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Record Retention
To
get you started, here are some basic guidelines for the length to maintain
your records. Laws vary by state so should have your attorney review your program once it is
completed.
Business
Records
|
|
Type
of Record
|
Retention
Period (Years)
|
| Articles of incorporation |
Permanent |
| Bylaws |
Permanent |
|
Capital
stock and bond records
|
Permanent
|
|
Contracts
and agreements (government construction, partnership, employment,
labor, etc.)
|
Permanent
|
|
Legal
correspondence
|
Permanent
|
|
Minutes
|
Permanent
|
Financial
Records
|
|
Type
of Record
|
Retention
Period (Years)
|
|
Auditors'
reports
|
Permanent
|
|
Bank
debt deduction
|
7
|
|
Bank
deposit slips, reconciliations, statements
|
4
|
|
Bills
of lading
|
4
|
|
Budgets
|
2
|
|
Checks
- cancelled
|
4
|
|
Contracts
- purchase and sales
|
4*
|
|
Credit
memos
|
4
|
|
Depreciation
records
|
4*
|
|
Employee
expense reports
|
4
|
|
Employee
payroll records (W-2, W-4, annual earnings records, etc.)
|
6*
|
|
Financial
statements -- annual
|
Permanent
|
|
Financial
statements -- interim
|
4
|
|
Freight
bills
|
4
|
|
Internal
reports (Work orders, sales reports, production reports)
|
4
|
|
Inventory
lists
|
4
|
|
Invoices
- Sales and cash register receipts, merchandise purchases
|
4
|
|
Invoices
-- purchases (permanent assets)
|
4*
|
|
General
ledger
|
Permanent
|
|
General,
cash receipts, cash disbursements, and purchase journals.
|
Permanent
|
|
Payroll
journal
|
4
|
|
Petty
cash vouchers
|
4
|
|
Subsidiary
ledgers (accounts receivable, accounts payable, etc.)
|
6
|
|
Time
cards and daily time reports
|
4
|
|
Worthless
securities
|
7
|
Personnel
Records
|
|
Type
of Record
|
Retention
Period (Years)
|
|
Personnel
Accident Report/Injury Claim
|
11
|
|
Attendance
Records
|
4
|
|
COBRA
Records
|
3
|
|
Employee
Benefit Plans
|
2*
|
|
I-9
Forms
|
1*
|
|
Medical
and Exposure Records - related to toxic substances
|
40
|
|
OSHA
Training Documentation
|
3
|
|
OSHA
Logs
|
6
|
|
Patents
|
Permanent
|
|
Personnel
files
|
6*
|
|
*
Retention periods begin after termination,
|
Inventions
and Copyrights
|
|
Type
of Record
|
Retention
Period (Years)
|
|
Patents
|
Permanent
|
|
Copyrights
|
Permanent
|
|
Trademarks
|
Permanent
|
|
Service marks
|
Permanent
|
Insurance
Records
|
|
Type
of Record
|
Retention
Period (Years)
|
|
Accident
reports
|
6
|
|
Fire
inspection reports
|
6
|
|
Group
disability records
|
6
|
|
Insurance
policies
|
6
*
|
|
Safety
records
|
6
|
|
Settled
insurance claims
|
4
*
|
|
*
Retention periods begin after termination, expiration, disposal,
etc. of item.
|
Real
Estate Records
|
|
Type
of Record
|
Retention
Period (Years)
|
|
Mortgages
|
6
years
|
|
Contracts
|
6
years
|
|
Deeds
|
Permanent
|
Pension/Profit
Sharing Records
|
|
Type
of Record
|
Retention
Period (Years)
|
|
Actuarial
reports
|
Permanent
|
|
Associated
ledgers and journals
|
Permanent
|
|
Financial
statements
|
Permanent
|
|
IRS
approval letter
|
Permanent
|
|
Plan
and trust agreement
|
Permanent
|
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