New Policy and Rule for Financial Record Retention and Disposal

The Board of Trustees has approved both Policy 3-014; Financial Record Retention and Rule 3-014A; Financial Records Retention and Disposal.

New Policy 3-014 and its associated Rule establishes a records retention policy, as well as outlines the processes and best practices for the retention and disposal of University of Utah financial records. Policy 3-014 is meant to meet legal requirements, optimize use of space, and minimize cost.

This policy is binding for all University colleges, departments and units, including University Hospital & Clinics. This policy does not govern retention and disposal of non-financial University documents.

Departments should review Policy and Rule and implement retention and disposal schedules immediately.

Policy establishes:

1. Definitions of financial records, retention schedules, archives and document destruction.

2. Major categories of financial records with unique retention periods such as grants and contracts, bonds, purchasing, tax, Pcard, real property and capital equipment as well as general financial documents.

3. Disposal requirements.

Questions regarding the new Policy or the new Rule should be forwarded to Accounts Payable using the following ASK US form.

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