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Financial Records

Institutional Records Management

This Schedule applies to records in all media, unless otherwise specified.

  • Items - a sample listing of items found within a series. Other related records not listed may also be part of a series.
  • Disposition - all dispositions are minimum requirements and include, where applicable, transfer to the custody of the University Archives for appraisal and final disposition.
  • Destruction - takes place in the office. Any record with confidential or sensitive information shall be properly destroyed by shredding or by means to ensure that the records cannot be physically recreated.
  • Original and Reference Copy -original copy (also known as a record copy) is the official authorized copy kept by the office charged with creating or maintaining the record copy. Reference copies (also known as convenience copies) are preserved for the convenience of reference or ease of access.

No destruction of records may take place if litigation or audits are pending or reasonably anticipated or foreseeable.

Refer to prefatory material for additional instructions or contact your university's records officer for clarification.


  • GU56 1099 File
  • GU57 Accounts Payable
  • GU58 Accounts Receivable
  • GU59 Accounts Uncollectible
  • GU60 Annual Financial Statement Report
  • **** Audit Reports (see GU09)
  • GU61 Bank Statements
  • GU62 Bidder's Applications
  • GU63 Bids
  • GU64 Bond Book
  • GU65 Bonds and Other Borrowing
  • GU66 Budget
  • GU67 Cancelled Checks
  • GU68 Capital Improvements Accounting
  • GU69 Cash Receipts
  • GU70 Cost Accounting Reports
  • GU71 Credit Card Use
  • GU72 Deposits
  • GU73 Direct Deposit Forms
  • GU74 Disbursing Accounts Statements
  • GU75 Escheats Statements
  • GU76 Financial Records System (database)
  • GU77 Fixed Assets
  • GU78 Funding Increments
  • GU79 Insurance Deductions
  • GU80 Invoices
  • GU81 Lapsed Salaries
  • GU82 Loans
  • GU83 Mail Transmittal Slips
  • GU84 Monthly Budget Reports
  • GU85 Payroll
  • GU86 Payroll Deductions
  • GU87 Purchase Orders
  • GU88 Reconciliation Reports
  • GU89 Requisitions
  • GU90 Requisitions for Transfer of Funds
  • GU91 Retirement Reductions
  • GU92 Returned Checks
  • GU93 Reversion and Continuation of Agency Funds
  • GU94 Sales Tax
  • GU95 Social Security Deductions
  • GU96 Student Accounts
  • GU97 Tax Forms
  • GU98 Telephone Billings
  • GU99 Travel Reimbursements
  • GU100 Utility Bills and Logs
  • GU101 Vouchers
  • GU102 WH-1, WH-3 Forms

Financial Records

Series # Series Title Series Description Items Disposition
GU56 1099 File Services performed for the university by non-employees. Comply with applicable provisions of G.S. 126 and 5 U.S.C. 552a regarding confidentiality of records. honorariums, contractual service, withholding tax Destroy in office 1 year after payment date and when released from all audits.
GU57 Accounts Payable Status of accounts in which the state owes money to firms or individuals. Original: Destroy in office after 3 closed fiscal years and when released from all audits.
Reference: Destroy in office after 1 year.
GU58 Accounts Receivable Status of accounts receivable, excluding student accounts. Original: Destroy in office after 3 closed fiscal years and when released from all audits.
Reference: Destroy in office after 1 year.
GU59 Accounts Uncollectible Status of accounts in which money cannot be collected. bad checks Destroy in office 3 closed fiscal years after account is paid, collected or is determined to be uncollectible, and when released from all audits.
GU60 Annual Financial Statement Report See Series Title Original: Retain 1 copy in Comptroller's Office permanently. Transfer 1 copy to University Archives upon publication.
Reference: Destroy in office when reference value ends.
**** Audit Reports
(See: Audit Reports in Administrative Section)
See GU09
GU61 Bank Statements For university accounts. bank statements Destroy in office after 3 closed fiscal years and when released from all audits.
GU62 Bidder's Applications Applications submitted by vendors to be included on bidding lists. Destroy in office after 5 closed fiscal years and when released from all audits.
GU63 Bids Purchase of equipment, supplies or services. Comply with applicable provisions of G.S. 143-52, G.S. 143-53 and NCAC T01:05B regarding confidentiality of bids. price quotes, applications, correspondence Destroy in office unsuccessful bids after 5 closed fiscal years and when released from all audits. Destroy in office successful bids 5 years after expiration and when released from all audits.
GU64 Bond Book Deposits and withdrawals on bonds held by university. bond agreement, deposits, withdrawals, statements, reconciliations Destroy in office audit copies 5 closed fiscal years after bond has been cancelled or has expired. Destroy in office remaining records when bond is cancelled or expires.
GU65 Bonds and Other Borrowing See Series Title bond indentures, legal documents, swap agreements, payment schedules, annual audits, arbitrage audits Destroy in office 1 closed fiscal year after last payment and when released from all audits.
GU66 Budget University budgetary records. budget analysis report, transfer request, increase, decrease budget request forms, briefs concerning capital improvements, expansions and maintenance projects, worksheets, resolutions, revisions, correspondence, official budget report Original: Transfer copy of official budget report annually to University Archives. Destroy in office remaining records after 3 closed fiscal years and when released from all audits.
Reference: Destroy in office when reference value ends.
GU67 Cancelled Checks Paid by the university. Destroy in office after 7 closed fiscal years and when released from all audits.
GU68 Capital Improvements Accounting Budget and financial records related to capital improvements. accounting records, vouchers, checks, purchase orders, other supporting documentation, monthly reports Destroy in office 3 closed fiscal years after project is completed and when released from all audits.
GU69 Cash Receipts Listing or analysis of cash received and deposited. receipt books Destroy in office after 3 closed fiscal years and when released from all audits.
GU70 Cost Accounting Reports Completed cost accounting reports for university expenditures. Destroy in office after 3 closed fiscal years and when released from all audits.
GU71 Credit Card Use Receipts concerning the use and ownership of credit cards used by university employees. Comply with applicable provisions of G.S.132-1.2 (2) and 5 U.S.C. 552a regarding confidentiality of records. Destroy in office after 3 closed fiscal years and when released from all audits.
GU72 Deposits See Series Title deposit slips, cash register slips, receipts Destroy in office after 3 closed fiscal years and when released from all audits.
GU73 Direct Deposit Forms Bank deposit slips submitted by employees for direct deposit of paychecks by university. Comply with applicable provisions of G.S. 132-1.2 (2) and 5 U.S.C. 552a regarding confidentiality of records. Retain in office until superseded and when released from all audits.
GU74 Disbursing Accounts Statements Statements received from the Department of the State Treasurer indicating monthly activity, beginning and ending balance, and other related information for each disbursing account. monthly statements Destroy in office after 7 closed fiscal years and when released from all audits.
GU75 Escheats Statements Escheated funds reverting to the State of North Carolina and credited to the State Treasurer. statements, correspondence Destroy in office after 7 closed fiscal years.
GU76 Financial Records System (database) Budget information shared by all university departments used to track revenue and expenditures, and create financial reports. revenue, expenses, budget data, account amounts, check numbers, check amounts, purchase orders Destroy in office after 5 closed fiscal years and when released from all audits.
GU77 Fixed Assets Inventories of fixed assets. Destroy in office after 5 years and when released from all audits.
GU78 Funding Increments Records concerning increment increases in an employee's salary. Comply with applicable provisions of G.S. 126-22, G.S. 126-23 and G.S. 126-24 regarding confidentiality of records. Destroy in office after 7 years.
GU79 Insurance Deductions Records concerning insurance deductions from each employee's salary. Comply with applicable provisions of G.S. 126-22, G.S. 126-23 and G.S. 126-24 regarding confidentiality of records. Destroy in office after 7 closed fiscal years and when released from all audits.
GU80 Invoices See Series Title Destroy in office after 3 closed fiscal years and when released from all audits.
GU81 Lapsed Salaries State appropriated funds made available for reallocation through the circumstances of unused salaries. Comply with applicable provisions of G.S. 126-22, G.S. 126-23 and G.S. 126-24 regarding confidentiality of records. Destroy in office after 3 closed fiscal years and when released from all audits.
GU82 Loans Records concerning loans, scholarships and business assistance. Original: Destroy in office audit copies 5 closed fiscal years after repayment or elimination of loan and when released from all audits.
Reference: Destroy in office remaining records 1 closed fiscal year after termination or elimination of loan.
GU83 Mail Transmittal Slips Mail transmittal slips used to account for postage. Destroy in office after 1 year.
GU84 Monthly Budget Reports See Series Title Destroy in office after 2 closed fiscal years.
GU85 Payroll Salaries paid to permanent and temporary employees. Comply with G.S. 126-22, G.S. 126-23 and G.S. 126-24 regarding confidentiality of records. Transfer administrative data documenting personnel actions to appropriate individual personnel file when action is approved. Destroy in office remaining records after 7 closed fiscal years and when released from all audits.
GU86 Payroll Deductions Deductions from salaries of permanent and temporary employees. Comply with applicable provisions of G.S. 126-22, G.S. 126-23, G.S. 126-24 regarding confidentiality of records. Original: Destroy in office 7 closed fiscal years after deduction is terminated and when released from all audits.
Reference: Destroy in office remaining records after 1 closed fiscal year.
GU87 Purchase Orders For supplies and equipment. Original: Destroy in office after 5 closed fiscal years and when released from all audits.
Reference: Destroy in office after 2 closed fiscal years and when administrative value ends.
GU88 Reconciliation Reports Reports listing all outstanding checks or warrants. Original: Destroy in office after 3 closed fiscal years and when released from all audits.
Reference: Destroy in office after 1 closed fiscal year.
GU89 Requisitions Requests for orders for equipment or supplies. Original: Destroy in office after 5 closed fiscal years and when released from all audits.
Reference: Destroy in office after 1 year.
GU90 Requisitions for Transfer of Funds See Series Title Original: Destroy in office after 3 closed fiscal years and when released from all audits.
Reference: Destroy in office when reference value ends.
GU91 Retirement Reductions Retirement deductions from employee's salaries. Comply with G.S. 126-22, G.S. 126-23, and G.S. 126-24 regarding confidentiality of records. Destroy in office after 7 closed fiscal years and when released from all audits.
GU92 Returned Checks Checks written to the university that have been returned for insufficient funds. Destroy in office audit copy 1 year after check is paid, collected or is determined uncollectible. Destroy in office remaining records when check is paid, collected or is determined uncollectible.
GU93 Reversion and Continuation of Agency Funds See Series Title Original: Destroy in office after 2 closed fiscal years.
Reference: Destroy in office remaining records after 1 year.
GU94 Sales Tax Records concerning the collection of sales and use taxes by the university. Original: Destroy in office after 5 closed fiscal years and when released from all audits.
Reference: Destroy in office remaining records after 1 year.
GU95 Social Security Deductions Reports listing Social Security deductions from each employee's salary. Comply with applicable provisions of 5 U.S.C. 552a, G.S. 126-22, G.S. 126-23 and G.S. 126-24 regarding confidentiality of records. Destroy in office after 7 closed fiscal years and when released from all audits.
GU96 Student Accounts
(See also: Student Records, Financial Aid Section)
Records concerning individual student accounts. adjustments of tuition fees, refunds, outstanding fees for damaged or overdue books, records of payments or other credits, statement of charges Destroy in office records concerning settled accounts when released from all audits. Transfer copy of statement of each unsettled account to Registrar's Office after 1 semester. Destroy in office remaining records when account is settled or designated uncollectible and when released from all audits, whichever occurs later.
GU97 Tax Forms Completed tax withholding forms for faculty, staff and student employees. Comply with G.S. 126-22, G.S. 126-23 and G.S. 126-24 regarding confidentiality of records. Destroy in office after 7 closed fiscal years and when released from all audits.
GU98 Telephone Billings See Series Title Original: Destroy in office after 3 closed fiscal years and when released from all audits.
Reference: Destroy in office after 1 year.
GU99 Travel Reimbursements Comply with applicable provisions of 5 U.S.C. 552a regarding confidentiality of records. request for reimbursement, authorizations, documentation of payment Original: Destroy in office after 5 closed fiscal years and when released from all audits.
Reference: Destroy in office after 2 closed fiscal years.
GU100 Utility Bills and Logs
(Other than Telephone Billings, GU98)
See Series Title Destroy in office after 1 closed fiscal year and when released from all audits.
GU101 Vouchers Vouchers and documentation of disbursements. Original: Destroy in office after 3 closed fiscal years and when released from all audits.
Reference: Destroy in office after 2 closed fiscal years.
GU102 WH-1, WH-3 Forms Records concerning time schedule variance and overtime. Destroy in office after 3 closed fiscal years and when released from all audits.
**** Indicates duplicate listing