James Madison University requires departments to follow specific guidelines for retaining and disposing of records and files. Departments should refer to University Policy No. 1109, Records Management, before disposing of University Records. The University Records Manager is responsible for managing the Records Management Program.
Financial records are those records that are needed to document and verify financial authorizations, obligations, and transactions. After a specified period of time and audit by the Auditor of Public Accounts such records can normally be disposed of without risk, provided that the necessary retention and disposition schedules have been approved.
Anyone in a University office who wishes to destroy financial records should begin by reviewing the retention and disposition schedule for fiscal records to determine if the state has established a period of retention for the type of record that is being considered for destruction. A detailed schedule (General Schedule 102) for Fiscal Records is provided by the Commonwealth of Virginia, Library of Virginia on their website at http://www.lva.virginia.gov/agencies/records/sched_state/GS-102.pdf
Departments may contact the Finance Office if they have questions or need clarification regarding requirements for maintaining and disposing of financial documents and files.