Appraisal of Financial Records

Abstract

VOLUME of the financial records of Federal, State, and local governmental organizations presents one of the major appraisal problems faced by records management and archival personnel. The problem in the appraisal of these types of records results from the fears and suspicions of the persons creating these records and of those auditing them, and the public's lack of confidence in the integrity of elected and appointed public officers and employees who disburse governmental income. Political overtones are constantly present, since frequently the political fortunes of war are decided by information contained in these types of records. Definitive publications that provide useful information in the appraisal of financial records for legal and administrative purposes are generally not available. Statutory interpretations, which vary from State to State, present the researcher with more problems than solutions. Sources of information in specific instances are usually found in statutory law relating to the records program; State and Federal statutes governing appropriations; The Guide to Records Retention Requirements (Office of the Federal Register, National Archives and Records Service) ; the audit requirements of the U.S. General Accounting Office and of the chief fiscal auditors of the States; plus civil statutes or regulations and the penal code of the State. Despite the treatment of this subject by many authors in texts relating to records management, none definitively advise specific retention periods, because of the wide variety and differences between and among State civil and criminal statutes. Further, the budgetary cycle and budgetary practices of the States differ, as do the policies regarding personal liability for the expenditure of public funds. The objectives of the appraisal may be summarized as retaining the information involved for the preservation and/or protection of public or personal rights and privileges, for administrative needs, and for public relations; and the maintenance of the information for cultural and research purposes. In general the appraisal objectives for financial records are not different from the appraisal of other types of records. The informational content has in varying degrees over varying periods of time administrative, legal, fiscal, research, and educational values. The assessment of these values and the achieve-