Policy Financial Management Further Applications (FMPM 900 - FMPM 999) FMPM 930 Document Retention and Disposal Financial Records

FMPM 930 Document Retention and Disposal Financial Records


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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

Chief Financial Officer

Retention of legal documents relating to financial matters

Deputy University Secretary

Approval to destroy financial records

Deputy University Secretary

Maintenance of destroyed financial records in the University’s compliant records management system

Deputy University Secretary

Policy

  1. 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 Queensland Government Records Governance policy and Volume 5.3 of the Financial Accountability Handbook and the Public Records Act 2002.
  2. 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:
  3. Original hard form financial documents can be retained in electronic form (for example, scanned documents) according to the requirements outlined GRDS Recordkeeping as long as the electronic document accurately represents the original document.
  4. Hardcopy documentation relating to the Travel and Expense Management System (Concur) must be retained by the traveller until the transaction (with receipt attached) has been audited and approved within a Concur Expense Report. Please also refer to FMPM 421 Corporate Credit Card Procedure.
  5. All other hard copy records must be retained until approval to destroy has been granted by the Deputy University Secretary The electronic form must be preserved in accordance with this Policy.
  6. 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.
  7. The Deputy University Secretary and the Chief Financial Officer are responsible for ensuring all legal documents relating to financial matters are properly filed in the University’s compliant records management system.
  8. Prior to the disposal of any financial record approval must be granted by the Deputy University Secretary, using the ‘Disposal Authority form‘ signed by the Deputy Director, Financial and Business Services before submission to the Deputy University Secretary for approval.
  9. All JCU records are created, maintained and disposed of in the University’s compliant records management system and are required to be kept in accordance with the Queensland State Archive Retention and Disposal Schedules.
  10. All reference to disposed records must be retained in the University’s compliant Recordkeeping system permanently for Archival Audits.

Related policy instruments

FMPM 421 Corporate Credit Card Procedure

Other related documents

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

Public Records Act 2002 (Sec. 13)

Queensland Government Records Governance policy

Queensland State Archives General Retention and Disposal Schedule

The Financial Accountability Handbook issued by Queensland Treasury

University Sector Retention and Disposal Schedule

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

Administration

Approval Details

Policy Sponsor

Deputy Vice Chancellor, Services and Resources

Approval Authority

Finance Committee

Date for next review

17/07/2023

Revision History

Version

Approval date

Approval authority

Implementation date

Details

Author

20-1

21/05/2020

Finance Committee

17/07/2020

To allow for hardcopy receipts and invoices to be disposed by the University once the digitized image of that record has been submitted and approved through the Travel and Expense Solution (Concur).

Minor amendment to align responsibilities to appropriate positions.

Minor amendments to links, legislation references and position titles.

Manager, Financial Systems and Process Improvement

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)

 

Keywords

Document retention, document disposal, financial records

Contact person

Manager, Financial Systems and Process Improvement