What are the different types of financial records?
• What is the difference between a record (master) copy and a convenience (duplicate) copy? • The record copy is the original (official) record and is subject to the retention schedule. It should be destroyed when the retention period (listed on the schedule) is met. • Convenience copies are all other copies of the record that were created only for convenience, reference, or research. These can be destroyed after their period of usefulness is over. Their retention period must not exceed that of the master or record copy. • What are the responsibilities of the departments, laboratories, and centers (DLCs)? The responsibilities of the DLC are as follows: • Become familiar with the retention requirements for financial records to understand which records are the responsibility of the DLCs. See Departments, Laboratories and Centers: How Long to Keep Financial Records. • If the DLC is not the official record holder, destroy convenience copies when they cease to be useful. Do not keep after t
