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Date:
Thu, 20 Apr 2017 16:54:07 +0000
Reply-To:
Records Management Program <[log in to unmask]>
Subject:
Re: Retention of Capital Asset Aquisition Records
From:
Pilar McAdam <[log in to unmask]>
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Chad Doran asked about retention of the financial documents associated with acquisitions of capital/fixed assets.  My opinion is that something that verifies the original cost/value of the asset should be retained for Life of Asset + 4Y.  This might be a copy of the original purchase order or the paid invoice, but it needn't be both.  My point is that most of the documents you mentioned (checks, invoices, etc.) are transactional and have value only to the tax year to which they pertain.  However, for the asset record, you should have something that confirms the total capitalized value.

Just one woman's opinion.

Pilar C. McAdam, CRM
[log in to unmask]
Los Angeles, CA

-----Original Message-----
From: Records Management Program [mailto:[log in to unmask]] On Behalf Of Chad Doran
Sent: Thursday, April 20, 2017 8:22 AM
To: [log in to unmask]
Subject: Retention of Capital Asset Aquisition Records

All,

A question has come up in my organization regarding the retention period for source documentation (checks, invoices, POs) supporting the acquisition costs of capital assets.  

Our current retention period and regulatory requirements state that these be retained for Fiscal Year + 4.  However, that policy is being questioned, and it has been suggested that these records be retained for the life of the asset + 4.  Obviously, this is a significantly longer retention period for some assets! 

I would appreciate if you could share your approach to retaining this type of information.

Any feedback is much appreciated!   

Thanks,
Chad Doran, PhD, CRM
Enterprise Records and Information Manager
Johns Hopkins University Applied Physics Lab   

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