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

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

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.” Gather information to understand the situation. Communicate this information to decision makers. Identify and mitigate control weaknesses that created the opportunity. Source: Retrieved April 19, 2017 from http://www.mus.edu/che/directives/default.asp

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 http://www.mus.edu/che/directives/default.asp

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 http://www.mus.edu/che/directives/default.asp

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 http://www.mus.edu/che/directives/default.asp

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 http://www.mus.edu/che/directives/default.asp

Federal Uniform Guidance 2 CFR §200.333 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 §200.333 retrieved April 20, 2017 from https://www.ecfr.gov.

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 http://www.mus.edu/che/directives/default.asp

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 http://www.mus.edu/che/directives/default.asp

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. Source: Retrieved April 19, 2017 from http://www.mus.edu/che/directives/default.asp

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 http://www.mus.edu/che/directives/default.asp

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 http://www.mus.edu/che/directives/default.asp

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 http://www.mus.edu/che/directives/default.asp

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