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	Lists of standard journal entry numbers	Destroy when superseded
	Schedules for recurring journal entries	Destroy when superseded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	Chart of Accounts	Dispose when superseded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