- Ivy Tech Community College of Indiana is subject to the statutes of the State
of Indiana concerning the preservation and destruction of
all public financial records. The financial records of the
College will be preserved and/or destroyed as required by
Federal and State Regulations.
- The Vice President/Treasurer or designee is responsible for
maintaining the filing and record retention for the financial
functions of the College. The Vice-President/Treasurer designates
the Executive Director of Finance (EDF) to be responsible
for maintaining the filing and record retention in each Region.
The filing system will be so designed as to provide quick
and adequate retrieval for use by the financial staff, internal
and external audit staffs, or other authorized personnel.
Retention schedules, disposal plans and relevant policies
will be on file and available for external and internal audit.
- Financial records will be retained according to the recommended
Commission on Public Records retention schedule found in this
section. Supporting documentation, including but not limited
to, invoices, requisitions, bids, quotes, receipts, etc.,
must be retained according to the retention schedule specified
with/for each financial document. Retain the documents
in appropriate storage either as an original paper document,
or in one of the authorized formats found in Chapter III,
Definitions. In the event of conflicting retention requirements
the longest period of time will prevail.
- Maintain the financial records for the current and prior fiscal
year on-site. Files or documents subject to retention may
be kept off-site as long as adequate and reasonable security
precautions are taken. Retention of specialty reports, like
the FBM070 series, other ad hoc reports or spreadsheets, is
at the discretion of the department receiving or creating
the report. However, if specialty reports are used to support
financial reports, retention is the responsibility of the
individual filing the report and it must be maintained for
NOTE: If an audit has begun within the proposed retention
period those records may not be destroyed until the audit is complete. The Treasure's Office is responsible for issuing the Notification of Audit Completion. Records will not be destroyed until receipt of this notification.