Policy University Management FMPM 900 - FMPM 999 - Further Applications FMPM 930 Document Retention and Disposal Financial Records
FMPM 930 Document Retention and Disposal Financial Records
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Intent
This policy sets out the legal requirements for the retention and disposal of the University’s financial records.
Scope
Function | Responsibility of |
Retention of financial records | Chief Financial Officer |
Retention of legal documents relating to financial matters | Deputy University Secretary |
Approval to destroy financial records | Deputy University Secretary |
Maintenance of destroyed financial records in the University’s compliant records management system | Deputy University Secretary |
Policy
- Financial records consisting of physical and electronic records must be managed and preserved to ensure they are accessible and unalterable for their required retention period in accordance with Queensland Government Records Governance policy and Volume 5.3 of the Financial Accountability Handbook and the Public Records Act 2002.
- Financial records must be retained in their original form or in a form admissible in evidence in any legal proceeding for at least 12 months after the completion of the audit for the period to which the records relate and thereafter until the:
- financial records are no longer likely to be required as evidence or for any audit purposes;
- records are no longer required for administrative or legal reasons;
- expiration of the period has been met, as specified by the University Sector Retention and Disposal Schedule (RDS) and Queensland State Archives General Retention and Disposal Schedule for Administrative Records (GRDS). Contact the Records team for information relating to the record retention periods from the GRDS ; and
- financial records are no longer of historical significance.
- Original hard form financial documents can be retained in electronic form (for example, scanned documents) according to the requirements outlined GRDS Recordkeeping as long as the electronic document accurately represents the original document.
- Hardcopy documentation relating to the Travel and Expense Management System (Concur) must be retained by the traveller until the transaction (with receipt attached) has been audited and approved within a Concur Expense Report. Please also refer to FMPM 421 Corporate Credit Card Procedure.
- All other hard copy records must be retained until approval to destroy has been granted by the Deputy University Secretary The electronic form must be preserved in accordance with this Policy.
- Where a microfilm or computer file has been made of a financial record or the record was initially generated by computer, the microfilm or computer file must be preserved in accordance with this Policy.
- The Deputy University Secretary and the Chief Financial Officer are responsible for ensuring all legal documents relating to financial matters are properly filed in the University’s compliant records management system.
- Prior to the disposal of any financial record approval must be granted by the Deputy University Secretary, using the ‘Disposal Authority form‘ signed by the Deputy Director, Financial and Business Services before submission to the Deputy University Secretary for approval.
- All JCU records are created, maintained and disposed of in the University’s compliant records management system and are required to be kept in accordance with the Queensland State Archive Retention and Disposal Schedules.
- All reference to disposed records must be retained in the University’s compliant Recordkeeping system permanently for Archival Audits.
Related policy instruments
FMPM 421 Corporate Credit Card Procedure
Other related documents
Financial and Management Standard 2009 (Sec. 15(g) and Sec. 27)
Public Records Act 2002 (Sec. 13)
Queensland Government Records Governance policy
Queensland State Archives General Retention and Disposal Schedule
The Financial Accountability Handbook issued by Queensland Treasury
University Sector Retention and Disposal Schedule
For enquiries in relation to this FMPM Policy please contact directorfabs@jcu.edu.au.
Administration
NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.
Approval Details
Policy Domain | University Management |
Policy Sub-domain | Finance |
Policy Custodian | Chief Financial Officer |
Approval Authority | Vice Chancellor |
Date for next Major Review | 17/07/2025 |
Revision History
Version | Approval date | Approval authority | Implementation date | Details | Author |
20-1 | 21/05/2020 | Finance Committee | 17/07/2020 | To allow for hardcopy receipts and invoices to be disposed by the University once the digitized image of that record has been submitted and approved through the Travel and Expense Solution (Concur). Minor amendment to align responsibilities to appropriate positions. Minor amendments to links, legislation references and position titles. | Manager, Financial Systems and Process Improvement |
16-1 | 11/09/2016 | 13/09/2016 | Policy reviewed and updated with minor amendments. | Director Financial & Business Services | |
15-01 | 09/09/2015 | 10/09/2015 | Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework | Quality Standards and Policy Unit | |
11-01 | 18/08/2011 | 18/08/2011 | Finance Committee (06/11) |
Keywords | Document retention, document disposal, financial records |
Contact person | Manager, Financial Systems |