceased Files
|
Institutional Advancement
|
7
|
Title IX Records
- Investigations
- Determinations
- Recordings
- Transcripts
- Sanctions
- Remedies
- Appeals
- Informal Resolutions
- Training Materials
|
Title IX Compliance
|
7
|
Annual Budget (in Board Books)
|
President's Office
|
Permanent
|
Articles of Incorporation
|
President's Office
|
Permanent
|
Attorney Opinion Letters
|
President's Office
|
Permanent
|
Attorney-Client Correspondence
|
President's Office
|
Permanent
|
Budget Variance Reports (in Board Books)
|
President's Office
|
Permanent
|
By-Laws
|
President's Office
|
Permanent
|
Correspondence, legal and important matters
|
President's Office
|
Permanent
|
Institutional Planning Records - final planning reports, proposals, goal and objective statements, and instructions and explanations of process, internal planning committee materials
|
President's Office
|
Permanent
|
Litigation Files, Court Documents and Records, and Discovery Materials - cases resulting in major policy modification, pleadings, final decisions, copies of records of the courts of cases considered historical
|
President's Office
|
Permanent
|
Minutes of Board Committee Meetings
|
President's Office
|
Permanent
|
Minutes of Board Meetings
|
President's Office
|
Permanent
|
Board Policies and Resolutions
|
President's Office
|
Permanent
|
Student Information System (Colleague) Student Documents
|
Registrar’s Office
|
Permanent
|
Printed academic documents for currently enrolled students – maintain paper documents for current semester, scan for permanent maintenance, then destroy paper documents
|
Registrar’s Office
|
Permanent for electronic documents
|
Printed academic documents for former students
|
Registrar’s Office
|
7 for paper and Permanent for electronic
|
Piedmont pre-electronic printed academic transcripts for former students
|
Registrar’s Office
|
Permanent
|
Undergraduate and Graduate Catalogs
|
Registrar’s Office
|
Permanent
|
Graduation programs
|
Registrar’s Office
|
Permanent
|
Financial Aid Retention Policy:
The University must retain all required records for a minimum of three years from the end of the award year. However, the starting point for the three-year period is not the same for all records. For example, FFEL/DL reports must be kept for three years after the end of the award year in which they were submitted, while borrower records must be kept for three years from the end of the award year in which the student last attended.
The University may retain records longer than the minimum period required. Moreover, the University may be required to retain records involved in any loan, claim, or expenditure questioned in any FSA program review, audit, investigation, or other review. If the three-year retention period expires before the issue in question is resolved, the university must continue to retain all records until resolution is reached.
There are also additional record retention requirements that apply to universities granted waivers of the audit submission requirements.
The Financial Aid Office currently keeps 10 years of financial aid records either stored in fireproof file cabinets or in the vault on the first floor of Daniel Hall.