document retention and destruction policy

Document Destruction

The Document Retention and Destruction Policy identifies the record retention responsibilities of staff, volunteers, members of the board of directors, and outsiders for maintaining and documenting the storage and destruction of the organization’s documents and records.

The organization’s staff, volunteers, members of the board of directors, committee members and outsiders (independent contractors via agreements with them) are required to honor the following rules:

     a. Paper or electronic documents indicated under the terms for retention in the following section will be transferred and maintained by     
Human Resources;

     b. All other paper documents will be destroyed after three years;

     c. All other electronic documents will be deleted from all individual computers, data bases, networks, and back-up storage after one year;

     d. No paper or electronic documents will be destroyed or deleted if pertinent to any ongoing or anticipated government investigation or proceeding or private litigation (check with legal counsel or the Human Resources department for any current or foreseen litigation if you have not been notified); and

     e. No paper or electronic documents will be destroyed or deleted as required to comply with government auditing standards (Single Audit Act), if applicable.

Record Retention

The following information generally indicates the minimum requirements and is provided as general guidance only. Electronic storage of paper documents is deemed adequate.

Minimum Requirement

7 years

Permanently

2 years

3 years

Permanently

7 years

Contract period

2 years

Permanently

2 year

Permanently

Permanently

2 years

3 years

7 years

Permanently

Permanently
 

3 years

3 years

7 years

Permanently

Permanently

7 years

7 years

Permanently

Permanently

7 years

Permanently

7 years

Type of Document

Accounts payable ledgers and schedules

Audit reports

Bank reconciliations

Bank statements

Checks (for important payments and purchases)

Contracts, mortgages, notes, and leases (expired)

Contracts (still in effect)

Correspondence (general)

Correspondence (legal and important matters)

Correspondence (with customers and vendors)

Deeds, mortgages, and bills of sale

Depreciation schedules

Duplicate deposit slips

Employment applications

Expense analyses/expense distribution schedules

Year-end financial statements

Insurance records, current accident reports, claims, policies, and so on (active and expired)

Internal audit reports

Inventory records for products, materials, and supplies

Invoices (to customers, from vendors)

Minute books, bylaws, and charter

Patents and related papers

Payroll records and summaries

Personnel files (terminated employees)

Retirement and pension records

Tax returns and worksheets

Timesheets

Trademark registrations and copyrights

Withholding tax statements