Keeping Property Accounting Records

Definitions

Records

Official and trustworthy documents used for accountability and transparency. Requirements for retaining records are mandated by federal and state laws and regulations. Property accounting records consist of documentation related to tracking the cost, use, depreciation, location, and disposal of real assets, fixed assets, and intangibles such as software and intellectual property.

Temporary Documents

Temporary documents are transitory and not records or working documents. Examples include drafts, reference materials, and routine correspondence.

Working Documents

Unofficial yet trustworthy documents used to support business activities. Examples include copies of official records retained for the unit’s convenience or preliminary planning documents.

UAFR Responsibilities

University Accounting and Financial Reporting retains property accounting records according to the following:

• Fixed assets master inventory records (Banner Fixed Asset tables) indefinitely
• Lease, transfer, and loan agreements to institutions of higher education five years past end of agreement
• All other records five years past removal of assets from inventory

Unit Responsibilities

Units should retain the working documents creates as units physically check items for the biennial inventory for three years. Keep agreements for internal equipment loans to employees and students for the duration of the loan period. Temporary documents should be disposed of as soon as they are no longer needed.

For assistance, consult the unit’s records liaison or records contact, if you have one, or the Records and Information Management Services (RIMS) team.