THE ULTIMATE GUIDE TO RECORDS RETENTION & DESTRUCTION

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1 Spanning seventy years and three generations 2017

2 Page 2 of 12 Table of Contents Department Page Accounting Administration Corporate Data Processing Finance Human Resources Legal Marketing and Sales Tax Additional Information

3 Page 3 of 12 Accounting 6 Keep for 6 years: Audits External, Internal Charts of Accounts Checks Canceled, Registers, Statements Fixed Assets Depreciation, Inventories Fund Transfers General Ledgers/Journals Lines of Credit/Loans Payables Payroll Records Petty Cash Procedures for Accounting Receivables

4 Page 4 of 12 Administration Years to keep: Appointment Calendars Chronological Files Committee/Meeting Notes Methods & Procedures Planning & Goals Maintenance/Cost Policies & Procedures Purchasing Bids, POs, RFPs Real Estate/Cost Retention Schedules Risk Management/Analysis Safety/Security Status/Activity Reports Travel Itineraries

5 Page 5 of 12 Corporate Years to keep: Life of the Organization Articles of Incorporation Board of Directors Agendas Board of Directors Committees Board of Directors Minutes Board of Directors Resolutions By-Laws Foundations/Charities Internal Newsletters News Releases/Statements Organization Policies Speeches Stock Certifications & Ledgers

6 Page 6 of 12 Data Processing Keep for 1 year: Network Information Operations Run Books Software Manuals/Documentation Source Code Systems Environment Telecommunications 1 No business can succeed in any great degree without being PROPERLY ORGANIZED. James Cash Penny American Businessman

7 Page 7 of 12 Finance Years to keep: 5 6 Capital Budgets Financial Analysis Operating Budgets Planning Regulatory Reporting Reports: Annual Reports Balance Sheets Financial Statements

8 Page 8 of 12 Human Resources Years to keep: Affirmative Action Applications/Resumes Benefits Programs Compensation Structures EEO Employee Relations Job Descriptions Medical Files Pension Reporting Personnel Files Recruiting/Agencies Testing Training Workers Compensation

9 Page 9 of 12 Legal Years to keep: Affidavits/Certifications Compliance Reporting Immigration Legislation & Regulations Intellectual Property: Copyright Patent Trademark Legal Actions Licensing & Permits Opinions & Research Political Action Committees

10 Page 10 of 12 Marketing & Sales Years to keep: Advertising Copy Grants Job Files Mailings Market Research/Trends Product/Service: Development Specification Promotions/Campaigns Sales Statistics Sponsorships Surveys

11 Page 11 of 12 Tax 6 Keep for 6 years: Audits Local State Federal Returns Local State Federal Work Papers/Data

12 Page 12 of 12 More Information Please Note: This document contains an overview of generally accepted best practices for retaining important business records. For more details and industry-specific guidelines, please contact DataSafe. It is always recommended that you check with Federal, State, and Local laws, as well as the governing board of your industry, for the most current regulations and guidelines. Here are a few links that you may also find helpful. Federal Trade Commission Disposal Rule Federal Trade Commission: Financial Industry Safeguards Rule California Tax Service Center Disclaimer: This document is for informational purposes only and not a substitute for legal advice.