Fordham University            The Jesuit University of New York
 


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Records Retention Policy










Records Retention

Type of University Record Description of record Retention period
Titles Deeds and Abstracts of Title 6 Years after property is disposed
  Certificates of Incorporation Indefinitely
Contracts and Agreements Service Contracts 6 Years after cancellation
  Government Contracts 6 Years from date of final payment
  Leases pertaining to rental of property to or from others 1 Year after expiration or cancellation
Insurance Records of insurance policies showing coverage, premiums, and expiration dates 6 Years after expiration
  Records of amounts recovered in connection with losses and of claims against insurance companies 6 Years from date of recovery
  Reports of minor losses NOT covered by insurance or less than deductible 3 Years from date of payment

Type of University Record Description of record Retention period
Accounting General and Subsidiary Ledgers 50 Years
  Trial Balance Sheets of General and Subsidiary Ledgers 10 Years
  Journal vouchers and documentary papers 6 Years
  Lists of standard journal entry numbers Destroy when superseded
  Schedules for recurring journal entries Destroy when superseded
  Check register Indefinitely
  Original invoices and payments vouchers relating to plant accounts 10 Years after retirement of plant
  Original invoices and payment vouchers for all other accounts 6 Years
  Paid checks and receipts for payments by vouchers or otherwise 6 Years
  Tax bills and receipts for payment 6 Years
  Summaries of cash balances on hand with depositories 3 Years
  Records of Fidelity bonds of employees Until liability of bonding company has expired
  Bank deposit books 1 Year
  Statements from depositories, deposit slips, other reconcilement papers, documents relating to the stopping of checks, and issuance of duplicate check 6 Years
  Check registers or other records of checks issued 6 Years
  Audited financial statements Indefinitely
  Annual reports Indefinitely
  Budget Allocations 3 Years
  Investment Records-monthly portfolio listings, and correspondence with advisors 2 Years
  Receipts and disbursement journals 10 Years
  Chart of Accounts Dispose when superseded

Type of University Record Description of record Retention period
Payroll Record requirements under federal payroll laws:
- Name, address, sex, birth date, occupation, social security number of employee
- Withholding exemptions claimed
- Period employed
- State where services rendered
- Day and time of day when workweek begins
- Regular hourly rate of pay
- Basis of wage payments
- Hours worked each day and week
- Daily or weekly straight-time pay exclusive of overtime pay
- Amount and nature of exempt pay
- Weekly overtime pay
- Total additions to or deductions from wages
- Total remuneration for payroll period and calendar year
- Date of payment
- Payroll period
- Wages subject to tax for payroll period and calendar year
- Taxable remuneration
- Tax deductions from employee's wages
- Tax paid by employer but NOT deducted from employee's wages
4 Years after the tax to which the records relate, becomes due or is paid, whichever is later
  Withholding allowance certificates
(Form W-4)
For as long as they are in effect and for 4 years thereafter

Type of University Record Description of record Retention period
Personnel Accident reports, injury, claims, settlements 30 Years after settlement
  Accident reports, general 6 Years
  Applications and terminations 5 Years
  Discipline records 10 Years
  Employee contracts 6 Years after termination
  Garnishments 5 Years after last payment
  Grievances 10 Years
  Insurance records 11 Years after termination
  Job descriptions Dispose when superseded
  Pension records
1. Employee Benefit Elections
2. Plan Documents
3. Account Information
1. Indefinitely
2. As long as plan remains active and a Form 5500 is filed.
3. Hard copy balance reports maintained for 3 years by the University but maintained indefinitely by the plan administrator.
  Personnel files, individual 4 Years after termination
  Time Sheets 3 Years
  Union contracts 3 Years from termination
  Vacation records 2 Years
  Worker's compensation claims 6 Years after termination
Purchasing Bids and awards 3 Years after termination of contract
  Contracts 3 Years after termination of contract
  Purchase Orders and Requisitions 3 Years after termination of contract

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