1. Record Retention
Daniel Adams Office of Audit Services
May 12, 2017

2. Overview OCHE Directive MUS General Record Retention Schedule Overview
Accounting and Financial Records
Other Records

3. OCHE Directive Memo dated March 9, 2016
“The campuses of the Montana University System are hereby directed to utilize the attached Montana University System General Record Retention Schedule with regard to the management and disposition of Montana University System records.”
Source: Retrieved April 19, 2017 from

4. MUS General Record Retention Schedule
Overview Section
Most records listed are common to many units
Purpose is to create a uniform set of schedules
Terminology and definitions
Responsibilities
Rules of application
References and links to State of Montana General Record Retention Schedule (GRRS) or other guidance
Source: Retrieved April 19, 2017 from

5. MUS General Record Retention Schedule
Overview Section – Responsibilities
“Individual departments or units within a campus may wish to conduct an inventory of their records and map them to the General Schedule. If a unit identifies records that do not map to the General Schedule, the unit may need to develop a unique record retention schedule for those records. All new and unit unique schedules must be in writing and approved by the legal counsel for the campus.”
Source: Retrieved April 19, 2017 from

6. MUS General Record Retention Schedule
Overview Section – Rules of Application
“The office of origin/creation is responsible for retention of the record series for the minimum length of retention, unless the campus assigns responsibility for certain records to another office.”
Is your area responsible to maintain the original record?
Source: Retrieved April 19, 2017 from

7. MUS General Record Retention Schedule
Overview Section – Rules of Application
“If a federal or state statute or regulation specifies a longer retention period for any type of record received, created, or maintained by MUS campuses, the statute or regulation or litigation hold overrides this schedule. … If any record holder is unsure of the applicability of any statute or regulation, he or she may contact Legal Counsel.”
Source: Retrieved April 19, 2017 from

8. Federal Uniform Guidance
2 CFR § Retention requirements for records.
“Financial records, supporting documents, statistical records, and all other non-Federal entity records pertinent to a Federal award must be retained for a period of three years from the date of submission of the final expenditure report or, for Federal awards that are renewed quarterly or annually, from the date of the submission of the quarterly or annual financial report, respectively, as reported to the Federal awarding agency or pass-through entity in the case of a subrecipient.”
Exceptions may apply to specific awards.
Source: 2 CFR § retrieved April 20, 2017 from

9. MUS General Record Retention Schedule
Overview Section – Rules of Application
“Upon notice of a legal investigation, audit, dispute, or claim; receipt of a litigation hold or upon service of legal process through subpoena, summons or other means for delivery of records, all scheduled destruction of records related to the matter shall be immediately suspended and destruction of the records would not occur until the matter is fully resolved and finalized.”
Source: Retrieved April 19, 2017 from

10. MUS General Record Retention Schedule
Table of Contents
Accounting and Financial Records
Other Records
– Some relate to accounting and financial activities
Source: Retrieved April 19, 2017 from

11. MUS General Record Retention Schedule
ACCOUNTING AND FINANCIAL RECORDS (Excerpts)
Record
Description
Retention
Accounts Payable and Receivable Documentation
Records related to payment of financial obligations.
CY + 5 yrs. (GRRS 2)
Cash, Check and Credit Card Transactions
Records of payments, including forms and receipts.
CY + 2 yrs.
Interdepartmental Billing
Records of charges owed by internal institutional departments and functions to other departments.
CY + 5 yrs.
Source: Retrieved April 19, 2017 from

12. MUS General Record Retention Schedule
ACCOUNTING AND FINANCIAL RECORDS (Excerpts)
Record
Description
Retention
Miscellaneous Accounting Reports
Records of the production of various accounting reports made by individual offices or departments on a periodic basis.
CY + 6 yrs.
Ticket Sales and Event Cash Reconciliation Records
Records of the printing, selling, distribution, and accounting of tickets for institution- sponsored athletic, performing arts, and other events where a price is charged for admission.
CY + 5 yrs.
Source: Retrieved April 19, 2017 from

13. MUS General Record Retention Schedule
ADMINISTRATIVE RECORDS (Excerpts)
Record
Description
Retention
Awards Records
Records of the process of selecting institutional faculty, staff, students, and alumni to receive awards, scholarships, and merit-based fellowships, including list of award recipients.
CY + 3 yrs.
Delegation of Authority
Records of the certification of the institution’s employees who are authorized to sign fiscal and contractual documents.
End of authorization
+ 1 yr.
Source: Retrieved April 19, 2017 from

14. MUS General Record Retention Schedule
INFORMATION MANAGEMENT RECORDS (Excerpt)
Record
Description
Retention
Information Systems Equipment Support Files
Information on data processing equipment, software, and other products and their vendors.
Active + 3 yrs.
Source: Retrieved April 19, 2017 from

15. Questions?

16. Thanks!