Data Retention
Policy
Overview
Records and information management are essential to
protecting the University from risk and legal exposure, as well as providing
access to required information and important evidence that support actions and
decisions. In recognition of this, the University
has developed a set of policies governing the care and management of its
records, which applies to all units and to records in all formats and
media. This policy outlines procedures
departments should follow to manage documentation retention for common
financial transactions in accordance with the Harvard University General
Records Schedule. Please note that
document retention may take place in either hard copy (paper) or electronic
form.
UIS/OAS compliance with this
policy is highlighted in green in each section.
Local units may also keep photocopies/duplicates for convenience of
internal processes where applicable.
Document
Retention
Billing
Records
This
series documents activities relating to the billing of customers for goods sold
or services rendered. Records include
customer lists, work orders, sales invoices, customer billing worksheets and
edit documentation, account reconciliation materials, collection letters and
responses, and related correspondence.
Retention Plan:
7
years after final payment or settlement: Collection
records.
7
years: All other records.
The UIS/OAS General Accounting office retains copies
of the billing records described above for the specified period. However, please inquire with your Financial
Partner regarding record retention for certain UIS Telecommunications
related documents, including customer work orders and sales invoices.
Cash Records
This series provides a record of cash received or
disbursed by the office. The series also
documents all monies received and deposited to bank accounts. Records include petty cash balance sheets,
cash receipt slips, credit card sales slips, cash register tapes, parking
chits, department deposit vouchers, bank deposit slips, bank advices, bank
statements, and related correspondence.
Retention Plan:
4
years: All records except the following:
6 months after final verification: Data-entry source documents and data
verification reports.
The UIS/OAS General Accounting office and/or the
Cash Management Office retain copies of the cash records described above for
the specified period.
General
Accounting Records
This
series documents the tracking and reconciliation of Central Administration’s
funds in compliance with Internal Revenue Service record keeping
requirements. Records include fund
receipts and disbursements documentation, financial transaction documents such
as invoices, journal vouchers, credit vouchers, requisitions, purchase orders,
fund authorizations, billing documents, data-entry source documents, data
verification reports, and related correspondence.
Retention Plan:
4
years: All records except the following:
6 months after final verification: Data-entry source documents and data
verification reports.
The UIS/OAS General Accounting office retains copies
of general accounting records for the specified period.
Budget
Preparation and Monitoring Records
This
series documents the process to develop, estimate, propose, and monitor the
yearly budget for the department. Records
include guidelines, budget work papers, spreadsheets, internal analysis sheets,
distribution reports, estimates, expense summaries, final budget requests,
transmittal letters, variance reports, detailed listing reports, budget status
reports, budget changes, and related correspondence.
Retention Plan:
Permanent: Guidelines and submission letters
4
years: Detailed Listing Reports (year-to-date, final
closing)
2
years: All other records.
The UIS/OAS Finance group retains copies of budget
preparation and monitoring records; however, the local business unit retains
work papers created by business managers.
Please check with your Financial Partner if you have questions about
what is retained.
Financial
Planning Records
This series provides a record of analysis and planning
relating to the continuing review of the department's available finances and
projected needs. Records include spreadsheets, budget projections, salary
review documents, strategic planning documents, reports, and related correspondence.
Retention Plan:
Permanent: Strategic planning reports and financial
policy documentation.
Archives
review after 10 years: Reports.
4
years: All other records.
The UIS Finance group retains copies of financial
planning records; however, the local business unit retains work papers created
by business managers. Please check with
your Financial
Partner if you have questions about what is retained.
Payroll
Records
This series documents the process to determine pay period
earnings, wages, and pay of faculty and staff and to authorize payments to
faculty and staff whose payrolls are processed through or by Central
Administration. Records include appointment forms, time sheets, overtime slips,
extra compensation forms, sick, personal, and vacation days tracking
documentation, payment authorizations, College Work-Study Program referral
forms, journal vouchers, credit vouchers, Tuition Assistance Plan (TAP)
requests and reports, withholding transmittals, and related correspondence.
Retention Plan:
6
years after separation: Faculty and administrative
staff appointment forms and correspondence.
4
years: All faculty and
administrative staff time sheets and sick, personal, and vacation days tracking
documentation except the following:
6 months after final verification: Data-entry source documents and data
verification reports.
6
years: All College Work-Study
Program employees' records except the following:
4
years: All casual, temporary, and
volunteer employees' records except the following:
Retention Plan:
Procurement
Records
This series documents the purchase of goods, supplies, and
equipment incompliance with federal, state, or other procurement regulations,
and in accordance with Harvard
University procurement
policies and procedures. Records include
requisitions, purchase orders, invoices, payment vouchers, packing slips, sales
tax exempt purchase certificates, request for proposals (RFP’s), requests for
quotation (RFQ’s), vendor justification/price verification forms (VJF’s),
debarment certification forms, bid, supply and performance bonds, small and
small disadvantaged business purchasing plans, contractor and subcontractor
equal employment opportunity documentation, bid development records,
competitive bidding and negotiation documents, cost-price analysis, and related
correspondence.
Retention Plan:
6
years after final project account closing unless a longer period is specified by
the granting agency: Records connected to contracted
project account.
6
years after performance of the contract and after all actions upon the contract
have been finalized: Records connected to a contract
with no account number.
4
years: All other records.
The UIS/OAS General Accounting office retains copies
of invoices with any supporting documentation submitted with the invoice (i.e.,
purchase order) for the period specified above.
The University Central Accounts Payable office retains copies of only
the invoice for the period specified.
Other procurement records mentioned, such as RFP’s, RFQ’s, contracts,
packing slips, VJF’s, and competitive bidding documents, etc., are usually
retained (original copies) by the business units in a locally managed file
system.
Vendor
Promotional Materials
These
materials consist of promotional materials relating to supplies, services, and
products. Materials include
advertisements, brochures, and catalogs.
Retention Plan:
0
years
The business units should retain vendor
promotional materials in a locally managed file system.
Vendor
Relations Records
This
series provides a history of the relations between the office and individual
vendors. Records include vendor
background notes, secondary copies of bids and proposals, contact notes and
logs, secondary copies of service contracts, and related correspondence.
Retention Plan:
6 years after last contact
Vendor relations records
should be retained by the business units in a locally managed file system.
For More Information
To see a complete copy of the University’s policy, go to http://vpf-web.harvard.edu/documents/actts_retention_1_23_01.html
or http://hul.harvard.edu/rmo/. If you have any questions or concerns, please
contact the Records Management Office at 495-5961 or your Financial
Partner . Also, a quick reference
chart of this policy is available for download in PDF.
