VBCPS - Regulation 3-42.1 - Financial Records Retention and Disposition Schedule

School Board of the City of Virginia Beach
Regulation 3-42.1

BUSINESS AND NONINSTRUCTIONAL OPERATIONS

Financial Records Retention and Disposition Schedule

1.1

This schedule is continuing authority under the provisions of the Virginia Public Records Act, §§ 42.1-76 et seq. Code of Virginia, for the retention and disposition of the records as stated and supersedes previously approved applicable schedules. Request approval on Form RM-3, Certificate of Records Disposal, for the destruction of record series noted in this schedule.

Unless otherwise noted, disposal authorization for records listed in Code § 58.1-3129. The Code states, "The treasurer may cause records to b e destroyed after audit, with the consent of the Auditor of Public Accounts and the State Librarian, in accordance with retention regulations for records maintained by the treasurer established under the Virginia Public Records Act."
Retain duplicate or departmental copies of fiscal records which are not subject to audit for as long as administratively useful and then destroy.

1.2

Schedule Number and Title: GS-2, Fiscal Records

Record Title	Scheduled Retention and Disposition
A. Accounts Receivable Records and Reports	Retain for 3 years or until audit, whichever is longer, and destroy
B. Administrative Correspondence Files	Retain for 2 years and then purge and destroy records no longer having current administrative value
C. Audit Records 1. Internal Audit Records	Retain for 8 years after audit completion and then destroy
2. Report on Audit	Retain the record copy permanently (Code § 15.1-167)
D. Budget Records 1. Adopted Budget	Retain the record copy permanently
2. Work Papers	Retain for 5 years after budget adoption and then destroy
E. Cash Reports and Records 1. Settlement Records 2. Transmittal Records	Retain for 3 years or until audit, whichever is longer, and destroy Retain for 3 years or until audit, whichever is longer, and destroy

F. Check/Warrant Records 1. Bank Statements and Reconcilations	Retain for 3 years or until audit, whichever is longer, and destroy
2. Cancelled Checks	Retain for 5 years or until audit, whichever is longer, and destroy
3. Duplicate Checks	Retain for 3 years or until audit, whichever is longer, and destroy
4. Registers	Retain for 5 years or until audit, whichever is longer, and destroy
G. Compensation Board Records and Reports	Retain for 3 years or until audit, whichever is longer, and destroy
H. Contracts	Retain for 5 years after contract expiration or until audit, whichever is longer, and destroy
I. Credit Card Receipts	Retain for 3 years or for the terms of the contract, whichever is longer, and destroy in compliance with Note “A” at the end of this section
J. Deposit Records	Retain for 3 years or until audit, whichever is longer, and destroy
K. Financial Accounting Reports (computer generated)	Retain for 3 years or until audit, whichever is longer, and destroy
L. Fixed Asset Files	Retain until superseded and destroy
M. Grant Files, Federal and State	Consult OMB CIRCULAR A-102, ATTACHMENT C, and retain in accordance with the terms of the grant, and then destroy
N. Insurance Records, Reports and Files	Retain for 3 years after policy expiration or until audit, whichever is longer, and then destroy
O. Investment Records	Retain for 3 years or until audit, whichever is longer, and destroy
P. Invoice Vouchers, Paid	Retain for 5 years or until audit, whichever is longer, and destroy
Q. Ledger Cards	Retain for 5 years or until audit, whichever is longer, and destroy
R. Ledger, General	Retain for 3 years or until audit, whichever is longer, and destroy
S. Ledgers and Journals, Subsidiary	Retain for 3 years or until audit, whichever is longer, and destroy

T. Payroll Records 1. Deduction Authorizations	Retain for 5 years after supersedence and destroy in compliance with Note “A” at the end of this section
2. Deduction Register	Retain for 3 years or until audit, whichever is longer, and destroy in compliance with Note “A” at the end of this section
3. Leave Records	Retain for 3 years or until audit, whichever is longer, and destroy
4. Ledgers and Reports	Retain for 3 years or until audit, whichever is longer, and destroy
5. Register	Retain for 5 years or until audit, whichever is longer, and destroy in compliance with Note “A” at the end of this section
6. Request for Compensation Files	Retain for 3 years or until audit, whichever is longer, and destroy
7. Retirement System Contribution Files	Retain for 3 years or until audit, whichever is longer, and destroy in compliance with Note “A” at the end of this section
8. Time and Attendance Records	Retain for 5 years or until audit, whichever is longer, and destroy
9. Virginia Employment Commission Quarterly Reports	Retain for 3 years or until audit, whichever is longer, and destroy
10.Wage and Income Tax Reports	Retain for 5 years or until audit, whichever is longer, and destroy in compliance with Note “A” at the end of this section
11.W-2 Wage and Tax Statements, Form 1099, and Reports	Retain for 5 years or until audit, whichever is longer, and destroy in compliance with Note “A” at the end of this section
U. Permits, Paid	Retain for 3 years or until audit, whichever is longer, and destroy
V. Purchasing Records 1. Bid and Bid Proposal Records	Retain for 3 years or until audit, whichever is longer, and destroy
2. Logs and Registers	Retain for 3 years after completion and destroy
3. Manuals	Retain until superseded and destroy
4. Orders and Requisitions	Retain for 3 years or until audit, whichever is longer, and destroy

W. Receipt Records	Retain for 3 years or until audit, whichever is longer, and destroy
X. Reimbursement Records and Reports	Retain for 3 years or until audit, whichever is longer, and destroy
Y. Retirement Files Local Retirement System 1. Employment Records	Retain for 3 years after death, or after the employee is no longer vested in the system, and then destroy in compliance with Note “A” at the end of this section
2. Financial Records	Retain in accordance with appropriate entries in this schedule
3. Virginia Retirement System Records and Reports	Retain for 3 years or until audit, whichever is longer, and destroy
Z. Unemployment Insurance Records 1. Claim Files	Retain for 5 years after case closure and audit, and then destroy
2. Invoice and Investment Files	Retain for 5 years or until audit, whichever is longer, and destroy
3. Report File	Retain for 5 years or until audit, whichever is longer, and destroy
AA. Vouchers, Accounting	Retain for 5 years or until audit, whichever is longer, and destroy
BB. Workmen's Compensation Records 1. Claim Files	Retain for 5 years after case closure and audit and destroy
2. Invoice and Accounting Files	Retain for 5 years or until audit, whichever is longer, and destroy
3. Report Files	Retain for 5 years or until audit, whichever is longer, and destroy

Note “A”: Custodians of records must ensure that information in confidential or privacy-protected records is protected from unauthorized disclosure through the ultimate destruction of the information. Normally, destruction of confidential or privacy-protected records will be done by shredding or pulping. "Deletion" of confidential or privacy-protected information in computer files or other electronic storage media is not acceptable. Electronic records must be "wiped" clean or the storage media physically destroyed.

Legal Reference:
Virginia Board of Education Regulations, "Financial Records Retention and Disposition Schedule" (January 1993)

Approved by Superintendent: August 14, 1993
Revised by Superintendent: July 2, 2002


Last Modified on Tuesday, October 04, 2005 Disclaimer • Site Map