Missoula Electric Cooperative, Inc. Policy 104 Record Retention

Size: px
Start display at page:

Download "Missoula Electric Cooperative, Inc. Policy 104 Record Retention"

Transcription

1 1.0 Objective The Policy covers all records and documents, regardless of physical form and contains guidelines for how long certain documents should be kept. The Policy is designed to ensure compliance with federal and state laws, rules and regulations, to eliminate accidental or innocent destruction of records and to facilitate the operation Missoula Electric Cooperative (MEC). 2.0 Policy 2.1 MEC Retention Schedule is set forth in Appendix A. 2.2 Electronic documents will be retained as if they were paper documents. Therefore, any electronic files that fall into one of the document types in Appendix A will be maintained for the appropriate amount of time. If management has sufficient reason to keep an message, the message should be printed in hard copy and kept in the appropriate file or moved to an archive computer file folder. 2.3 If special circumstances exist, such as the occurrence of an anticipated or ongoing investigation or legal proceeding, the Chief Financial Officer (CFO) shall suspend any further disposal of documents until such time as the CFO, with the concurrence of the General Manager and advice of counsel, determines otherwise. The CFO shall take such steps as necessary to promptly inform all staff of any suspension in the further disposal of documents. 2.4 The method of storage shall be determined by the CFO in accordance with the Information Asset Security Policy. 2.5 The CFO of MEC shall have custodial responsibility for MEC s record retention. The CFO is also responsible for making modifications to the MEC s Retention Schedule from time to time to ensure it is compliant with local, state and federals laws, rules and regulations. The CFO shall annually review the record retention and disposal program and monitor compliance with this Policy. 3.0 Responsibility 3.1 General Manager: The General Manager is responsible for the administration of this Policy and to oversee the actions of the CFO. Approved: Jan 17, 2017 Revised: Oct. 20, 2017 Implementing Procedure: None Review Due Date: Oct Approved Page 1 of 8

2 DOCUMENT RECORD RETENTION REQUIREMENTS A. CORPORATE PAPERS Articles of Incorporation, By-Laws (Including approved revisions) - Historical (life of corporation) Annual Reports or Statements to Members Annual Meeting Materials Claims/Accident Reports (settled cases) (term of office plus 5 year statute of limitations) Complaints/Disputes/Court Orders after settlement Correspondence General Customers or Vendors Legal or Important Matters Per item it relates to Contracts and Leases, including amendments & agreements (except contracts provided for elsewhere): after expiration; permanent for those in existence. Deeds, Easements, Mortgages and Bills of Sale Election Ballots Insurance Applications and Policies Insurance Records (current accident reports, claims, policies, etc.) Minutes of Board Meeting (term of office plus 5 year statute of limitations) after expiration Page 2 of 8

3 Organizational Chart Policies Maintain historical Policy book Property Appraisals Property Records Property Acquisition/Sales Contracts after retirement/sale Titles, Franchises, Licenses; Copies of formal orders of regulatory commissions served upon the utility after non-appealable order B. ACCOUNTING & FINANCE Audited Financial Statements Audit work papers Internal audit reports & working papers Budgets Chart of Accounts Depreciation Schedules 2 Form 7 and Year-End Financial Statement Financial Statement (monthly) General Ledger (including Subsidiary Ledgers) & Year-End Trial Balance Internal Reports (Forecasts, Cost of Service) Journal Entries Page 3 of 8

4 Journal Entries related to Plant records 2 Notes Receivable Ledgers & Schedules Tax Records & Related Schedules a) Income tax returns b) Property tax returns c) Other taxes C. ACCOUNTS PAYABLE 1099-Miscellaneous after reporting due date; or 4 years if backup withholding is imposed. Accounts Payable Registers Accounts Payable Invoice updates Accounts Payable Trial Balance Original invoices,vouchers, Paid checksincluding supporting documentation & authorizations Original invoices, Vouchers, Paid checks for important payments-plant, taxes, etc. Purchase Orders 2 Requisitions D. BANKING/CASH Bank Statements & Reconciliations, includes Repurchase & ACH Statements 4 years; for Capital Credit account Page 4 of 8

5 Cash Receipt Journals 4 years Customer Check Images Customer Paper Checks 60 days Deposit Slips 1 year NSF Details 4 years Petty Cash Details Void Checks E. BILLING/CAPITAL CREDITS Accounts Receivable Ledgers & Schedules Bill Calculation Registers Customer Payment Stubs Customer Deposit Records after refund Customer Ledgers & Summaries LIEAP Financial Records, Supporting Documents, Statistical Records & all other Records supporting the services provided from the completion date of a program year Membership Records Patronage Allocation Registers Patronage Capital Cancelled Checks Page 5 of 8

6 Rate Schedules Sales & kwh reports used for Patronage Capital Allocation Sales Reports after superseded F. INVENTORY/MATERIALS Inventory of Materials & Supplies -Stock status report Material Issues & Salvage Summaries Material Purchase Material Receipts Material Scrap/Sales Physical Inventory Closing Detail Physical Inventory Worksheets G. WORK ORDERS Ledgers of Utility Plant accounts including land & other detailed ledgers showing the cost of utility plant by classes Construction Work in Progress ledgers, work orders & supplemental records Work Order sheets to which are posted in summary form or in detail the entries for labor, materials and other charges for utility plant additions and the entries closing the work orders to utility plant in service at completions 2 after clearance to plant after clearance to plant Page 6 of 8

7 Authorizations & requisitions for expenditures for additions to utility plant including original and revised or subsequent authorizations & supplemental records Completion or performance reports showing comparisons of estimated to actual expenditures Analysis or cost reports showing materials, man-hours, etc., in connection with completed project Retirement work in progress ledgers, work orders & supplemental records, cost sheets, including salvage. Authorizations & requisitions for retirement of utility plant including memoranda showing the basis for determination to be retired and estimates of salvage & removal costs. after clearance to plant after clearance to plant after clearance to plant after plant is retired after plant is retired Retirement work order registers Summary sheets, distribution sheets, reports, statements and papers directly supporting debits & credits to utility plant accounts not covered by construction or retirement work orders & their supporting records. H. PAYROLL RECORDS Cafeteria/HSA Plan Details Employee Personnel Records after termination Employment Applications I-9 NRECA Group Insurance after date of hire or 1 year after termination, whichever is greater. Page 7 of 8

8 NRECA Pension Statements Payroll Registers Payroll Tax Returns (940, 941, SUTA, State Withholding, etc.) Summary Plan Descriptions (SPD) & Proof of Distribution Timesheets 4 years after filing the 4 th quarter for the year after the SPD is no longer applicable Workers Compensation Claims I. OTHER SUPPORT DOCUMENTATION Engineering System Maps after plant retirement Maintenance Records Outage Reports Permits after expiration Pole Rental Agreements after expiration or cancellation Power Bills Staking Sheets Substation Inspection & Test Records Transportation Records Page 8 of 8