ACCOUNTING OFFICE

The Accounting Department is the official repository for documents shown below. The department is responsible for retaining the official copy of a record and serve as the department responsible for the development, maintenance, retention and destruction of records. Records are retained as specified by UM, IHL, State, Federal or outside entity guidelines. Departmental records are retained at the discretion of the department but are encouraged to follow the guidelines outlined in order to reduce labor and save space.

The following records are retained on a permanent basis:

Audited Financial Statements

The following records are retained for 7 years:

Interdepartmental Invoices, Journal Vouchers, Physical Inventories, State and federal income tax supporting documentation, and Sales tax supporting documentation

Sponsored awards, such as university contracts and grants, should be retained for 5 years after the submission of the final report or the end of an ongoing audit request and resolution, whichever is later.

The following records are retained for the current year and then sent to Procurement:

Checks (Cancelled)