If you are not identified as a responsible unit but you hold copies of the information described in these class codes, keep them for reference or working documents only, for a short period of time (such as two years), and then destroy them.
5000-Financial Management
Functions and supporting activities codes for classification of assets related to administration of University financial resources and transactions, including budgeting, accounting, procurement and financial oversight.
Supporting activities
Secondary Copies
5100 Accounting
5110 - Accounts Payable
Description
Records related to administration and management of accounts payable and expense reimbursement or advances.
Can include expense reports, cheque requisitions, vouchers, lists, paid invoices, receipts, copies of cheques issued, rebates, levies payable, reports, bills, supporting documentation, correspondence, statements of account and supplier records.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources | Fiscal year end date | 6 | Destroy | n/a |
5120 - Accounts Receivable
Description
Records related to administration and management of accounts receivable activities and receipt of monies owing to the University.
Can include invoices issued, payment forms, collection details, payment receipts, client accounts, statements, supporting documentation, lists, logs, correspondence, supplier information and outstanding receivables reporting.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources | Fiscal Year End Date | 6 | Destroy | n/a |
5121 - Student Accounts and Collections
Description
Records related to control of billing, collection and management of student accounts, including charges, fines and fees payable by students.
Can include Invoices, payment forms, receipts, correspondence, summaries, account statements, promissory notes, waivers, reconciliations and loan agreements.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources | Payment of account or closure of collection file | 6 | Destroy | n/a |
5130 - Taxes
Description
Records related to administration and management of taxes and duties levied by various levels of government, foreign and domestic.
Can include declarations, statements, transaction reports, charitable receipts, income tax slips (T4s, T4As, others), retail HST/GST tax returns, remittance vouchers and correspondence.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| All responsible units | Fiscal year end date | 6 | Destroy | n/a |
5140 - Banking
Description
Records related to administration and management of banking transactions and the University's relationship with banks.
Can include bank reconciliations, account statements, bank statements, deposit slips, cheques, carry forwards, balance information, deposit account analysis, payment return, refunds and wire information.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources | Fiscal year end date | 6 | Destroy | n/a |
5150 - Capital Asset Management
Description
Records related to management of current and fixed assets including asset inventory, records of initial expenditure, depreciation, amortization and disposal.
Can include inventories, logs, re-evaluations, copies of supporting documentation, receipts and transfer notices.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources | Disposal or replacement of asset | 7 | Destroy | See 4220: Movable Assets and Materials Management; 4120: Real Property Management |
5160 - General Ledgers
Description
Records related to management of current and fixed assets including asset inventory, records of initial expenditure, depreciation, amortization and disposal.
Can include inventories, logs, re-evaluations, copies of supporting documentation, receipts and transfer notices.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources | Fiscal year end date | 6 | Send to archives | See 5161: Subsidiary Ledgers, Registers and Journals |
5161 - Subsidiary Ledgers, Registers and Journals
Description
Records related to recording of all University financial transactions.
Can include subsidiary ledgers, registers, and journals such as payment and receipt journals, payroll registers, debenture registers, cash or treasury journals, accounts payable ledgers, account receivable ledgers and trial balances.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources | Fiscal Year End Date | 6 | Destroy | See 5160: General Ledgers |
5170 - Financial Statements
Description
Records related to preparation and management of the University’s annual consolidated financial statements.
Can include balance sheets, income statements and audited financial statements.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources | Fiscal year end date | 10 | Send to archives | n/a |
5180 - Regulatory Financial Reporting
Description
Records related to reporting activities documenting the overall management of University monies. Includes reports to internal and external organizations and regulatory bodies.
Can include financial reports, statements, program costing records, management reports, audit reports, COFU reporting and other items.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources | Fiscal year end date | 10 | Destroy | See 5170: Financial Statements; 3130: Unit Reports, Studies and Statistics for administrative reports for units; 5181: Regulatory Financial Reporting—Research |
5181 - Regulatory Financial Reporting—Research
Description
Records related to reporting activities documenting the overall financial management of research funds. Includes reports to internal and external organizations and regulatory bodies such as the Canadian Institutes of Health Research (CIHR), Natural Sciences and Engineering Research Council of Canada (NSERC) and Social Sciences and Humanities Research Council of Canada (SSHRC).
Can include financial reports, statements, reconciliation reports, annual statement of account expenditures, final statement of account expenditures and correspondence.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources | File closed date | 7 | Destroy | n/a |
5190 - Financial Auditing
Description
Records related to administration and management of internal and external financial audits and related reviews of financial procedures, programs and systems.
Can include working papers, copies of supporting documents, tracking documents and correspondence.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources | Audit completion date | 6 | Destroy | See 5180: Regulatory Financial Reporting for final reports and responses |
5191 - Working Papers—Financial
Description
All working notes, calculations, reconciliations and background documentation used to calculate financial statements, audit reports and other financial reports.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources | Fiscal year end date | 1 | Destroy | n/a |
5200 Budgeting
5210 - Budgets and Estimates—University
Description
Records related to planning, control and followup of the University’s annual approved budget and its components.
Can include aggregation, analyses and approvals of annual operating and ancillary budgets, estimates, submissions, statements of revenue and expenditures, reports, budget plans, calculations, statistics and correspondence.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources | Fiscal year end date | 6 | Send to archives | See 5211: Unit Budgets; 6320: Institutional Strategic Planning for records related to the corporate budget |
5211 - Unit Budgets
Description
Records related to planning, control and followup of individual approved faculty, department or unit level budgets and their components.
Can include aggregation, analyses and approvals of annual operating and ancillary budgets, estimates, submissions, statements of revenue and expenditures, reports, budget plans, calculations, statistics and correspondence.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| All responsible units | Fiscal year end date | 6 | Destroy | See 5210: Budgets and Estimates— University |
5300 Funding and Investment Management
5310 - Funds Management
Description
Records related to planning and management of the means through which the University raises or receives funds, including endowments, donations, foundation creation and grants.
Can include sinking funds, pension funds, endowments, investment funds, interest earned, operating grants, reports, correspondence and account statements.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources Pension Fund and Investment Management | Fiscal year end date | 6 | Send to archives | See 6120: Governing Bodies for minutes of governing bodies receiving reports; 2630: Donor Relations—Case Files for endowment agreements; 5320: Investment Management for investment of funds |
5320 - Investment Management
Description
Records related to investment planning and management, term deposits and promissory notes administered by or for the University. Includes management by external investment managers, custodians, auditors and consultants.
Can include investment statements, interest earned, reports, correspondence, account statements, term deposits, promissory notes, contracts and agreements, and confirmations.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources Pension Fund and Investment Management | Closure of account or end of legal document duration | 6 | Destroy | See 6120: Governing Bodies for minutes of governing bodies receiving reports; 5310: Funds Management |
5330 - Debentures and Bonds
Description
Records related to administration of debt management tools including loans, term loan contracts, guarantees, lines of credit, mortgages, forward exchange contracts and issues of bonds or debentures. Includes information regarding the initial issuance of debentures or bonds as well as all records of payments made to investors.
Can include correspondence, statements, swap contracts, term deposits and investment certificates, confirmations, reports and agreements.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Financial Resources Pension Fund and Investment Management | Debentures surrendered for exchange or cancellation | 6 | Destroy | n/a |
5400 Payroll
5410 - Payroll Administration
Description
Records related to administration of payments of salary, wages and deductions to employees, including vacation entitlements and pay, alternative vacation entitlements, notice of garnishment, and termination or severance pay.
Can include pay lists, adjustments information, T4 slips, Records of Earnings for pension contribution purposes, Records of Employment (ROE) and Statistics Canada reports, direct deposits and deductions records.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Human Resources | Fiscal year end date | 6 | Destroy | See 7420: Working Time Control for working hours and timesheets; 5161: Subsidiary Ledgers, Registers and Journals |
5500 Procurement
5510 - Purchasing
Description
Records related to management of goods and services acquisition.
Can include purchase orders, requisitions, receipts, invoices, blanket orders, supplier information, correspondence and contracts.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Procurement Services | Issue of the order/termination of contract | 7 | Destroy | See 5520: Competitive Bid Process—Case Files |
5520 - Competitive Bid Process—Case Files
Description
Records related to management of goods and services procurement through competitive bid processes, including requests for proposals, tenders, single and sole source applications and vendor of record agreements.
Can include requests for quotation, proposals, pre-qualification information, expressions of interest, invitations to bid or tender, invitation responses, vendor submissions, proposals, quotes, bids, tabulation sheets, evaluation matrices, purchase orders, requisitions, contracts and correspondence.
| RESPONSIBLE UNIT(S) | RETENTION TRIGGER | RETENTION PERIOD | DISPOSITION ACTION | CROSS-REFERENCE |
|---|---|---|---|---|
| Procurement Services | Successful bids: End of agreement date Unsuccessful bids: close of bid process | Successful: 7 Unsuccessful: 2 | Destroy | n/a |
Questions and support
For any questions or additional support regarding the Information Disposition Schedule, please contact [email protected]; additional resources and format of the Schedule are available on our VirtuO page (login required).