VCOM Institutional Policy and Procedure Manual

Finance Records

These records document an office’s expenditures and purchases. These records may include, but are not limited to, departmental purchase orders, credit card charge slips and statements, bills, invoices, journal vouchers, justifications of purchases, payment authorizations, reports of receipt of goods or services, and receipts. These records are used by offices to document billing and collection activities. These records may include, but are not limited to, account edit sheets, invoices, journal vouchers, checks, and receipts. A travel expense report is a document used to itemize and request reimbursement for expenses incurred during business or work related travel. It typically includes details such as transportation costs (flights, mileage, taxis), lodging, meals, and other travel related expenses. The report often requires receipts and documentation to support the expenses and may include the purpose of the trip, dates of travel, and the names of any individuals involved. These records provide a record of departmental fiscal activity presented in summary form which may be used for budget planning. These records may be used to analyze budget cuts or restructuring of programs. These records may include, but are not limited to, budget projections, working papers, memorandums, final summary reports and spreadsheets, and related documentation and correspondence. An estimate of future financial outcomes based on expected income, expenses, and financial trends over a specific period. These records include, but are not limited to, deposit and withdrawal records, bank statements and reconciliations, voided and canceled checks. A comprehensive record of all financial transactions for a business or organization, organized by accounts. Documents evidencing terms of gifts (annuity contracts, letters, wills, etc.) A detailed account that tracks an individual's or organization's investments over time. It includes information such as the type of investment (stocks, bonds, mutual funds, real estate, etc.), the amount invested, purchase dates, market value, returns, dividends, and any transactions (buying, selling, or reinvestment). A summary of an organization’s financial performance and status over a one-month period. It may include key financial statements such as the income statement, balance sheet, and cash flow statement, along with a breakdown of revenues, expenses, profits, liabilities, and assets. A purchase order (PO) is a formal document issued by a buyer to a supplier, indicating the items or services they wish to purchase, along with the agreed-upon prices, quantities, and delivery terms. Business Office Business Office Business Office Business Office Business Office Business Office Deposits, including contributions, and supporting documentation Business Office Business Office Business Office Business Office Business Office

7 years

Confidential Destruction

Accounts Payable

Business Office, Clinical Affairs

7 years

Confidential Destruction

Accounts Receivable

Travel Expense Reports

7 years

Confidential Destruction

Purchase Orders

7 years

Confidential Destruction

Budget and Supporting Work Papers

7 years

Confidential Destruction

7 years

Confidential Destruction

Budget Projections

Banking

7 years

Confidential Destruction

General Ledgers

Permanent

Retain in Office

Gifts

7 years

Confidential Destruction

Deposits

7 years

Confidential Destruction

Investment Records

7 years

Confidential Destruction

Monthly Financial Reports

7 years

Confidential Destruction

State, federal or private grants or contracts Follows AR and AP guidelines

Grants & Contracts

Business Office, Research

7 years

Confidential Destruction

A formal document that provides an independent assessment of an organization's financial statements and operations for the year.

Annual Audit Reports

Business Office

7 years

Confidential Destruction

Annual Audit Records Consultant Reports Student Billing Records

including work papers and other documents that relate to the audit Business Office

7 years 7 years 7 years

Confidential Destruction Confidential Destruction Confidential Destruction Confidential Destruction Confidential Destruction Confidential Destruction Confidential Destruction

Business Office Business Office

Billing to students for tuition, services, and other expenses

Insurance Records

Business Office Business Office Business Office Business Office

Annual Loss Summaries Audits and Inspections Certificates Issued to VCOM

3 Years 6 years

1 year or until superseded

Insurance Policies

5 years

Records documenting exposure or testing related to hazardous substances

Hazardous Exposure

Permanent

Operations

Retain in Office

Records related to on-the-job accidents used for worker's compensation claim. Employee accident/injury reports, correspondance, medical records, worker’s compensation claims. Human Resources

Employee Health/Safety/Accidents/Injuries

Permanent

Retain in Office Retain in Office

Records related to student accidents, needle sticks, etc.

Clinical Affairs, Medical Education Permanent

Student Health/Safety/Accidents/Injuries

Files of Student Health Insurance Registration receipts, records of declined insurance coverage, claims and investigations, and when coverage was purchased.

Student Insurance Records

Business Office

Until graduation or separation from the college Confidential Destruction

Human Resources Business Office Human Resources Business Office Business Office Tax Records

Employee W-2 and 1095-c forms; including those returned.

Confidential Destruction Confidential Destruction Confidential Destruction Confidential Destruction Confidential Destruction Confidential Destruction Confidential Destruction

Employee W-2 and 1095-C Forms

7 years after employment separation 8 years after employment separation 7 years after employment separation

Preceptor W-9 Forms

Employee W-4 and state tax forms.

Form W-4 and State Tax Forms

Form 1098-T

7 years 7 years

Form 1099-NEC & MISC

Business Office, Human Resources 10 years

Form 5500 Form 941 Form 990

Business Office Business Office Business Office Business Office Business Office Business Office Business Office

7 years

Retain in Office

Permanent Permanent Permanent

IRS Determination Letter about Non-Profit Status, Form 1023, and Related Documentation

Retain in Office Retain in Office

IRS or other Government Audit Records

Confidential Destruction Confidential Destruction Confidential Destruction

IRS Rulings

10 years 7 years 7 years

Other Tax Returns and related work papers

Sales/Use Tax Records