Oregon Administrative Rules › Chapter 166 - SECRETARY OF STATE, ARCHIVES DIVISION › Division 400 - EDUCATIONAL SERVICE DISTRICTS, SCHOOL DISTRICTS, AND INDIVIDUAL SCHOOL RECORDS › Section 166-400-0025 - Financial Records

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
Accounts Payable Records
Records document outstanding liabilities
					and provides a record of payment of bills by the school, district, or ESD,
					including payments from student body fund accounts, disbursed by school
					personnel. Records may include but are not limited to invoices, invoice
					vouchers, statements, vouchers, journal entry forms, purchase orders, payment
					authorizations, check requests, check registers, reports of receipt of goods or
					service, canceled checks or warrants, daily batch lists, and related
					correspondence and documentation. Minimum retention: (a) Retain records
					documenting expenditure of federal funds: 5 years after final or annual
					expenditure report accepted (b) Retain all other records: 4 years.
(2)
Accounts Receivable Records
Records document billings and collections and provide a record of money owed to
					or received by the school, district, or ESD, including receivables for student
					body fund accounts collected by school personnel, for goods or services
					rendered. Records may serve as subsidiary ledgers of original entry or input
					which record the amounts received for goods and services. Records may include
					but are not limited to aging reports used to monitor accounts which are
					outstanding and overdue, invoices, invoice registers, billing records,
					receipts, receipts registers, cash receipt records; account edit sheets, and
					related documentation. Minimum retention: (a) Records documenting recovery of
					federal supplied funds: 3 years after final or annual expenditure report
					accepted (b) All other records: 3 years after collected or deemed
					uncollectible.
(3)
Audit
					Reports
Records document the examination of a school, district, or
					ESD's financial condition by internal or independent auditors. Audits include
					an examination of the fiscal condition, internal controls and compliance with
					policies and procedures, accounting principles and methods, the accuracy and
					legality of transactions, and performance audits. Records may include but are
					not limited to audit reports (including those completed for student body fund
					accounts), supporting documentation, accountant's summary, financial
					statements, balance sheet details, comments, summaries, recommendations,
					preparation records, and related correspondence and documentation. Minimum
					retention: (a) Audit report, official copy: Permanent (b) Grant fund audit
					records: 5 years after final or annual expenditure report accepted (c) Other
					records: 4 years.
(4)
Bank
					Transaction Records
Records document the current status and transaction
					activity of school, district, or ESD funds held in bank accounts, including
					accounts for student body funds. Records may include but are not limited to
					account statements, deposit and withdrawal slips, redeemed, void, or canceled
					checks, check registers, interest payments, reconciliation worksheets or
					spreadsheets, and related documentation. Minimum retention: (a) Records
					documenting grant fund transactions: 5 years after final or annual expenditure
					report accepted (b) Other records: 3 years.
(5)
Bond Records
Recordsdocument the authorization and payment of bonds to finance school
					construction and improvements. Records may include but are not limited to
					authorizations, supporting financial documentation, bond ratings, and sample
					copies of bonds issued; paid bonds, coupons, and receipts; bond registers; and
					related documentation. SEE ALSO Bond Election Records in the Administrative
					Records section. Minimum retention: 3 years after final payment.
(6)
Budget Preparation Records
Records document the planning, development, estimation, and proposed budget
					requests for schools, districts, and ESDs. Records may include but are not
					limited to budget requests, spreadsheets, expenditure projection work papers
					and reports, budget proposals, budget development schedules, allotment reports,
					decision packages, spending plans, funding analysis, revenue projection
					reports, compensation plan proposals, contingency plans, fiscal impact
					analysis, and related correspondence and documentation. Minimum retention: 2
					years.
(7)
Budget
					Records
Records document the annual financial plan approved by schools,
					districts, and ESDs. Records may monitor allotments, apportioned fiscal
					distributions, and expenditures. Records may include but are not limited to
					budget allotment reports, adopted budgets, budget messages, revenue and
					expenditure tracking records, status reports, operating programs, debt service,
					position and wage analysis, summaries, annual report to Oregon Department of
					Education, and related correspondence and documentation. Minimum retention: (a)
					Adopted budget, official copy: 20 years (b) Other records: 3 years.
(8)
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.
(9)
Competitive Bid Records
Records document the publication,
					evaluation, rejection and award of quoted bids to vendors and other entities.
					Records may include but are not limited to requests for proposals (RFPs),
					requests for qualifications (RFQs), invitations to bid (ITBs), requests for
					information (RFIs), bid exemption documents, bid and quote lists, notices of
					bid opening and award, comparison summaries, spreadsheets, tabulation
					worksheets, bid advertising records, tally sheets, bid specifications,
					correspondence, and related records. SEE ALSO Purchasing Records in this
					section. Minimum retention: (a) Retain accepted bids 10 years after substantial
					completion (as defined by ORS 12.135(3)(b) Retain other accepted bids: 6 years
					after bid awarded or canceled (c) Retain rejected bids and bid exemptions: 2
					years after bid awarded or canceled.
(10)
Credit and Debit Receipts
Agency's copy of credit or debit card receipt documenting payment received by
					agency. Records include customer's name and account information. Minimum
					Retention: Retain 36 months after transaction, destroy.
(11)
Credit Slips
Slips issued
					to citizens who have withdrawn from agency-sponsored classes or activities and
					are due credit for all or part of fees paid. Information usually includes name
					of class or activity, date, expiration date, name and address of citizen, and
					related data. Minimum retention: 3 years after credit expired or redeemed.
(12)
Employee Bond
					Records
Records document the post of fidelity, performance, or position
					bonds to guarantee the honest and faithful performance of school, district, and
					ESD employees. Information may include but is not limited to person's name,
					amount of coverage, dates, and related documentation. Minimum retention: 6
					years after expiration.
(13)
Financial Reports
Records document the financial condition,
					operation, and activities of schools, districts, and ESDs. Records may include
					but are not limited to organization and function statements, accounting of
					income and expenditures, balance sheets, revenue statements, fund balance
					reports, notes to the financial statements, and exhibits. Exhibits may include
					a working trial balance by fund type, adjustments to accounting data, cash flow
					analysis, and other supporting documentation. Reports may also be completed for
					student body fund accounts. Records may include monthly, quarterly, or annual
					reports. Minimum retention: (a) Retain annual report, official copy: Permanent
					(b) Retain working papers and draft material: 1 year after acceptance of Annual
					Report (c) Retain all other Financial Reports 3 years.
(14)
General Ledgers
Records
					document all fiscal transactions of the school, district, or ESD. The ledgers
					summarize the accounts and reflect the financial position of the school,
					district, or ESD. Information often includes debit, credit, and balance amounts
					per account; budget, fund, and department numbers; and totals for notes
					receivable, interest income, amounts due from other funds, federal grants
					received; bank loans received, cash in escrow, deferred loan received, cash,
					encumbrances, revenue, accounts receivable, and accounts payable; and related
					documentation and data. SEE ALSO Subsidiary Ledgers, Journals, and Registers in
					this section. Minimum retention: (a) Retain year-end ledgers: 10 years (b)
					Retain all other general ledgers: 3 years.
(15)
Gift and Contribution
					Records
Records document gifts and contributions to the school,
					district, and ESD, including contributions to student body funds. Records may
					include but are not limited to memorial donation records related to money to be
					used by the institution in the name of an individual, donor and acknowledgment
					letters, acquisition lists itemizing purchases made with contributed money,
					checks, receipts, and related correspondence and documentation. Minimum
					retention: (a) Retain conditional gift, contribution, and donation records: 6
					years after expiration of agreement or conditions met (b) Retain all other
					records: 3 years.
(16)
Grant
					Records
Records document the application, evaluation, awarding,
					administration, monitoring, and status of grants in which the agency is the
					recipient, grantor, allocator, or administrator. Grants may come from federal
					or state governments or foundations or other funding sources. Records may
					include but are not limited to applications including project proposals,
					summaries, objectives, activities, budgets, exhibits, and award notification;
					grant evaluation records and recommendations concerning grant applications;
					grant administration records including progress reports, budgets, project
					objectives, proposals, and summaries; records documenting allocation of funds;
					contracts; records monitoring project plans and measuring achievement;
					equipment inventories; financial reports, accounting records, audit reports,
					expenditure reports, and related correspondence and documentation. Minimum
					retention: (a) Retain final reports from significant grants to the School,
					District, ESD: Permanent (b) Retain records documenting the purchase and/or
					disposal of real property: 10 years after substantial completion (as defined by
					ORS 12.135(3)), or 3 years after final disposition, or as specified in
					agreement, whichever is longer (c) Retain other grant records: 3 years after
					annual or final expenditure report submitted and approved or, as specified in
					agreement, whichever is longer (d) Retain unsuccessful grant applications: 1
					year after rejection or withdrawal.
(17)
Investment Records
Records
					document financial investments made by schools, districts, or ESDs. Records may
					include but are not limited to time certificates of deposit, interest income
					distribution, and tax anticipation notes. Information includes date purchased,
					date received, date matured, accrued interest, total interest to date, and
					related documentation. Minimum retention: 3 years after investment maturity.
(18)
Lease Records
Records document the lease or rental of school, district, or ESD owned property
					to other parties, and lease or rental of facilities from other parties. Records
					may include but are not limited to include leases, rental agreements,
					amendments, addenda, authorizations, and related correspondence and
					documentation. Leases are typically for office space, equipment, machinery,
					real estate, or facilities. Minimum retention: 6 years after expiration.
(19)
Petty Cash Fund
					Records
Records document petty cash activity for a school (including
					student body funds), district, or ESD. Records include but are not limited to
					requests and authorizations to establish petty cash funds, ledgers, statements,
					requests for disbursements, copies of receipts and invoices, and related
					documentation. Minimum retention: 3 years.
(20)
Purchasing Records
Records
					document the purchase of goods and services by a school, district, or ESD,
					including purchases through a student body fund account. Records may include
					but are not limited to purchase orders and requests; purchase authorizations;
					requisitions; contract release orders; price agreements; material and cost
					specifications; copy, print, service, and other types of work orders, receipt
					and delivery documentation, and related correspondence and documentation.
					Minimum retention: (a) Retain records documenting expenditure of federal funds:
					5 years after final or annual expenditure report accepted (b) Retain all other
					records: 3 years.
(21)
Revenue Records
Records document application for and receipt of
					funds from local, state, and federal revenue sources and disbursement to the
					school, district, or ESD. Records include funds received directly from federal
					agencies or apportioned to the school, district, or ESD through the Oregon
					Department of Education or other state agencies. Records may include but are
					not limited to projection reports of forecasted revenue earnings; revenue
					registers listing revenue earned; fund applications and awards; performance and
					financial reports; supporting fiscal documentation; reimbursement requests and
					claim records; and related correspondence. Local revenue sources may include
					tax levies, tuition, local government units, adult continuing education
					programs, summer school programs, schools transportation and food service
					programs, community services programs, textbook and other rentals, and private
					contributions. Intermediate revenue sources may include county school funds,
					ESD equalization and special program funds, and state timber revenue funds.
					State revenue sources may include basic school support funds, common school
					funds, state timber revenue funds, and special education, driver education,
					vocational education, and special school assistance funds. Federal revenue
					sources may include migrant education, Indian education, and other funds.
					Minimum retention: (a) Retain records of revenue from federal and state
					sources: 5 years after final or annual expenditure report accepted (b) Retain
					all other records: 3 years.
(22)
Signature Authorization Records
Records document that designated
					school, district, or ESD employees are authorized to sign fiscal and
					contractual documents, including those involving student body funds. Minimum
					retention: 6 years after authorization superseded or expired.
(23)
Student Organization Financial
					Records
Records document the budgeting, accounting, and financial
					affairs of student organizations including student clubs, government, and
					publications. Records may include but are not limited to bank statements,
					deposit slips, cancelled checks/vouchers, receipts, and related documentation
					and correspondence. Minimum retention: 3 years after school year in which
					records were created.
(24)
Subsidiary Ledgers, Journals, and Registers
Recordsdocument
					details of fiscal transactions by a school, district, or ESD such as those
					related to receipts and expenditures on a daily, monthly, quarterly, or similar
					basis. Records include journals, ledgers, registers, day books, transaction
					reports, trial balance reports, and other account books or reports that provide
					documentation for the general ledger or financial reports. Records may include
					details of revenues, expenditures, encumbrances, cash receipts, warrants, and
					other financial records. Information often includes date, payee, purpose, fund
					credited or debited, check number, and related data. SEE ALSO General Ledgers
					in this section and Payroll Registers in the Payroll Records section. Minimum
					retention: (a) Retain year end payroll register: 75 years (b) Retain trust fund
					ledgers: 3 years after trust fund closed (c) Retain all other subsidiary
					ledgers, journals, and registers: 3 years.
(25)
Travel Expense Records
Records document requests, authorizations, travel advances and reimbursement
					claims made by school, district, or ESD employees for travel and related
					expenses. Records may include but are not limited to travel expense reports and
					receipts, supporting documentation, and related correspondence. Minimum
					retention: 3 years.
(26)
Unclaimed Property Report
Records Records document annual reports
					submitted to the Department of State Lands of financial assets being held for a
					person or entity that cannot be found. Series includes Holder Report, owner
					information, correspondence and other related documents. Note: Unclaimed
					property is not real estate, abandoned personal property, or lost and found
					items. Minimum Retention: 3 years after the property is remitted to the
					Department of State Lands.
(27)
Vendor Records
Records document vendors and suppliers providing
					goods and services to the school, district, or ESD. Records may include but are
					not limited to lists name and address of vendor or company; description of
					goods and services provided; catalogs; promotional and advertising materials;
					product specification sheets; copies of purchase orders and requisitions;
					packing slips; price quotations; and related correspondence and documentation.
					Minimum retention: Until superseded or obsolete.
Stat. Auth.: ORS 192 & 357, Other Auth. Code of Federal
							Regulations Title 34
Stats. Implemented: ORS 192 &
							357