Frequently Asked Questions about GRS 1.1, Financial Management and Reporting Records
Updated: April 2024
1. Can I destroy original paper travel receipts once they are digitized?
Yes, as long as you meet two conditions. First, you must keep the digitized receipts in a travel system for 6 years, per GRS 1.1, item 010. This ensures the records are available for a Government Accountability Office (GAO) audit. Second, the digitized version must meet NARA’s standards for digitizing temporary records (36 CFR 1236 Subpart D - Digitizing Temporary Federal Records). If you meet these two conditions, you may destroy the original paper travel receipts as source records using GRS 4.5, item 010.
2. Does item 012 cover all unsolicited and all unaccepted bids?
No. This item covers only those bids that are both unsolicited and unaccepted. All other bids are covered by item 010 of this schedule.
3. Does item 012’s disposition align with the Federal Acquisition Regulation (FAR)?
Yes. The FAR states to dispose of these materials “in accordance with agency procedures." That instruction is in line with this item’s disposition to destroy “when no longer required for business use.”
4. Item 020 is for background materials used to prepare an annual agency financial statement. What item covers the agency financial statements themselves?
Agency financial statements are scheduled under GRS 5.7, item 050, “Mandatory reports to external Federal entities regarding administrative activities.”
5. Items 010 and 030 both include purchase orders, contracts, and invoices. How can I tell which item to use for my records?
Item 010 covers purchase orders, contracts, and invoices related to financial transactions. Agencies keep these records for audit purposes. Item 030 covers these records when they document an agency investment in "property, plant and equipment" (PP&E) assets. With PP&E, agencies use the record to value the asset. Many assets wear out and are removed from inventory. Others, such as real estate and buildings, may remain in government ownership indefinitely.
It is possible for the same records to exist in different offices for different purposes. You determine which item to use based on the function of the record. If the record documents financial transactions for audit purposes, use item 010. If your agency uses it to value assets, use item 030.