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Records Retention Policy

The Financial Services office retains all original records for university financial transactions based on the schedule below. Individual departments may retain their duplicate copies of such transactions at their own discretion. Original documents (cash register tapes, worksheets, etc) should be maintained by departments according to the schedule below.

BYU-Hawaii records will be retained based on the following guidelines:

Record Category Record Code Record Series Description Retention
Banking Transactions FIN01 Records of deposits, bank statements, cancelled checks, cash reports and receipts, delivery slips, fund transfers, payments, stop payments, and wire transfers. 7 Years
Budgets and Financial Planning FIN02 University and department capital, expense, and operating budgets, and information related to financial and economic analysis, pricing, and costing. Also includes records related to future planning and forecasting of university or department activities. 7 Years
Capital Equipment Inventory FIN03 Inventory of equipment produced by or purchased by the university. Records may include depreciation schedules, inventory logs and lists, inventory controls, inventory records, problem logs, and surplus sales and disposal records. 7 Years
Capital Property / Fixed Assets FIN04 Any recorded information related to the purchase and sale of property and equipment, depreciation, improvements, and other fixed assets. 7 Years after asset is sold or disposed
Financial Statements - Annual FIN05 Annual financial statements of the university. Permanent
Fundraising FIN06 Any recorded information documenting university efforts to raise funds to support program functions and facilities. 7 Years
Fundraising - Endowments FIN07 Records of endowments and bequests. Records include endowment gift notices, letters, agreements, amendments, directives, wills, deeds or titles,summary reports, etc. Permanent
General Accounting, General Ledgers, Trial Balances
FIN10 Any recorded information related to accounts payable, accounts receivable, and cash management. Includes check registers, inter-university accounting, reconciliation reports, royalty payments, vendor payments, charts of account, expense reports, credit card transactions, travel reimbursements, tuition reimbursement reports, records related to transfer charges between accounts and for summarizing account information, including general ledgers, subsidiary ledgers, trial balances, and other final, annual records. Also includes any recorded information related to the applications, issuance, management and administration of loans to the university. 7 Years
Journal Entries FIN11 Journal entries and supporting documentation. 7 Years
Investment Management FIN12 Any recorded information related to the tracking and management of investment actions, including stocks, bonds, and mutual funds, retirement trusts and other benefits plans, such as deferred compensation and savings plans. 7 Years
Payroll FIN13 Information related to payroll, including payment of financial obligations associated with wages and deductions, benefit and pension deductions, garnishments, and other adjustments to payroll checks. Includes payroll reports, wage and tax statements, Form W-2, Form W-4, Federal Insurance Contribution Act (FICA) records, and time-keeping documentation. 5 Years
Purchasing FIN14 Information related to purchasing, requests for bid and bid review. Includes invoices, purchase requisitions, and purchase orders, rejected bids, approved vendor and supplier lists, requests for proposals, and communications with vendors and suppliers. 7 Years
Student Loans FIN15 Any recorded information related to campus-based or external student loans, such as FFEL, PLUS, Stafford and Direct loan. Includes correspondence, applications and eligibility records, award letters, deferment forms, payment schedules and histories, promissory notes, origination documents, tax records, any adverse action against student, debt collection documentation, self-tests, etc. Retain 3 years after the end of the award year, or 3 years after the loan is repaid, cancelled or assigned to the Department of Education, whichever is later,
PCI Account Information FIN16 Credit card account information, including credit card number, security code, etc. Does not include credit card transaction information. < 6 months
Income Tax - Federal and State Returns TAX01 Any recorded information related to corporate Federal and State income tax returns, amended returns, audits, appeals and work papers. 7 Years
Miscellaneous Tax TAX02 Any recorded information related to filing miscellaneous tax returns and work papers. Includes tax account reconciliations and adjustments, property tax, sales and use tax, excise tax, tax statements, studies and analyses, and IRS 1099 filings. Refer to TAX01 for income tax. 7 Years