Record Retention Policy

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
• Conflicts of Interest Disclosures: 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: 3 years from the submission of the Final Financial Report 
• 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
• Payer copies of 1099 tax forms: 3 years
• 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