FRC

VPF launches new Financial Record Retention Policy for DLCs

The Office of the Vice President for Finance (VPF) has published a new policy to provide guidance to DLCs with respect to the retention of financial documentation. The new policy, which can be found in Buying and Paying Policies, Section 8.00, includes guidance on storing records electronically, even when the original is paper, and standardizes retention guidelines across all financial document types.

FRC application enhances monthly account review process

In early August 2015, a new online tool (web-based application) was launched to help make the important task of monthly account reconciliation easier for administrators across campus. MIT policy requires that a person familiar with activity on a cost object review the financial transactions as part of a DLC’s overall system of internal controls.

“The new tool is very efficient,” says Ana Ludwig, HR & Financial Assistant in the School of Humanities, Arts, and Social Sciences. “It has really cut down the time it takes me to review my monthly transactions.”

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