How to prepare for Records Retention in the new fiscal year

In regards to the Records Retention Schedule (RRS) there are just a few dates that are clearly defined, immovable, and universal. The two retention codes that I’m referring to would be FE and CE. Fiscal Years and Calendar Year ends have two clear dates (August 31 and December 31) that help agencies decipher when to get rid of certain records, specifically financial and academic records.

These dates are also immovable. Meaning if you have an FE or CE on the schedule, you know from the beginning the exact date that all of these things will be due for disposal. The other retention codes depend on other factors such as administrative value, student graduation dates, new hire information, employee termination dates, etc. Where the other retention periods require a closer eye to be placed on the records that may or may not be up for disposal, FE and CE provide the date for you.

With that in mind, it’s important to prepare for fiscal years and academic years as new records are created and up for disposal all at the same time. Here are a few suggestions that I’d like to provide for those with FE (Fiscal Year end) requirements.

  1. If your records go by FE on the schedule, organize your files according to the fiscal years, not academic years or calendar years.
  2. When switching from one fiscal year to the next, it’s best to keep all of the records in one place. This will help you when it comes time to dispose of those records. Keeping everything that will require an immediate disposal, in one location, will save you time and energy.
  3. Your focus should be on Records Retention, as much as it would be on other duties that are required of you during the start of a new fiscal year. According to the schedule, your department will have records up for disposal on September 1. The longer you wait, after that date, to dispose of the records, the further you go out of compliance with the State.

For help on dealing with the new academic year or the CE requirements, check out this blog post.

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