/ Business Services

Record Retention Policy

The purpose of this policy is to ensure that necessary records and documents are adequately protected and maintained, and to ensure that records that are no longer needed by Hope College or are of no value are discarded at the proper time.

Document Type

  • Accident reports and claims (settled cases): 7 years
  • Accounts payable and receivable ledgers and schedules: 7 years
  • Audit reports of public accountants: permanent
  • Automobile logs: 7 years
  • Bank statements and reconciliations: 5 years
  • Capital stock and bond records: ledgers, transfer payments, stubs showing issues, records of interest coupon payments, options, etc.: permanent
  • Cash books: permanent
  • Checks-cancelled: 7 years
  • Contracts and leases (expired): 7 years
  • Contracts and leases (current): permanent
  • Correspondence (general): 3 years
  • Correspondence (legal & important matters): permanent
  • Deposit slips: 7 years
  • Deeds, mortgages, bills of sale: permanent
  • Depreciation schedules: permanent
  • Donation records of endowed funds and of significant restricted funds: permanent
  • Donation records: other 7 years
  • Employee personnel records (after termination): 7 years
  • Expense analysis and expense distribution schedules: 7 years
  • External grants: 7 years
  • Financial statements (end of year): permanent
  • General ledgers and trial balances: permanent
  • Informational returns: 7 years
  • Insurance policies (current and expired): permanent
  • Insurance records, accident reports, claims, etc.: permanent
  • Internal reports: 3 years
  • Inventory records: 7 years
  • Investment statements: 7 years
  • Investment agreements/contracts: permanent
  • Invoice to customers and from vendors: 7 years
  • Journal entries: permanent
  • Licenses and permits: permanent
  • Minutes of Board of Directors, including bylaws and articles of incorporation: permanent
  • Payroll records and summaries: 7 years
  • Patents: permanent
  • Property records: permanent
  • Purchase orders: 7 years
  • Sales records: 7 years
  • Subsidiary ledgers: 7 years
  • Stock-bond certificates (cancelled): 7 years
  • Tax returns, worksheets, etc.: permanent
  • Time cards: 7 years
  • Trademark registrations: permanent
  • Voucher register: 7 years

Effective May 1, 2010

Revised January 1, 2015