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Records Retention Policy

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

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Destroy when superseded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Destroy when superseded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Dispose when superseded

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

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

Retention Period

  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