GS #31: Financial Records retention schedule.

These files include insurance policies that provide coverage for property and casualty, workers compensation, errors and omission, fleet, general liability, umbrella, etc.

DTMB General Schedule #31 (Financial Records), item 31.100; approved 4/7/2009

These files are used to document claims that are submitted to an insurance provider. They may contain claim forms, correspondence and supporting documents for each claim that is submitted.

DTMB General Schedule #31 (Financial Records), item 31.101; approved 4/7/2009

Accident reports for personal injuries, property damage claims, and other incidents provide details about any unexpected incidents on government property. The reports may list the location of the accident, description of the accident, first aid administration, witnesses, person injured, type of injury or property damage, actions taken, recommendations to prevent reoccurrence, etc. The reports may be reviewed and signed by relevant administrators. These files may include related information, such as witness statements, medical information, legal counsel, subsequent claims, etc.

DTMB General Schedule #31 (Financial Records), item 31.102A; approved 4/7/2009

Accident reports for personal injuries, property damage claims, and other incidents provide details about any unexpected incidents on government property. The reports may list the location of the accident, description of the accident, first aid administration, witnesses, person injured, type of injury or property damage, actions taken, recommendations to prevent reoccurrence, etc. The reports may be reviewed and signed by relevant administrators. These files may include related information, such as witness statements, medical information, legal counsel, subsequent claims, etc.

DTMB General Schedule #31 (Financial Records), item 31.102B; approved 4/7/2009

Bids are received from vendors for products, services and contracts that are needed for construction, furnishings, grounds maintenance, trash and snow removal, cleaning services, transportation, etc. These files may include the invitation to bid, request for proposal, the bid documents that are submitted, the reviewer documentation, etc.

DTMB General Schedule #31 (Financial Records), item 31.103A; approved 4/7/2009

Bids are received from vendors for products, services and contracts that are needed for construction, furnishings, grounds maintenance, trash and snow removal, cleaning services, transportation, etc. These files may include the invitation to bid, request for proposal, the bid documents that are submitted, the reviewer documentation, etc.

DTMB General Schedule #31 (Financial Records), item 31.103B; approved 4/7/2009

These contracts may cover a variety of services including construction, custodial work, copiers, facility rental, information technology service providers, maintenance, wiring, telephone services, employment, land, etc. These files may include contracts, correspondence with the vendor, warranties, copies of purchase orders, etc. Note: the Clerk or some other office may be the official recordkeeper for contracts.

DTMB General Schedule #31 (Financial Records), item 31.104; approved 4/7/2009

These records document the requested and adopted amount of money for all departments, along with any amendments, that is appropriated for each account and line item for each fiscal year. These records may include work papers. A copy of all approved budgets will be retained permanently in the governing body’s meeting records.

DTMB General Schedule #31 (Financial Records), item 31.105; approved 4/7/2009

This record is used as a general ledger to track and document financial transactions. It is usually maintained as a database or spreadsheet. It may contain digital images, electronic documents and electronic correspondence that serve as supporting documents to each transaction. This system may also contain data that documents other government functions, such as payroll, pensions, etc. Select data and supporting documents may need to be retained longer if the transaction relates to a contract, loan or other activity that is not completed within the specified timeframe.

DTMB General Schedule #31 (Financial Records), item 31.106; approved 4/7/2009

This record details all revenue, expenditures and balance sheets that are recorded in various accounts. It may be retained as paper, electronic data, computer output microfiche, etc. It also includes the chart of accounts that defines the accounting codes that are used.

DTMB General Schedule #31 (Financial Records), item 31.107; approved 4/7/2009

These records document items that are purchased by others or services that are provided to others. They may include invoices, cash receipts, support documents, agreements, ledgers, etc.

DTMB General Schedule #31 (Financial Records), item 31.108; approved 4/7/2009

These records document deposits into various accounts. They may include a cash receipt list, receipt register, etc. Information in these records may include the check number, date, receipt number, description, amount deposited, batch number, account number, etc.

DTMB General Schedule #31 (Financial Records), item 31.109; approved 4/7/2009

These records document transfers between accounts, they record expenses not included in accounts payable, and revenues not in cash receipts. The transaction balance report may identify the account number, account description, transaction amount, date, journal entry number, transaction description, etc. Note: individual records that document the purchase of a fixed asset may need to be retained until the asset is disposed of.

DTMB General Schedule #31 (Financial Records), item 31.110; approved 4/7/2009

These records document the status of budgetary activity on each account. They may identify the account balances per month and year to date, activity within the month on each account, etc.

DTMB General Schedule #31 (Financial Records), item 31.111; approved 4/7/2009

These files document the payment for goods and services. They may include purchase orders, packing slips, requisitions, invoices, communications and utility bills, travel vouchers, receipts, etc. Note: individual records that document the purchase of a fixed asset may need to be retained until the asset is disposed of.

DTMB General Schedule #31 (Financial Records), item 31.112; approved 4/7/2009

These bills are received from the telephone service provider and may be used to generate bills that are distributed to each department. These bills may cover services for telephones, cellular phones, pagers, etc. These records may contain the call detail and the financial statement.

DTMB General Schedule #31 (Financial Records), item 31.113; approved 4/7/2009

These records document which employees are issued a procurement card for making purchases. These files may include the procurement cardholder application, cardholder agreement form, the cardholder maintenance form, etc.

DTMB General Schedule #31 (Financial Records), item 31.114; approved 4/7/2009

These records document activity on the government entity’s bank account. They may include deposit slips, reconciliations, cancelled checks, check registers, bank statements, electronic funds transfer transactions, etc.

DTMB General Schedule #31 (Financial Records), item 31.115; approved 4/7/2009

The State of Michigan and the Federal Government require all local units of government to file an annual fiscal report with the Michigan Department of Treasury (Form F‐65) that documents financial activity.

DTMB General Schedule #31 (Financial Records), item 31.116; approved 4/7/2009

These annual reports are prepared at the end of each calendar year to document the amount of sales tax that is collected. They are sent to the Michigan Department of Treasury.

DTMB General Schedule #31 (Financial Records), item 31.117; approved 4/7/2009

These reports are submitted annually to the Michigan Department of Treasury at the end of the calendar year. They are often prepared with the assistance of auditors, and they document all incoming and outgoing funds. These records include the work papers and the reports. Some local governments choose to keep the final reports permanently.

DTMB General Schedule #31 (Financial Records), item 31.118; approved 4/7/2009

These files document bonds for capital and construction projects. They may include transcripts of bond proceedings and other supporting documentation.

DTMB General Schedule #31 (Financial Records), item 31.119; approved 4/7/2009

These forms are submitted annually to the Michigan Department of Treasury. They permit the local government to buy bonds. If a bond is purchased, these records will be maintained in accordance with item #118 as supporting documentation. If no bonds are sold, these records can be destroyed after 1 year.

DTMB General Schedule #31 (Financial Records), item 31.120; approved 4/7/2009

The final affidavit of payment is evidence that all funds that were borrowed by the local government were paid back in full.

DTMB General Schedule #31 (Financial Records), item 31.121; approved 4/7/2009

The Bond Cremation Act (PA 56 of 1962) requires public corporations to cremate or disintegrate obligations or interest coupons upon maturity, and to receive a certificate documenting the destruction of the records.

DTMB General Schedule #31 (Financial Records), item 31.122; approved 4/7/2009

This record is a list of all major property and its book value. Local government policy determines the value at which property must be included on an inventory. The value of these items is then distributed across the useful life of the property. Information on the inventory may include a description of the item, value, date purchased, depreciation amount, insurable value, building location, etc.

DTMB General Schedule #31 (Financial Records), item 31.123; approved 4/7/2009

The Government Accounting Standards Board (GASB) Statement 34 establishes the annual reporting requirements for financial statements prepared by local governments. This annual report is produced from the fixed asset inventory.

DTMB General Schedule #31 (Financial Records), item 31.124; approved 4/7/2009

These records document the disposition (destruction or sale) of scrap and surplus materials. They may include authorizations, correspondence, receipts, inventories, etc.

DTMB General Schedule #31 (Financial Records), item 31.125; approved 4/7/2009

Audits of finances are conducted annually by an independent certified public accounting firm. These files may include work papers, schedules, reconciliations, etc.

DTMB General Schedule #31 (Financial Records), item 31.126; approved 4/7/2009

This final report is submitted by the auditors. A copy of final audit reports will be retained permanently in the governing body’s meeting records. However, this office may select to keep a permanent copy too.

DTMB General Schedule #31 (Financial Records), item 31.127; approved 4/7/2009

These reports contain multi‐year projections/plans/forecasts about anticipated income and/or expenditures. They may cover capital improvement projects, construction cost schedules, general fund revenue, fund balances, taxable value, road projects, etc.

DTMB General Schedule #31 (Financial Records), item 31.128; approved 4/7/2009

These records are created annually to determine the allowable indirect cost rate that the local government may charge to various state and federal grants.

DTMB General Schedule #31 (Financial Records), item 31.129; approved 4/7/2009

These files document grants from state, federal and private agencies that are administered by the finance department. These files may contain applications, budgets, worksheets, adjustments, plans, rules and regulations, award letters, committee records, staffing sheets with account numbers, grant evaluation and monitoring reports, audits, periodic progress reports, etc.

DTMB General Schedule #31 (Financial Records), item 31.130; approved 4/7/2009

These records document grants that were applied for, but were not received. They may have reference value for preparing future grant applications. They may contain application forms, budget proposals, letters of support, narrative plans, supporting documentation, etc.

DTMB General Schedule #31 (Financial Records), item 31.131; approved 4/7/2009

Local governments are required to submit various financial reports to the Michigan Department of Treasury annually.

DTMB General Schedule #31 (Financial Records), item 31.132; approved 4/7/2009

These records document the terms of employee pension plans. They include plans that are administered by the local government, and plans that are administered by outside parties.

DTMB General Schedule #31 (Financial Records), item 31.133; approved 4/7/2009

Some local governments administer their own pension plans internally or with the assistance of a vendor. These monthly reports document pension plan investments and the financial status of accounts.

DTMB General Schedule #31 (Financial Records), item 31.134; approved 4/7/2009

Some local governments administer their own pension plans. These reports document annual audits, financial reporting and third party actuarial valuations of the pension plan accounts and investments.

DTMB General Schedule #31 (Financial Records), item 31.135; approved 4/7/2009

Some local governments administer their own pension plans. These records document pension benefits for employees and retirees and their beneficiaries. They may include the original hiring notice, promotion notices, correspondence, exclusion letters, beneficiary forms, insurance elections, disability retirement approvals, etc. Note: these records may be maintained by Payroll.

DTMB General Schedule #31 (Financial Records), item 31.136; approved 4/7/2009

These files document the meetings of public bodies such as retirement boards, investment committees, etc. They include agendas, minutes, and supporting documentation (such as transcripts, correspondence, investment reports, etc.) that were reviewed by the public body during its meetings.

DTMB General Schedule #31 (Financial Records), item 31.137; approved 4/7/2009

These records are used to support administrative analysis, program and project planning, procedure development, and programmatic activities. Subject files are generally organized alphabetically by topic. Document types may include periodic activity reports (narrative and statistical), special reports, topical correspondence (including electronic mail), research materials, project planning notes, organizational charts, etc. Subject files do NOT include files related to individual projects. For topics of continuing interest, files may be segmented into annual files.

DTMB General Schedule #31 (Financial Records), item 31.200; approved 4/7/2009

General correspondence does not pertain to a specific issue and it is often organized chronologically or by correspondent’s name. General correspondence may include referral correspondence. If the correspondence does pertain to a specific issue it should be filed with other relevant records. General correspondence may exist in a variety of formats, including memos, letters, notes and electronic mail messages. This series also includes automated or manual tools that index and/or track when correspondence was received, the topic of the correspondence, who is responsible for responding to the correspondence, and when the correspondence is considered closed for further action.

DTMB General Schedule #31 (Financial Records), item 31.201; approved 4/7/2009

Transitory correspondence is any form of written communication with a short‐term interest that has no documentary value. This type of correspondence has limited administrative and evidential value that is lost soon after the communication is received. Transitory messages do not set policy, establish guidelines or procedures, certify a transaction or become a receipt. Examples of transitory correspondence include letters of transmittal that do not add information to the transmitted materials, routine requests for information that require no administrative action, policy decision, special compilation or research. This type of record also includes invitations to work‐related events, notifications of an upcoming meeting, and similar records.

DTMB General Schedule #31 (Financial Records), item 31.202; approved 4/7/2009

This file will document any requests for information or public records. They may include requests for information, correspondence, a copy of the information released, and billing information.

DTMB General Schedule #31 (Financial Records), item 31.203; approved 4/7/2009

These records contain contact information for individuals and groups that the agency may need to contact for ongoing and special projects, programs, activities, events, surveys, etc. They may contain names, affiliations, address, phone numbers, e‐mail addresses, etc. They may exist in paper or electronic form.

DTMB General Schedule #31 (Financial Records), item 31.204; approved 4/7/2009

These may be electronic or manual planners and calendars that are used to track an individual staff member’s work‐related meetings, assignments, and tasks. Individual employees are responsible for retaining their planners and calendars for the duration of this retention period.

DTMB General Schedule #31 (Financial Records), item 31.205; approved 4/7/2009

These records document staff meetings, meetings with other government agencies, etc. They may include meeting minutes, agendas, and distribution materials, etc. Meeting records may also be retained in subject files (see item #200), if they relate to a specific topic.

DTMB General Schedule #31 (Financial Records), item 31.206; approved 4/7/2009

These reports document the department’s activities, and they may contain both narrative and statistical information.

DTMB General Schedule #31 (Financial Records), item 31.207; approved 4/7/2009

These records document budget planning and tracking activities for the finance department. They may include budget requests, statistics, budget amendments, budget summaries and balance sheets, etc.

DTMB General Schedule #31 (Financial Records), item 31.208; approved 4/7/2009

These records may include press releases, brochures, newsletters and other items that are published by the department.

DTMB General Schedule #31 (Financial Records), item 31.209; approved 4/7/2009

This series includes photographs, news clippings, certificates, awards, etc. that document events and activities of the department.

DTMB General Schedule #31 (Financial Records), item 31.210; approved 4/7/2009

These records include photographs, video recordings, audio recordings, slides, etc. in analog and digital formats. They document general program activities, facilities, people, etc. If the audio‐visual materials are supporting documents to a specific business process, then they should be retained as long as any other records that document the business process.

DTMB General Schedule #31 (Financial Records), item 31.211; approved 4/7/2009

These records document who visited the office. They record the visitor’s name, date and time of the visit, etc. They may be used for security purposes or to track visitor statistics.

DTMB General Schedule #31 (Financial Records), item 31.212; approved 4/7/2009

These logs document the time and date when staff arrive and depart throughout each day. Note: This does not apply to timekeeping records. Timekeeping records are covered on General Schedule #26, item #205.

DTMB General Schedule #31 (Financial Records), item 31.213; approved 4/7/2009