S.C. Code Regs. 12-718. Generally Accepted Accounting Principles (GAAP) Closing Packages

A. Description: Closing packages consist of GAAP forms submitted annually to the Comptroller General’s Office to indicate year end adjustments for GAAP reporting. Information includes annual financial statement, the agency’s name, due dates, purpose or objective, area of accounting data, any action to be taken, description, and dollar amount. Selected portions of this series are scheduled to be retained permanently in the State Archives through the Comptroller General’s Office. B. Retention: 3 years; destroy.