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 |