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| Records
Retention |
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| 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when superseded |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when superseded |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when superseded |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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