University of British Columbia | Schedule No.:002-02 |
This is a recommendation to (check one):X -- Establish retention/disposal schedule | Series Title:Bank and Endowment Accounting |
Office of Primary Responsibility (OPR):Financial Services |
Purpose and Description of Records:The series consists of six sub-series: Endowment Files (deeds, wills, and related documentation), Endowment Account Ledgers, Bank Reconciliations, Bank Statements, Cancelled Cheques, and GST Reconciliations. |
Personal Information Bank?X -- No |
Vital Record?X -- Yes |
Retained by:X -- Fiscal Year |
Retention Period (Years):Office -- (see below)Records Centre / Storage -- Total -- |
Final Disposition:X -- Destruction(except for Endowment Files) |
Retention Instructions:Financial Services shall retain the records in this series for C + 7 years, except for Endowment Account Ledgers, which are kept for one year, and Endowment Files, which are kept permanently. All records except those in the Endowment Files sub-series are destroyed at the end of their retention period. Other offices do not normally receive copies of these records. |
Appraisal Rationale:With respect to the retention of financial records, British Columbia's Limitation Act, S. 3(5), states that debts are not collectible, and goods are not recoverable, after six years; S. 3(4) also provides for a general limitation period of six years. It is also standard practice for the OPR to retain financial records for between five and seven years after the year of their creation - see, for example, the British Columbia Government's Administrative Records Classification System [ARCS] (1989), and Records Retention: Law and Practice, by Anson-Cartwright, et. al. (Carswell, 1994). |
Date of Initial Publication:12 August 1997 |
Revisions: |