1. 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.
   
   
2. 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.
   
   
3. 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.
   
   
4. 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 audit purposes.
   

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.

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