Accounting and Financial Reporting Development and Structure Files

The documents and files are generated and maintained throughout the existence of funds and programs as they are initiated and expanded. These documents and files identify, maintain and preserve the records regarding funds and programs as they build upon themselves and contain enduring informational value as one doesn’t know when a program or fund will end. The included fixed asset schedules (records), for example, are added to each year as new buildings, land and equipment are acquired and previously acquired buildings, land and equipment are sold or disposed of, providing a single record of annual as well as prior year’s acquisitions, disposals and depreciation. Perpetual care should be given to these records as they also contain high evidential value that supports accountability and transparency for the fundamental structure of financial information and help give rise to a comprehensive understanding of the financial context and operations of state agencies. Records may be kept in either paper or electronic format. Paper records are stored permanently at Division of Accounts. Electronic records will be maintained on the state's shared drive for 3 years and then migrated to SharePoint. Prior to any destruction of paper records, an electronic scan will be verified for completeness and accuracy.