Financial

Financial (FN): This function pertains to a department's financial activities.

Most financial matters of the Brigham Young University-Idaho system are centralized and are operated exclusively through Financial Services. Applicable financial records will be handled through that office. Other departments need only be concerned with a limited amount of financial records.

Banking & Asset Management

Records associated with the establishment and management of banking and investment actions, financial services, and the management of cash. Records may include institution qualification records, banking account and service agreements, credit card and purchase card applications, letters of credit, bonds, sweeping services, transfer authorizations, fund transfers, security deposits, collections, (statements, repossessions, write-offs).

Applies Exclusively to Financial Services. Record copy held with Financial Services.

Inactive

7 years

Destroy

Banking Transactions

Records of deposits, fund transfers, payments, stop payments, and bank statements.

Applies Exclusively to Financial Services. Record copy held with Financial Services.

End of Calendar Year

3 years

Destroy

Centralized Budgeting & Planning, Annual

Records associated with business budgeting and planning that support the mission, vision, and strategy established by the executive office. Records may include budget instructions, budget projections, planning guidelines and templates, planning constraints, works and resource requirements, performance measures and baselines, authorization and allocation documents, and a management plan.

Applies Exclusively to Budget Office. Record copy held with Budget Office.

Retain official copy of budget; transfer one record copy to Special Collections after retention period. Securely discard remaining records.

End of Calendar Year

5 years

Destroy (see above)

 

Departmental Budgeting & Planning

Records associated with business budgeting and planning. Records include stewardship review documents, budget instructions, planning guidelines and templates, planning constraints, works and resource requirements, performance measures and baselines, and authorization and allocation documents.

Record copy held with departments.

End of Calendar Year

2-5 years

Destroy

Fund Raising

Records documenting institutional efforts to raise funds to support program functions and facilities. Records may include requests for fund-raising, individual benefactors and prospective donors files, public relations records, event planning and arrangement records, gift history reports, background on previous donations, pledges, and related documentation and correspondence.

Applies exclusively to LDS Philanthropies. Record copy held with LDS Philanthropies.

Superseded

6 years

Destroy

Payroll

Records associated with paying university employees for work performed. Records may include time and attendance records, employee contributions, employee master list, deferred compensation, deductions, garnishments, W-2 and W-4 tax forms, and earnings statements.

Record copy held with Payroll office for five years.

Departments should keep printed time sheets when time is submitted plus one year for reference (as needed).

End of Calendar Year

1 year

Destroy

Receipt of Funds

Records associated with the receipt, acknowledgment, and securing of funds. Funds include all types of corporate receipts (sales, accounts receivable, refunds, disposition of assets). Records may include payee account information, transaction authorization, transaction receipt, appraisal, transaction report, and bank deposit receipt.

Applies exclusively to the Bursars office and select departments. Record copy held by the Bursars office and departments authorized to receive funds by the Bursar.

End of Calendar Year

1 year

Destroy

Reporting, Routine

Records related to routine daily, weekly, or monthly financial reports. Records may include the reconciliation reports, daily register, subsidiary ledgers, trial balance, and journal vouchers.

Generally applies only to the Financial Reporting and Accounting offices. Record copy held by Financial Reporting and Accounting offices.

Inactive

0

Destroy

Reporting, Summary

Records associated with collecting, recording, reporting, analyzing, and summarizing of financial transactions to documents the financial status of the University. Records may include the annual financial report and the general ledger.

Generally applies only to the Financial Reporting and Accounting offices. Record copy held by Financial Reporting and Accounting offices.

Retain official annual reports; transfer one record copy to Special Collections. Securely discard remaining records.

End of Calendar Year

0

Destroy (see above)

Vendor Payments

Records associated with the legitimate and approved disbursement of University funds. Payments can be made through any approved method. Records may include payment requests; accounts payable invoices, goods and services received documentation, payment authorization, purchasing records, purchasing card receipts, and record of payment.

Departments should use the open and closed filing system. Keep records in an open file system until you verify the charges have been posted to the correct general ledger account. Place the document in the closed file. Keep records in the closed file for the current year plus one more. You can destroy documents older than this time period.

Record copy kept by Accounting Services for five years.

End of Calendar Year

1 year

Destroy

Vendor Payments, Set-up Payee

Records associated with the set-up payee process for university vendors. Records may include vendor set-up and change form, tax payer identification verification documents, and vendor correspondence with notes.

Applies exclusively to Purchasing Office. Record copy held with Purchasing Office.

Inactive

0

Destroy