Suggested Record Retention Schedule

Accounting and Finance

A/P and A/R 7 years
Annual Audit Reports/Financial Stmts Permanent
Bank Statements/Canceled Checks 7 years
Credit Card Numbers Destroy full CC numbers immediately
Employee Expense Reports 7 years
General Ledger Permanent
Investment records 7 years

 

Contracts

Contracts and related correspondence 7 years after expiration or termination

 

Corporate/Board Records

Minutes, Articles of Incorporation, ByLaws, etc. Permanent

 

Electronic Documents

Email – Dependent on Subject Matter Generally 12 months

 

Payroll Documents

W-2 and W-4 Forms Termination + 7 years
Payroll Registers 7 years
Time Cards/Sheets 2 years
Unclaimed Wage Records 6 years

 

Personnel Records

Employee earnings Records Separation + 7 years
Employee Handbooks 1 copy permanently
Employee personnel file and contents 7 years after separation
Employment records – non-hired applicants 2-4 years
Job descriptions 3 years after superseded
Personnel Count Records 3 years
Forms I-9 3 years after hiring, or 1 year after separation if later

 

Property Records

Correspondence, deeds, assessments, rights of way Permanent
Property Insurance policies Permanent

 

Tax Records

IRS Rulings Permanent
Payroll Tax Records 7 years
Tax bills, returns, receipts, statements Permanent
Sales/Use Tax Records 7 years
Annual Information Returns Permanent
IRS audit records  Permanent

 

Contribution Records

Records of Contributions 7 years
Documents of evidencing terms, conditions or restrictions 7 years after funds expended