Oregon Administrative Rules › Chapter 166 - SECRETARY OF STATE, ARCHIVES DIVISION › Division 450 - COMMUNITY COLLEGES › Section 166-450-0050 - Financial and Accounting Records

Current through Register Vol. 63, No. 7, July 1, 2024
The General Schedule is applicable to the financial and
				accounting records of community colleges. Retention periods apply to the
				official copy of all public records, regardless of medium or physical format,
				created or stored by the above specified agencies. Please note the exceptions
				to this General Schedule listed in OAR
				166-030-0027  before disposing of
				records.
(1)
Account
			 Reconciliation Records
: Records document the reconciliation of funds and
			 accounts such as checks, cash, and bank accounts, fixed assets to capital
			 expenditures. Records may include printouts; worksheets; bank statements,
			 reports, schedules; and other supporting documentation. SEE ALSO: Accounts
			 Receivable Records. (Minimum retention: Federal grant records: five years after
			 annual of financial report accepted; Other records: three years).
(2)
Accounts Payable Records
:
			 Records document expenditures and purchases and provides a record of payment of
			 bills. Records may include but are not limited to encumbrance registers;
			 purchase orders; balance sheets; bills; invoices; invoice vouchers; journal
			 vouchers/entry forms; price quotes; requisitions; payment authorization; check
			 request; reports of receipt of goods or services; petty cash, voucher register;
			 and correspondence. SEE ALSO: Purchasing Records. (Minimum retention: Federal
			 grant records: five years after annual of financial report accepted; Other
			 records: three years).
(3)
Accounts Receivable Records
:
			 Records document current status and transaction activity of college funds held
			 in bank accounts, billings and collections, deferred tuition, and provides a
			 record of money and miscellaneous debts owed to the college. Records may
			 include but are not limited to bank statements; validated deposit slips and/or
			 paid check copies; and reconciliation worksheets or spreadsheets; account edit
			 sheets; credit card payment forms; invoices; journal vouchers; receipts; and
			 correspondence. May also include account aging reports which are used to
			 monitor accounts which are outstanding and overdue. (Minimum retention: three
			 years after reconciled or deemed uncollectable).
(4)
Annual Financial Reports
:
			 Records document the college's financial condition and results of operation
			 using trial balance data. These reports are used to report and monitor the
			 college's financial condition, and as a reference by auditors. Records may
			 include combined balance sheet; combined statement of revenues; expenditures,
			 changes in fund balance; notes to the financial statement; statistical reports,
			 audit reports, general ledger, trial balance, and budget status reports.
			 (Minimum retention: 20 years).
(5)
Audit Reports
: Records
			 document the examination of the college's financial condition by internal or
			 independent auditors. Audits examine the fiscal condition, internal controls
			 and compliance policies and procedures, accounting principles and methods, the
			 accuracy and legality of transactions. Records may include but are not limited
			 to audit reports; audit work-papers; supporting documentation; and
			 correspondence. May also include performance or program audits. SEE ALSO:
			 Financial Reports. (Minimum retention: Official copy of audit and responses: 20
			 years; Grant fund audits: five years; Other records: one year after audit
			 completed).
(6)
Bond Records,
			 Financial
: Records document the authorization and payment of bonds to
			 finance college construction and improvements. Records may include but are not
			 limited to authorizations; supporting financial documentation; G.O. Bonds and
			 certificates of participation, revenue bonds, bond ratings; sample copies of
			 bonds issued; paid bonds; coupons; and receipts; bond register; and
			 correspondence. SEE ALSO: Election records in the Administrative Records
			 section. (Minimum retention: three years after final payment).
(7)
Budget Planning and Preparation
			 Records
: Records are used to develop, propose, and plan budget requests
			 for units, departments, or the college. Records may include but are not limited
			 to budget requests; spread sheets; expenditure projection work papers; budget
			 development instructions, schedules; allotment reports; past and current budget
			 worksheets; salary worksheets; miscellaneous income reports; budget
			 instructions and guidelines; capital outlay reports; equipment need reports;
			 decision packages; budget committee minutes and agendas; spending plans;
			 compensation plan proposals; contingency plans; and correspondence. SEE ALSO:
			 Board of Education Records in the Administrative Records section. (Minimum
			 retention: five years).
(8)
Budget Records
: Records
			 document the annual financial plan approved by the college's governing board.
			 Records may include but are not limited to adopted budgets, also called the
			 Budget Document; budget allotment reports; budget messages; revenue and
			 expenditure tracking records; status reports; operating programs, debt service,
			 position, and wage analysis; and correspondence. SEE ALSO: Budget Planning and
			 Preparation Records and Budget Status Reports in this section. (Minimum
			 retention: Final approved budget document: 20 years; Other records: Most recent
			 2 budgets).
(9)
Budget Status
			 Reports
: Records document departmental expenditures in relation to the
			 approved budget and are used to monitor allotments, and expenditures. Records
			 may include monthly or quarterly printouts of departmental expenditures and
			 amounts available for use in various funds and accounts. Printout information
			 may include but is not limited to fund or account name and/or code; object
			 description; encumbrances or amount allocated; expenditures; balances; and
			 related data. SEE ALSO: Budget Planning and Preparation Records, and Budget
			 Records in this section; and Board of Education Records in the Administrative
			 Records section. (Minimum retention: Year-end report: five years; All other
			 reports: Until superseded).
(10)
Capital Construction Funding
			 Records
: Records document the funding of capital construction projects
			 on campus, and are used to prepare budgets and allocations for capital
			 construction projects. Records may include but are not limited to project
			 descriptions; budget projection and allocation records; budget authorization
			 forms; budget change orders; final acceptance statements; and related
			 documentation and correspondence. (Minimum retention: Life of
			 structure).
(11)
Check
			 Conversion Records
: Records document checks received from customers that
			 are electronically deposited after being imaged and converted to an Automated
			 Clearing House (ACH) transaction or Image Replacement Document (IRD) (Minimum
			 Retention:
(a) Retain original paper
			 instrument 30 days, destroy
(b)
			 Retain ACH transaction or IRD 6 years, destroy).