Record Retention
The following is the University’s current policy regarding the record retention of business documents. The documents listed should be maintained for at least the amount of time indicated.
Reason for Policy
A record retention policy outlines how long an organization should keep different types of records. In summary, a record retention policy is essential for legal compliance, risk management, operational efficiency, and historical preservation. By establishing clear guidelines for record retention, organizations can protect themselves from legal liabilities, minimize risks, improve operations, and preserve their institutional memory.
Who is Governed by This Policy
Staff and Faculty
Policy
If any litigation, claim, or audit is started before the expiration of the number of years indicated, the records should be maintained until all litigations, claims, or audit findings involving the records have been resolved.
Specific rules regarding record retention may apply to grants and individual circumstances may warrant deviation from this policy. Please contact the Finance Office with any questions or problems regarding record retention.
Accounting
| Types of Records | Number of Years to Retain (from expiration or completion) |
|---|---|
| Accounts Payable and Accounts Receivable Ledgers | 6 |
| Audit Reports/Financial Statements | Permanently |
| Bank Statement and Deposit Slips Credit Card Slips and Statements |
3 |
| Budget Workpapers | 6 |
| Checks (payroll and general) Cash Disbursements |
8 |
| Collection Records | 10 |
| Cost Analysis Records | 8 |
| Donations/Unrestricted Contribution Notification Letters Donations/Restricted Contribution Notification Letters |
Permanently |
| Endowment Contribution Support | Permanently |
| Expense Reports | 6 |
| Financial Report and Workpapers General Ledgers and Journals |
Permanently |
| Investment Statements | 10 |
| Payroll (individual time reports and earning records) Payroll Registers and Checks W-2 Forms |
8 |
| Tax-Exempt Bond Documents | Term of Bond plus 4 years |
| Vendor Files and Reports/W-9 Letters | 8 |
| Vouchers/Invoices (for payments to vendors, employees, and others) | 8 |
Corporate
| Types of Records | Number of Years to Retain (from expiration or completion) |
|---|---|
| Annuity Gift Agreement | Permanently |
| Bylaws, Charter, and Minute Books | Permanently |
| Checks (taxes, property, and fulfillment of important contracts) |
Permanently |
| Contracts and Agreements | Permanently |
| Copyrights and Trademark Registrations | Permanently |
| Deeds and Easements | Permanently |
| Labor Contracts | Permanently |
| Life Income Agreement | Permanently |
| Mortgages, Notes, and Leases (expired) | 8 |
| Patents | Permanently |
| Retirement and Pension Records | Permanently |
| Tax Returns and Work Papers | Permanently |
Correspondence
| Types of Records | Number of Years to Retain (from expiration or completion) |
|---|---|
| General | Permanently |
| Legal and Tax | Permanently |
| License | Permanently |
Insurance
| Types of Records | Number of Years to Retain (from expiration or completion) |
|---|---|
| Accident Report from Date of Accident | 6 |
| Claims (After Settlement) | 10 |
| Fire Inspection Reports | 6 |
| Group Disability Records | 8 |
| Policies (all types – expired) | Permanently |
| Safety Reports | 8 |
| Worker’s Compensation Insurance Payments | 6 |
Personnel
| Types of Records | Number of Years to Retain (from expiration or completion) |
|---|---|
| Contracts (expired) | 8 |
| Daily Time Reports | 6 |
| Disability and Sick Benefit Records | Permanently |
| Personnel Files (terminated) | Permanently |
| Withholding Tax Statements/W-4 Forms | 8 |
Purchasing and Sales
| Types of Records | Number of Years to Retain (from expiration or completion) |
|---|---|
| Bills of Lading | 6 |
| Purchase Orders | 6 |
| Requisitions | 6 |
| Sales Contracts and Invoices | 6 |
| Shipping and Receiving Reports | 6 |
Definitions
This policy does not have definitions associated with it at this time. Upon periodic policy review this area will be evaluated to determine if additional information is needed to supplement the policy.
Procedures
This policy does not have procedures associated with it at this time. Upon periodic policy review this area will be evaluated to determine if additional information is needed to supplement the policy.
Forms
This policy does not have forms associated with it at this time. Upon periodic policy review this area will be evaluated to determine if additional information is needed to supplement the policy.
Related Information
This policy does not have related information at this time. Upon periodic policy review this area will be evaluated to determine if additional information is needed to supplement the policy.
Document History
- Policy Origination Date: Unknown
- Last Review Date: October 10, 2024
- Policy Reviewed by: October 10, 2024
- Last Approval Date: October 10, 2024
Who Approved This Policy
Policy Owner
Policy Owner
-
Contact-
Levermore Hall 201
Policy Expert
-
Contact
-
Levermore Hall 201B