Policy for Financial Records Retention
ACCOUNTABLE DEPARTMENT/UNIT: Financial Services. Questions about policy content should be directed to the Loyola University of Chicago Controller.
ABSTRACT: Describes Loyola University Chicago’s policy for the collection, preservation and maintenance of financial records concerning the University's financial operations. Loyola University Chicago record retention requirements in areas other than financial records (i.e., academic records, medical records, police reports) are not addressed in this policy. In general, the financial record retention period is seven years except for permanent records. See Appendix A – Financial Records Retention Schedule for a listing of documents, their retention periods and responsible department. In the event of pending or active litigation, the University General Counsel may request that financial records be maintained longer than stated in this policy.
POLICY STATEMENT
Loyola University Chicago, recognizing its responsibility to its donors, sponsors, regulatory bodies, the academic community and the public to ensure the preservation of financial records documenting the activities of the University, adheres to the following policy for the collection, preservation and maintenance of records concerning the financial operation of the University. Financial records retention policies and practices have been established to provide consistent operational practices among the various units and to ensure compliance with government regulations. Loyola University Chicago conducts business under the rules and regulations of federal, state and local municipalities. Policies, procedures and practices must adhere to government regulatory costing and administrative principles, such as those contained in the Office of Management and Budget (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards 2 CFR 200, Federal Acquisition Regulations (FAR) 4.7 and 52.215.2, as well as internal university accounting policies and practices.
PURPOSE
The purpose of this Policy is to ensure that necessary financial records and documents are adequately protected and maintained and to ensure that financial records that are no longer needed are discarded at the proper time. In addition, the Policy enables the University to comply with Federal Acquisition Regulations, the Internal Revenue Service regulations and other federal, state and local regulations governing auditability.
APPLICABILITY
University financial records are university property and include but are not limited to: annual reports, budgets, financial statements, government and other sponsored program contract or agreement produced or received, gifts and donor agreements, bank deposits, bank statements, canceled checks, wire transfers, payment requisitions, credit card settlement reports, journal entries, spreadsheets or other electronic files that document calculations, memoranda, correspondence, planning documents and receipts, email messages to the extent they authorize or provide substantiating information, or other documentation of individual entries made in the transaction of its business. This policy applies to all original documentation supporting the accuracy, applicability and method of calculation for all financial entries.
This policy applies to all original or archival forms of storage media, including but not limited to: paper, CD ROM, computer or network drive, portable hard drive, cloud storage, or an enterprise content management system.
This policy applies to all university academic, auxiliary, and administrative operations of Loyola University Chicago.
RECORDS RETENTION
It is the responsibility of departments to designate a person to be responsible for financial records retention. Many departments designate the appropriate person responsible for the business, finance, and/or operations of the department. The designated person should have appropriate knowledge of and access to departmental financial data. Designated personnel and all University staff and faculty are required to comply with the following:
Retention Periods
The required retention period for various financial documents associated with an activity is dependent upon the source of funds used to support that activity. At the end of the required retention period, documents should be destroyed in an acceptable manner (see Methods of Disposal, below). Documents of permanent historic significance should be coordinated with the Controller’s Office for preservation. For the required retention periods of various documents, refer to Appendix A at the end of this document.
Legal and Audit Requirements
When requirements for long-term retention of records overlap, the responsible office should retain records for the maximum period needed to meet both legal and audit requirements.
General rules are:
- Direct Charges to Grants or Sponsored Program Contract or Agreement: Financial records, supporting documents, statistical records and all records pertinent to a contract or grant's activity must be retained for at least seven years after the submission of any final financial or programmatic reports to a sponsor or funding agency, unless a litigation claim or audit is started before the expiration of this period. In these cases, records need to be retained until seven years after all litigation, claims or audit findings are resolved.
- Business Transaction Records for Departments Included in the Facilities and Administrative Cost Rate: Records must be retained for seven years following the final sign-off for that year by the federal government.
- All Other Business Transaction Records Not Included in Contracts, Grants or the Indirect Cost Rate categories above: Records must be retained for seven years following the end of the fiscal year in which the transaction originated.
- Individual Employee Human Resources and Payroll Information: Records must be retained for seven years following the end of the calendar year in which the transaction originated.
- Taxable Income (cash receipt information and billings, and all documents for activities deemed unrelated business income): Financial records must be retained for seven years following the end of the fiscal year in which the transaction originates.
In general, the record retention period is seven years except for permanent records. See Appendix A – Financial Records Retention Schedule for a listing of documents, their retention periods and responsible department.
In the event of pending or active litigation, the University's Office of the General Counsel may request that financial records be maintained longer than stated in this policy.
Management Information
When a central office has retention responsibility, the department initiating a transaction may discard copies of documentation supporting the transaction when it is no longer needed for department purposes. For example, after submitting a payment requisition with supporting documentation (i.e. a vendor invoice) to Accounts Payable, a department may either dispose of or keep copies of transaction-level documents at their discretion. In this example, the Accounts Payable office is the central office for retention responsibility. Media: Documents may be stored on the most efficient and effective media available as long as the long-term accessibility and usefulness of the records are maintained, and the viability and accuracy of the transfer to the archival media are ensured. This may entail, for example, ensuring that the software and hardware necessary to read any magnetic media are available in working order for the duration of the required retention period. Responsible departments should work in partnership with their computing systems provider to ensure usability of archived data.
All forms of media must conform to the established standards for use and storage related to that medium. Consult the Information Technology Office for information on the various standards and storage requirements.
Electronic Transactions: When the source documentation for a transaction is electronic, the department responsible for maintaining the application is responsible for retaining the transaction record. As discussed above, this retention may employ the most efficient and effective media available. (See Appendix B for a list of current responsible departments.)
Departments that create and transmit journal entries electronically must retain all source and supporting documentation for the entries as cited in the Retention Period section. If this is impractical, the source documentation may be given to Financial Services for retention on a preapproved schedule. In the latter case, Financial Services will assume the responsibility for proper retention and disposal of the records. Please contact the Controller’s Office to discuss arrangements for this service.
Credit Card Data: Where possible University offices should refrain from storing credit card cardholder data. If required for systems processing or legal purposes storage of cardholder data should be limited to no more than ninety (90) days.
Server Security Standard: This standard applies to servers procured through, operated or contracted by Loyola University Chicago that house or interact with Loyola Protected data per the Data Classification Policy. See Appendix B for policy information.
Paper Documents: When the source documentation for a transaction is paper, the office that receives the original document is responsible for retaining it. In most cases, a central administrative office (such as Payroll or Accounts Payable) is responsible for retention. Effort should be made to minimize paper documentation in favor of scanned files.
Documents Retained Centrally by the University
Certain documents, either original or archival media, are maintained by the central administrative offices of the University. These records do not need to be duplicated in other offices. If you are unsure whether a particular document is retained centrally, contact the Controller’s Office before disposal.
See Appendix A – Financial Records Retention Schedule for a listing of documents, their retention periods and responsible department.
Retention of Supporting Documentation by Service Centers
Per the National Institutes of Health definition, Service Centers or Core Facilities are centralized shared research resources that provide access to instruments, technologies, services, as well as expert consultation and other services to scientific and clinical investigators. The typical service center is a discrete unit within an institution and may have dedicated personnel, equipment, and space for operations. Service center charges are subject to audit as long as the grants or contracts they charge (either directly or indirectly) remain subject to audit requirements. Service centers are also subject to periodic review by the University's internal and external auditors, to evaluate compliance with established University policies and accounting practices. Therefore, service center activities must be adequately documented and records must be maintained to support expenditures, billings and cost transfers. Each service center must, at a minimum, retain the following:
- Documentation on how the charge out rate(s) was calculated, including the algorithms and components of the rate structures used.
- The approved rate listing for charges to grants from Research Services.
- Supporting documents related to expenses incurred, including transaction forms and salary data for all current employees
- Records supporting utilization (level of activity).
- Records supporting the amount and basis of user billings (revenues).
Service centers under long-term agreements must retain their records until either their annual report is audited or that year is "closed" by Loyola University Chicago, whichever is later. Service centers should contact Sponsored Program Accounting or the Controller’s Office before disposing of any records.
Storage of Documents
All records, regardless of media, should be stored in containers capable of surviving the storage period while maintaining the physical integrity of the records. Records should be clearly labeled with a description of the contents, the responsible department, the origination date and the disposal date. For advice on the proper storage of records, contact the Controller’s Office.
Methods of Disposal
At the end of the required retention period, financial records may be disposed of unless they support current audit or litigation. Paper records may be disposed of via environmentally sustainable practices in accordance with the University's sustainable practices. The only exception to this are documents containing information, such as a name or social security number, or any other personally identifiable information (PII) that could identify any individual member of the campus community. Documents containing this type of information must be disposed of via secure document destruction or pulverization. Please contact the Controller’s Office regarding secure disposal methods. Electronic documents that are beyond the required retention period can be discarded if it is impractical to keep those documents stored on the appropriate document retention system, the University shared drives, or cloud storage.
Confidentiality
In order to safeguard the privacy of individuals, documents that contain salary information are treated in a highly confidential manner. Access to these documents is only allowed on a need-to know basis with the written approval of the Senior Associate Vice-President & Controller. Once their retention period has expired (if applicable), the documents will be disposed of in a secure manner.
Contact
Questions concerning this policy or its intent should be directed to the University’s Controller’s Office at controller@luc.edu, or (312)915-7676.
Date of Issuance: September 1, 2004
Reviewed/Updated: September 2024
Appendix A - Financial Records Retention Schedule as of September 2024
|
Document |
Required Retention Period |
Responsible Department |
|
Original Journal Entries |
7 years or until audit is complete, whichever is greater |
Controller |
|
Budget Entries including forecast adjustments |
7 years or until audit is complete, whichever is greater |
Associate Vice President for Strategic Financial Planning |
|
Supporting documentation for transactions |
7 years or until audit is complete, whichever is greater |
Controller |
|
Travel Expense reports and supporting documentation |
7 years or until audit is complete, whichever is greater |
Originating department or the Controller by written agreement |
|
Trial Balance reports |
Permanent |
Controller |
|
Audited university financial statements |
Permanent |
Controller |
|
Internal fiscal year end annual university financial statements |
Permanent |
Controller |
|
Annual approved university budgets |
7 years |
Associate Vice President for Strategic Financial Planning |
|
Accounts Receivable invoices (other than Student Accounts Receivable), trial balances and ledgers |
7 years or until audit is complete, whichever is greater |
University Department initiating the invoice |
|
Purchase Orders & supporting information (specifications, bids, quotes, contracts, etc.) to document receipt on purchase orders |
7 years or until audit is complete, whichever is greater |
Associate Vice President for Strategic Financial Planning/Purchasing Department |
|
Accounts Payable invoices |
7 years or until audit is complete, whichever is greater |
Accounts Payable Department and Controller |
|
Purchasing Card (Pro Card) Statements, vouchers & supporting information |
7 years or until audit is complete, whichever is greater |
Purchasing Card (Pro Card) users, Pro Card Administration and Controller |
|
Check registers (Accounts Payable, Payroll, other) |
Permanent |
Controller |
|
Capital Asset records (including Depreciation) |
Life of the asset plus one fiscal year |
Controller |
|
Pledges, gifts, planned giving and other donor-related documentation |
Permanent |
Vice President for Advancement, Sponsored Programs and Controller |
|
Capital project building and renovation records, including contracts |
Life of the building plus one fiscal year |
Vice President Facilities |
|
Time and attendance records (timecards, rosters, attendance cards, efforts) |
7 years or until audit is complete, whichever is greater |
Assistant VP Financial Systems & Payroll, Controller, and Vice President Human Resources |
|
Payroll distribution reports and supporting information (including reallocation forms) |
7 years or until audit is complete, whichever is greater |
Assistant VP Financial Systems & Payroll, Controller, and Vice President Human Resources |
|
Records of employee deductions, contributions and related information |
7 years or until audit is complete, whichever is greater |
Assistant VP Financial Systems & Payroll, Controller, and Vice President Human Resources |
|
Annual W-2, 1099, 1042-S and other individual tax reporting |
7 years or until audit is complete, whichever is greater |
Assistant VP Financial Systems & Payroll and Controller |
|
Tax-Exempt bond financing records, including bond transcripts, offering documents, records pertaining to use of proceeds, investment earnings on tax-exempt bond proceeds, and arbitrage-related records |
Life of the bond issue, plus three years |
Treasurer |
|
Meeting minutes of the Board of Trustees and the Executive Committee |
Permanent |
President's Office/General Counsel |
|
Meeting minutes of the Board of Trustees Audit & Finance Committees |
7 years |
Financial Services Division |
|
Student Accounts Receivable and related student notes receivable, including accounts in collection |
7 years from date paid in full |
Controller – Office of the Bursar |
Appendix B - Departments Responsible for Retention of Electronic Records as of September 2024
|
Responsible Department |
Record Type |
|
Human Resources/Payroll |
Original entries and records supporting all employment, employee benefits and payroll deductions. |
|
Purchasing |
Original entries and supporting documentation for:
|
|
Provost’s Office |
Original entries and supporting documentation for:
|
|
Purchasing |
Original entries and supporting documentation for:
|
|
Pro Card Administration |
Original entries and supporting documentation for:
|
|
Campus Transportation and Human Resources |
Original entries and supporting documentation for:
|
|
Facilities |
Original entries and supporting documentation for:
|
|
Telecommunications |
Original entries and supporting documentation for:
|
|
Computing Services |
Original entries and supporting documentation for:
|
|
Recharge Centers |
Original entries and supporting documentation for:
|
|
Controller |
Original entries and supporting documentation for:
|
|
Enrollment Management/Financial Aid and Office of the Bursar |
Original entries and supporting documentation for:
|
|
Office of the Bursar - Cashiers |
Cash, check, and credit card deposits (non-student receivables) |
|
Advancement |
Original entries and supporting documentation for:
|
|
Purchasing |
Original entries and supporting documentation for:
|
|
Budgeting & Financial Analysis |
Original entries and supporting documentation for:
|
|
Sponsored Program Accounting & Office of Research Services |
Original entries and supporting documentation for:
|
|
Information Security Team |
Servers procured through, operated or contracted by Loyola University Chicago that house or interact with Loyola Protected data per the Data Classification policy: Reference the Server Security Standard policy here |
ACCOUNTABLE DEPARTMENT/UNIT: Financial Services. Questions about policy content should be directed to the Loyola University of Chicago Controller.
ABSTRACT: Describes Loyola University Chicago’s policy for the collection, preservation and maintenance of financial records concerning the University's financial operations. Loyola University Chicago record retention requirements in areas other than financial records (i.e., academic records, medical records, police reports) are not addressed in this policy. In general, the financial record retention period is seven years except for permanent records. See Appendix A – Financial Records Retention Schedule for a listing of documents, their retention periods and responsible department. In the event of pending or active litigation, the University General Counsel may request that financial records be maintained longer than stated in this policy.
POLICY STATEMENT
Loyola University Chicago, recognizing its responsibility to its donors, sponsors, regulatory bodies, the academic community and the public to ensure the preservation of financial records documenting the activities of the University, adheres to the following policy for the collection, preservation and maintenance of records concerning the financial operation of the University. Financial records retention policies and practices have been established to provide consistent operational practices among the various units and to ensure compliance with government regulations. Loyola University Chicago conducts business under the rules and regulations of federal, state and local municipalities. Policies, procedures and practices must adhere to government regulatory costing and administrative principles, such as those contained in the Office of Management and Budget (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards 2 CFR 200, Federal Acquisition Regulations (FAR) 4.7 and 52.215.2, as well as internal university accounting policies and practices.
PURPOSE
The purpose of this Policy is to ensure that necessary financial records and documents are adequately protected and maintained and to ensure that financial records that are no longer needed are discarded at the proper time. In addition, the Policy enables the University to comply with Federal Acquisition Regulations, the Internal Revenue Service regulations and other federal, state and local regulations governing auditability.
APPLICABILITY
University financial records are university property and include but are not limited to: annual reports, budgets, financial statements, government and other sponsored program contract or agreement produced or received, gifts and donor agreements, bank deposits, bank statements, canceled checks, wire transfers, payment requisitions, credit card settlement reports, journal entries, spreadsheets or other electronic files that document calculations, memoranda, correspondence, planning documents and receipts, email messages to the extent they authorize or provide substantiating information, or other documentation of individual entries made in the transaction of its business. This policy applies to all original documentation supporting the accuracy, applicability and method of calculation for all financial entries.
This policy applies to all original or archival forms of storage media, including but not limited to: paper, CD ROM, computer or network drive, portable hard drive, cloud storage, or an enterprise content management system.
This policy applies to all university academic, auxiliary, and administrative operations of Loyola University Chicago.
RECORDS RETENTION
It is the responsibility of departments to designate a person to be responsible for financial records retention. Many departments designate the appropriate person responsible for the business, finance, and/or operations of the department. The designated person should have appropriate knowledge of and access to departmental financial data. Designated personnel and all University staff and faculty are required to comply with the following:
Retention Periods
The required retention period for various financial documents associated with an activity is dependent upon the source of funds used to support that activity. At the end of the required retention period, documents should be destroyed in an acceptable manner (see Methods of Disposal, below). Documents of permanent historic significance should be coordinated with the Controller’s Office for preservation. For the required retention periods of various documents, refer to Appendix A at the end of this document.
Legal and Audit Requirements
When requirements for long-term retention of records overlap, the responsible office should retain records for the maximum period needed to meet both legal and audit requirements.
General rules are:
- Direct Charges to Grants or Sponsored Program Contract or Agreement: Financial records, supporting documents, statistical records and all records pertinent to a contract or grant's activity must be retained for at least seven years after the submission of any final financial or programmatic reports to a sponsor or funding agency, unless a litigation claim or audit is started before the expiration of this period. In these cases, records need to be retained until seven years after all litigation, claims or audit findings are resolved.
- Business Transaction Records for Departments Included in the Facilities and Administrative Cost Rate: Records must be retained for seven years following the final sign-off for that year by the federal government.
- All Other Business Transaction Records Not Included in Contracts, Grants or the Indirect Cost Rate categories above: Records must be retained for seven years following the end of the fiscal year in which the transaction originated.
- Individual Employee Human Resources and Payroll Information: Records must be retained for seven years following the end of the calendar year in which the transaction originated.
- Taxable Income (cash receipt information and billings, and all documents for activities deemed unrelated business income): Financial records must be retained for seven years following the end of the fiscal year in which the transaction originates.
In general, the record retention period is seven years except for permanent records. See Appendix A – Financial Records Retention Schedule for a listing of documents, their retention periods and responsible department.
In the event of pending or active litigation, the University's Office of the General Counsel may request that financial records be maintained longer than stated in this policy.
Management Information
When a central office has retention responsibility, the department initiating a transaction may discard copies of documentation supporting the transaction when it is no longer needed for department purposes. For example, after submitting a payment requisition with supporting documentation (i.e. a vendor invoice) to Accounts Payable, a department may either dispose of or keep copies of transaction-level documents at their discretion. In this example, the Accounts Payable office is the central office for retention responsibility. Media: Documents may be stored on the most efficient and effective media available as long as the long-term accessibility and usefulness of the records are maintained, and the viability and accuracy of the transfer to the archival media are ensured. This may entail, for example, ensuring that the software and hardware necessary to read any magnetic media are available in working order for the duration of the required retention period. Responsible departments should work in partnership with their computing systems provider to ensure usability of archived data.
All forms of media must conform to the established standards for use and storage related to that medium. Consult the Information Technology Office for information on the various standards and storage requirements.
Electronic Transactions: When the source documentation for a transaction is electronic, the department responsible for maintaining the application is responsible for retaining the transaction record. As discussed above, this retention may employ the most efficient and effective media available. (See Appendix B for a list of current responsible departments.)
Departments that create and transmit journal entries electronically must retain all source and supporting documentation for the entries as cited in the Retention Period section. If this is impractical, the source documentation may be given to Financial Services for retention on a preapproved schedule. In the latter case, Financial Services will assume the responsibility for proper retention and disposal of the records. Please contact the Controller’s Office to discuss arrangements for this service.
Credit Card Data: Where possible University offices should refrain from storing credit card cardholder data. If required for systems processing or legal purposes storage of cardholder data should be limited to no more than ninety (90) days.
Server Security Standard: This standard applies to servers procured through, operated or contracted by Loyola University Chicago that house or interact with Loyola Protected data per the Data Classification Policy. See Appendix B for policy information.
Paper Documents: When the source documentation for a transaction is paper, the office that receives the original document is responsible for retaining it. In most cases, a central administrative office (such as Payroll or Accounts Payable) is responsible for retention. Effort should be made to minimize paper documentation in favor of scanned files.
Documents Retained Centrally by the University
Certain documents, either original or archival media, are maintained by the central administrative offices of the University. These records do not need to be duplicated in other offices. If you are unsure whether a particular document is retained centrally, contact the Controller’s Office before disposal.
See Appendix A – Financial Records Retention Schedule for a listing of documents, their retention periods and responsible department.
Retention of Supporting Documentation by Service Centers
Per the National Institutes of Health definition, Service Centers or Core Facilities are centralized shared research resources that provide access to instruments, technologies, services, as well as expert consultation and other services to scientific and clinical investigators. The typical service center is a discrete unit within an institution and may have dedicated personnel, equipment, and space for operations. Service center charges are subject to audit as long as the grants or contracts they charge (either directly or indirectly) remain subject to audit requirements. Service centers are also subject to periodic review by the University's internal and external auditors, to evaluate compliance with established University policies and accounting practices. Therefore, service center activities must be adequately documented and records must be maintained to support expenditures, billings and cost transfers. Each service center must, at a minimum, retain the following:
- Documentation on how the charge out rate(s) was calculated, including the algorithms and components of the rate structures used.
- The approved rate listing for charges to grants from Research Services.
- Supporting documents related to expenses incurred, including transaction forms and salary data for all current employees
- Records supporting utilization (level of activity).
- Records supporting the amount and basis of user billings (revenues).
Service centers under long-term agreements must retain their records until either their annual report is audited or that year is "closed" by Loyola University Chicago, whichever is later. Service centers should contact Sponsored Program Accounting or the Controller’s Office before disposing of any records.
Storage of Documents
All records, regardless of media, should be stored in containers capable of surviving the storage period while maintaining the physical integrity of the records. Records should be clearly labeled with a description of the contents, the responsible department, the origination date and the disposal date. For advice on the proper storage of records, contact the Controller’s Office.
Methods of Disposal
At the end of the required retention period, financial records may be disposed of unless they support current audit or litigation. Paper records may be disposed of via environmentally sustainable practices in accordance with the University's sustainable practices. The only exception to this are documents containing information, such as a name or social security number, or any other personally identifiable information (PII) that could identify any individual member of the campus community. Documents containing this type of information must be disposed of via secure document destruction or pulverization. Please contact the Controller’s Office regarding secure disposal methods. Electronic documents that are beyond the required retention period can be discarded if it is impractical to keep those documents stored on the appropriate document retention system, the University shared drives, or cloud storage.
Confidentiality
In order to safeguard the privacy of individuals, documents that contain salary information are treated in a highly confidential manner. Access to these documents is only allowed on a need-to know basis with the written approval of the Senior Associate Vice-President & Controller. Once their retention period has expired (if applicable), the documents will be disposed of in a secure manner.
Contact
Questions concerning this policy or its intent should be directed to the University’s Controller’s Office at controller@luc.edu, or (312)915-7676.
Date of Issuance: September 1, 2004
Reviewed/Updated: September 2024
Appendix A - Financial Records Retention Schedule as of September 2024
|
Document |
Required Retention Period |
Responsible Department |
|
Original Journal Entries |
7 years or until audit is complete, whichever is greater |
Controller |
|
Budget Entries including forecast adjustments |
7 years or until audit is complete, whichever is greater |
Associate Vice President for Strategic Financial Planning |
|
Supporting documentation for transactions |
7 years or until audit is complete, whichever is greater |
Controller |
|
Travel Expense reports and supporting documentation |
7 years or until audit is complete, whichever is greater |
Originating department or the Controller by written agreement |
|
Trial Balance reports |
Permanent |
Controller |
|
Audited university financial statements |
Permanent |
Controller |
|
Internal fiscal year end annual university financial statements |
Permanent |
Controller |
|
Annual approved university budgets |
7 years |
Associate Vice President for Strategic Financial Planning |
|
Accounts Receivable invoices (other than Student Accounts Receivable), trial balances and ledgers |
7 years or until audit is complete, whichever is greater |
University Department initiating the invoice |
|
Purchase Orders & supporting information (specifications, bids, quotes, contracts, etc.) to document receipt on purchase orders |
7 years or until audit is complete, whichever is greater |
Associate Vice President for Strategic Financial Planning/Purchasing Department |
|
Accounts Payable invoices |
7 years or until audit is complete, whichever is greater |
Accounts Payable Department and Controller |
|
Purchasing Card (Pro Card) Statements, vouchers & supporting information |
7 years or until audit is complete, whichever is greater |
Purchasing Card (Pro Card) users, Pro Card Administration and Controller |
|
Check registers (Accounts Payable, Payroll, other) |
Permanent |
Controller |
|
Capital Asset records (including Depreciation) |
Life of the asset plus one fiscal year |
Controller |
|
Pledges, gifts, planned giving and other donor-related documentation |
Permanent |
Vice President for Advancement, Sponsored Programs and Controller |
|
Capital project building and renovation records, including contracts |
Life of the building plus one fiscal year |
Vice President Facilities |
|
Time and attendance records (timecards, rosters, attendance cards, efforts) |
7 years or until audit is complete, whichever is greater |
Assistant VP Financial Systems & Payroll, Controller, and Vice President Human Resources |
|
Payroll distribution reports and supporting information (including reallocation forms) |
7 years or until audit is complete, whichever is greater |
Assistant VP Financial Systems & Payroll, Controller, and Vice President Human Resources |
|
Records of employee deductions, contributions and related information |
7 years or until audit is complete, whichever is greater |
Assistant VP Financial Systems & Payroll, Controller, and Vice President Human Resources |
|
Annual W-2, 1099, 1042-S and other individual tax reporting |
7 years or until audit is complete, whichever is greater |
Assistant VP Financial Systems & Payroll and Controller |
|
Tax-Exempt bond financing records, including bond transcripts, offering documents, records pertaining to use of proceeds, investment earnings on tax-exempt bond proceeds, and arbitrage-related records |
Life of the bond issue, plus three years |
Treasurer |
|
Meeting minutes of the Board of Trustees and the Executive Committee |
Permanent |
President's Office/General Counsel |
|
Meeting minutes of the Board of Trustees Audit & Finance Committees |
7 years |
Financial Services Division |
|
Student Accounts Receivable and related student notes receivable, including accounts in collection |
7 years from date paid in full |
Controller – Office of the Bursar |
Appendix B - Departments Responsible for Retention of Electronic Records as of September 2024
|
Responsible Department |
Record Type |
|
Human Resources/Payroll |
Original entries and records supporting all employment, employee benefits and payroll deductions. |
|
Purchasing |
Original entries and supporting documentation for:
|
|
Provost’s Office |
Original entries and supporting documentation for:
|
|
Purchasing |
Original entries and supporting documentation for:
|
|
Pro Card Administration |
Original entries and supporting documentation for:
|
|
Campus Transportation and Human Resources |
Original entries and supporting documentation for:
|
|
Facilities |
Original entries and supporting documentation for:
|
|
Telecommunications |
Original entries and supporting documentation for:
|
|
Computing Services |
Original entries and supporting documentation for:
|
|
Recharge Centers |
Original entries and supporting documentation for:
|
|
Controller |
Original entries and supporting documentation for:
|
|
Enrollment Management/Financial Aid and Office of the Bursar |
Original entries and supporting documentation for:
|
|
Office of the Bursar - Cashiers |
Cash, check, and credit card deposits (non-student receivables) |
|
Advancement |
Original entries and supporting documentation for:
|
|
Purchasing |
Original entries and supporting documentation for:
|
|
Budgeting & Financial Analysis |
Original entries and supporting documentation for:
|
|
Sponsored Program Accounting & Office of Research Services |
Original entries and supporting documentation for:
|
|
Information Security Team |
Servers procured through, operated or contracted by Loyola University Chicago that house or interact with Loyola Protected data per the Data Classification policy: Reference the Server Security Standard policy here |