FMPM 930 Document Retention

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Intent

This policy sets out the legal requirements for the retention and disposal of the University’s financial records.

Scope

Function

Responsibility of

Retention of financial records

Head of Organisational Unit

Retention of legal documents relating to financial matters

Manager, Records

Approval to destroy financial records

Manager, Records

Maintenance of destroyed financial records in JCU’s compliant records management system

Manager, Records

Policy

  • Financial records consisting of physical and electronic records must be managed and preserved to ensure they are accessible and unalterable for their required retention period in accordance with IS 31: Retention and Disposal of Public Records and Volume 5.3 of the Financial Accountability Handbook and the Public Records Act 2002.
  • Financial records must be retained in their original form or in a form admissible in evidence in any legal proceeding for at least 12 months after the completion of the audit  for the period to which the records relate and thereafter until the:
    • financial records are no longer likely to be required as evidence or for any audit purposes;
    • records are no longer required for administrative or legal reasons;
    • expiration of the period has been met, as specified by the University Retention and Disposal Schedule (RDS) and General Retention and Disposal Schedule for Administrative Records (GRDS).  Contact the Records team for information relating to the record retention periods from the GRDS ; and
    • financial records are no longer of historical significance.
  • Original hard form financial documents can be retained in electronic form (for example, scanned documents) according to the requirements outlined under IS 40 Recordkeeping as long as the electronic document accurately represents the original document.  The hard copy record must be retained until approval to destroy has been granted by the Manager, Records, using the ‘Disposal Authority form‘, signed by the Director, Financial and Business Services before submitted to the Manager, Records for approval. The electronic form must be preserved in accordance with this Policy.
  • Where a microfilm or computer file has been made of a financial record or the record was initially generated by computer, the microfilm or computer file must be preserved in accordance with this Policy.
  • The Manager, Records and Director Research Services are responsible for ensuring all legal documents relating to financial matters are properly filed in JCUs compliant records management system.
  • Prior to the disposal of any financial record approval must be granted by the Manager, Records, using the ‘Disposal Authority form‘ signed by the Director, Financial and Business Services before submitted to the Manager, Records for approval.
  • All JCU records are created, maintained and disposed of in JCUs compliant records management system and are required to be kept in accordance with the Queensland State Archive Retention and Disposal Schedules.

All reference to disposed records must be retained in JCUs compliant Record keeping system permanently for Archival Audits. Related documents, legislation or JCU Statutes

Financial and Management Standard 2009 (Sec. 15(g) and Sec. 27)

Public Records Act 2002 Sec.13

General Retention and Disposal Schedule for Administrative Records: QDAN249v.7 (Section 4) as published by Queensland State Archives

University Sector Retention and Disposal Schedule as published by Queensland State Archives

IS 31 – Retention and Disposal of Public Records and

IS 40 – Recordkeeping - issued by the Queensland Government Chief Information Office (QGCIO)

The Financial Accountability Handbook issued by Queensland Treasury

For enquiries in relation to this FMPM Policy please contact directorfabs@jcu.edu.au.

Administration

NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing

Approval Details

Policy Sponsor

Deputy Vice Chancellor, Services and Resources

Approval Authority

Finance Committee

Date for next Major Review in accordance with the Policy Handbook

11/09/2019

Revision History

Approval date - the date the approval authority approved the establishment, minor or major amendment or disestablishment

Implementation Date - the date the policy was published in the Policy Library and is the date the policy takes effect

Version

Approval date

Implementation date

Details

Author

16-1

11/09/2016

13/09/2016

Policy reviewed and updated with minor amendments.

Director Financial & Business Services

15-01

09/09/2015

10/09/2015

Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework

Quality Standards and Policy Unit

11-01

18/08/2011

18/08/2011

Finance Committee (06/11)

 

02-01

11/2002

11/2002