UNIVERSITY OF PENNSYLVANIA
RECORDS RETENTION SCHEDULE

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

11 April 2002

Formally Adopted by Resolution of the Trustees of the University of Pennsylvania.

June 17, 2011

Financial Records

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