School & Parish Archivists

Financial Records Guidelines

What to Keep:

ACCOUNTS PAYABLE REGISTER
Includes all payables for the month. Gives vendor name, vendor number, invoice number, due date, purchase order number, description, amount, etc.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

ACCOUNTS RECEIVABLE FILES
Documentation of monies received by agency in course of business. Administrative and fiscal usefulness.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

APPRAISAL REPORTS
Report of appraiser on value of property, buildings, improvements, and equipment. Used for insurance purposes, tax assessment purposes, or real estate sale purposes.

Retain one copy until superseded then dispose. Archival review. Permanently retain architectural drawings, real estate surveys, etc.

ATTORNEY BILLINGS
Billings by outside counsel and attorneys. Records include: billing summaries, detail invoices, case progress, other correspondence. Records arranged chronologically.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

AUDITOR’S WORKING PAPERS
Notes, authorizations, print-outs, etc. Materials used by auditors in preparing annual audit.
Catholic Diocese of Peoria
Spalding Pastoral Center
419 N.E. Madison Avenue Peoria, IL 61603
309.671.1550

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

AUDITORS’ REPORTS
Annual audit of finances of institution. Shoes gross receivables and payables, financial statements, notes. Retain permanently.

BANK BOOKS
Record of individual or instituions transactions at a financial institution.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

BANK DEPOSIT SLIPS
Receipts from a financial institution that document a deposit.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

BANK RECONCILIATION STATEMENTS
Monthly statement from financial institution showing bank account transactions and balance. Statements are then reconciled and balanced against outstanding debits and credits.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

BUDGET REPORT
Lists major accounts and shows how amount spent compares to amount budgeted. Includes account name, year budget, year-to-date spent, budgeted amount balance, over or under budget amount, and percent of budge used.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

CANCELLED CHECKS AND SUPPORTING DOCUMENTATION
Cancelled checks, voided checks, deposit slips, credit and debit memos, daily check clearance report.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

CASH POSTING REPORT
Computer print out listing all posting and edits of ledgers. Detail includes account number, amount, and description of action.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

CASH RECEIPTS
Receipt for payment of services rendered.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

CASHFLOW REPORTS
Daily A/P and A/R reports of cash flow to/from various banks. Shows daily balance, transfers, receipts, disbursements.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

CHART OF ACCOUNTS
Listing of all account numbers. Shows number, agency, description of use.

Retain until administrative usefulness is complete, then dispose of.

FUNDRAISING FILES
Administrative files relating to fundraising activities. May include: direct mail appeals, correspondence, financial results, audits, etc.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

GENERAL JOURNAL
Journal of all debits and credits by month. Shows account and status.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

GENERAL LEDGER
Reports compiled to create general ledger. May be organized by account. Includes information on all accounts and transactions. Year end GL is considered permanent.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

INVESTMENT RECORDS
Ledgers containing information on sale of bonds and securities, investment statements, etc.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

INVOICE FOR PROFESSIONAL SERVICES
Invoice from professional for outside services. Includes statement of work performed, correspondence, and invoice.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

IRS FORM W-2
Employer’s copy of form which shows gross earnings, taxes withheld, non-taxable income, etc.

Retain for four (4) years. 26 CFR 31.6001-1

JOURNAL ENTRIES
Compendium of input documents and supporting documentation for journal entries. Includes ledger sheets, input forms, photocopies of checks and vouchers.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

OFFICE SUPPLY REQUISITIONS
Requisition form for office supplies. Shows agency name, date, supply item ordered, stock number.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

PAID INVOICES
Files documenting payment to vendors for goods or services. File may include copies or original invoices, check copies or vouchers, receiving information, purchase order copies, etc.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

PAYROLL DOCUMENATION
Records used to compile payroll information: time sheets, payroll worksheets, payroll deductions, etc.

Retain for four (4) years, then dispose. 26 CFR 31.6001-1.

QUARTERLY FINANCIAL REPORTS
Financial recap of expenses and income. Similar to annual audit in appearance.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

STATE AND FEDERAL TAX REPORTS
Reports of quarterly income tax paid by employer, form 941 and related documentation.

Retain for four (4) years. 26 CFR 31.6001-1.

STATEMENT OF AMOUNT DUE…BENEFITS PAID AND SUPPLEMENT DOCUMENTS
Statement of Amount Due for Benefits Paid and Support Documentation. BEN-118R and check stub. Documentation payment of Unemployment Claims.

Retain for three (3) years then dispose. 805 ILCS 410/1-6. (Uniform Preservation of Private Business Records Act.)

TAX EXEMPTION RECERTIFICATION
Documentation relating to the verification of tax-exempt status of properties owned by the institution.
Retain permanently.

Catholic Schools Records

What to Keep:

EMPLOYEE, FACULTY & STAFF (Retain 60 Years – Retire to Diocesan Archives): Each file should contain:
• Application
• References
• Copies of Certificates and Licenses (Administrators, Teachers, Counselors, Nurses, Bus Drivers, etc.)
• Transcripts
• Job Description
• Salary (W-2 Form)
• Attendance and Leave of Absence Records
• Review Forms

(It is recommended that a separate sheet be maintained with the following information: date of hire, salary, leave of absence and termination date.)

STUDENT RECORDS (Retain for 60 years – Retire to Diocesan Archives): Each file should contain:
• Identification Record Card
• Birth Certificate
• Academic Transcript (including scores on college entrance examinations)
• Attendance Record
• Medical Records (health, immunizations, accident reports)

Optional:
• Honors and Awards
• Participation in School Sponsored Activities

FINANCIAL RECORDS:
Check with your bookkeeper before disposing of anything!
Catholic Diocese of Peoria
Spalding Pastoral Center
419 N.E. Madison Avenue Peoria, IL 61603
309.671.1550

ADMINISTRATIVE FILES (Permanent)
• Annexations & Formation of School District
• Asbestos Files
• Census Reports
• Contracts
• Deed & Abstract of Titles
• Legal Opinions
• Blueprints (copies should be sent to the Diocesan Archives)
• Warranty Deeds
• School Board Minutes
• School Bus Accident Report
• Specifications/Bids/Proposals

Purge/Retain for Informational or Historical Value:
• Committee Minutes
• Correspondence
• Subject/Admin Files (i.e. attendance reports/truancy complaints, time sheets/school schedules, lunch programs, school bus transport info, school calendar)
• Expired Insurance Policies

HISTORICAL FILES (Permanent):
• Year Books/Annuals
• Scrapbooks
• Internal Publications
• School Newspapers
• Photographs

SPALDING PASTORAL CENTER | 419 NE MADISON AVENUE | PEORIA, IL 61603 | PHONE (309) 671-1550 | FAX (309) 671-1579
© Copyright 2019 - Catholic Diocese of Peoria || 2 || Privacy Policy || Design by TBare.com