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Banking and Investment

Fiscal

Banking and Investment
Title Major Revision Previous Schedules Schedule Item
Banking communications,

including but not limited to bank statement, reconciliation, notification of voiding or return of check, cancellation of payment, or other notice for checking or savings account:
RETENTION: 6 years

 CO2 296; MU1 263; ED1 109; MI1 217 475
Canceled check or stop payment notices,

including payroll check or other instrument of payment, or order to fiscal officer to pay when used as a negotiable instrument, including voided check or instances of lost or stolen checks, and misdirected financial institution transactions:
RETENTION: 6 years
NOTES: It is recommended that a list of destroyed unused checks be created and maintained for legal or audit purposes.

 2020 (♦)
 CO2 297; MU1 264; ED1 110; MI1 218 476
Copy of check or check stub:


RETENTION: 6 years

 CO2 298; MU1 265; ED1 111; MI1 219 478
Depository agreement,

including designation of depository, bond or surety, or other record relating to deposition of local government funds:
RETENTION: 6 years after agreement, contract, designation, bond or surety has expired or been superseded or rescinded

 CO2 299; MU1 266; ED1 112; MI1 220 479
Deposit book for checking account:


RETENTION: 6 years after date of most recent entry

 CO2 300; MU1 267; ED1 113; MI1 221 480
Deposit book for savings account:


RETENTION: 6 years after cancellation

 CO2 301; MU1 268; ED1 114; MI1 222 481
Deposit slip:


RETENTION: 6 years

 CO2 302; MU1 269; ED1 115; MI1 223 482
Master summary record of bonds, notes, or securities

purchased by the government for investment, identifying the security, the fund for which held, the place where kept, and listing the date of sale and the amount realized:
RETENTION: PERMANENT

 CO2 306; MU1 273; ED1 119; MI1 227 483
Periodic reports and similar records

of yield received from or status of bonds, notes, securities or other obligations purchased for investment:
RETENTION: 6 years after bond issue retired

 CO2 307; MU1 274; ED1 120; MI1 228 484
Original check, money order, or similar instrument of payment

received and kept by local government, scanned and deposited to bank account, or retained by the local government for any other reason:
RETENTION: 60 days after deposit and verification of account information or no longer needed for any purpose
NOTES: It is recommended that the process of receipt of payment and subsequent deposit as a part of the standard course of business be documented and maintained for legal or audit purposes.

 2020 (♦)
 477