1.18 Document Retention: Appendix A

Record Retention Schedule
Type of Document Retention Period

Governance/Corporate Records

Bylaws and Articles of Incorporation Permanent
IRS Form 1023 - Tax Exempt Status Permanent
IRS Determination Letters Permanent
Congressional Charter Permanent
Board Minutes, Policies and Resolutions Permanent
Sales Tax Exemption Certificate Permanent
Intellectual property documents Permanent
Trademark registrations, copyrights and patents Permanent

Financial Records

Chart of Accounts Permanent
Fiscal Policies and Procedures Permanent
Annual Audit Reports and Financial Statements Permanent
Internal Audit Reports Permanent
Year End General Ledger and Trial Balance Permanent
Non Year-End General Ledgers and Trial Balances 7 years
Account reconciliations 7 years
Accounting reconciliations and reports (monthly reports, department balances, transaction statements, account analytics) 7 years
Journal Entries and Backup 7 years
Budgets and Financial Forecasts 7 years
Budget Journal Entries and Backup 7 years
Banking Records (Reconciliations & Statements, Deposit Slips, Canceled Checks, Check Registers, Electronic Fund Transfer Documents) 7 years
Cash Receipts 7 years
Petty Cash Records 7 years
A/R Statements, Aging and Write-Offs 7 years
Invoices from Vendors/Expense Reimbursements (e.g. Travel Advance/Reimbursement Forms) 7 years
Credit Card Receipts and Purchase Card documentation 7 years
Purchase Orders 7 years
Inventory Records 7 years
Capital Equipment Purchase Records Life of asset, and for 3 years after disposition
Depreciation Records Life of asset, and for 3 years after disposition
Notes Receivable/Other Payable records 7 years after expiration
Lease documents 7 years after expiration
Agreements and contracts 7 years after expiration
Grant Award and Contract Accounting Records 3 years from the date of submission of the of the final expenditure report**
Indirect Cost Rate Calculations 7 years
Effort Certification Forms 3 years from the date of submission of the of the final expenditure report**
Vocational Rehabilitation (VR) Authorizations/Billings 7 years
Other Student Loan documents (eligibility) 3 years from the last day of award year of last attendance
Perkins Loans Permanent
Tax Records IRS Form 990 Tax Returns and supporting documentation Permanent
IRS Form 1099, W-2, and W-9 forms 7 years
Payroll Tax withholdings (Form 941, state withholding forms, state unemployment returns 7 years after due date of return
Unclaimed property filings & supporting documentation 7 years after due date of return
Other Tax Returns: Property, Sales and Use 7 years after due date of return

Payroll and Personnel Records

Payroll Registers/Records 7 years
Personnel Records (application, resume, payroll/salary, employee contracts, appointment forms, position descriptions, performance evaluations) 1 year after termination, then forwarded to Office of Personnel Management for the government archives
Retirement and Pension Plan Documents Permanent I-9 Forms (Employment Eligibility Verification) 3 years or 1 year after termination
Accident Reports 5 years or if involving minor until minor is 18 + 5 years
Worker's Compensation Records Permanent

Development Records

Donor Records Permanent
Endowment and donor agreements Permanent

Legal, Insurance and Other Records

Insurance Policies and records Permanent
Legal Correspondence Permanent
Real Estate Records (e.g. deeds, mortgages) Permanent
General Correspondence 2 years

Notes:

* The retention periods described above are guidelines. There are circumstances under which a record or document may have to maintained longer than the guidelines. This decision will be made by the Records Management Officer.

** OMB A-110 C.53 requires financial records, supporting documents, statistical records, and all other records pertinent to an award shall be retained for a period of three years from the date of submission of the final expenditure report. The only exceptions are the following: 1- If any litigation, claim, or audit is started before the expiration of the 3-year period, the records shall be retained until all litigation, claims, or audit findings have been resolved and final action taken. 2- Records for real property and equipment acquired with Federal funds shall be retained for 3 years after final disposition. 3-When records are transferred to or maintained by the Federal Awarding agency, the 3-year retention requirement is not applicable to the recipient. 4-Indirect cost rate proposals, cost allocations plans, etc as specified in C.31(g).

*** The agreement for operation of the Clerc Center entered into between the U.S. Department of Education and Gallaudet University (November 1995) requires that all Clerc Center financial records be retained for 3 years after the funds have been obligated by the University.

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