University Records Center

Financial Records

Office of Audit & Compliance, Office of the General Counsel, and the University Archives and Records Center (Effective January 2, 2001)

Formally Adopted by the President’s Advisory Committee on the University Archives and Records Center (April 11, 2002)

Formally Adopted by Resolution of the Trustees of the University of Pennsylvania (June 17, 2011)

Accounting, Finance and Payroll
Accounts payable and receivable records 5 years
Books of accounts 7 years
Banking records 7 years
Financial statements; annual reports to government agencies permanent
Budgets permanent
Payroll records 7 years
Employee benefit plans 1 year after term of plan
Records of property subject to gain or loss treatment 7 years after taxable disposition
Records supporting items of income, deductions and credits 7 years
Tax returns and supporting records 7 years
Development
Fundraising 5 years after end of registration period
Endowment permanent