Keeping Property Accounting Records
Definitions
Records - Records are 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.
Working Documents - Working documents are unofficial yet trustworthy documents used to support business activities. Examples include copies of official records retained for your convenience or preliminary planning documents.
Temporary Documents - Temporary documents are transitory and not records or working documents. Examples include drafts, reference materials, and routine correspondence.
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 5 years past end of agreement
- All other records 5 years past removal of assets from inventory
Unit Responsibilities
Your unit should retain the working documents you create as you physically check items for the biennial inventory for 3 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 your unit Records Liaison or records contact, if you have one, or the Records and Information Management Services team.
Additional Resources
Records and Information Management Services
Urbana - University Archives
Chicago - University Archives
Springfield - Archives/Special Collections
Last Updated: June 5, 2019 | Approved: Senior Associate Vice President for Business and Finance | Effective: June 2011