Veterans Medical Research Foundation
Records Retention Policy
Purpose:
To establish a guideline for how long each type of company documents should be stored.
Overview:
It is the policy of the Veterans Medical Research Foundation to comply with all federal and state laws regarding the retention of company records as well as the destruction of such records when the obligation for retaining them has expired.
Definition:
All stored records will be marked with a department designation and destruction date. Upon reaching that destruction date, the department manager will be notified to destroy the documents. The manager will review the need to retain the documents longer than indicated and if no further retention is required will have the documents shredded in a cross-hatch shredder. Some of the below listed type records may be electronic formats, or may be converted into electronic formats. Those records will follow the same records retention schedule as same records in hard copy formats.
Electronic records other than those types listed below, may be retained or be destroyed subject to business operations needs. Emails may be destroyed, but no sooner than 1 year from the date of creation.
Application:
The following schedule outlines the retention periods observed for company documents:
Records Retention Schedule
Type of Record |
|
Retain for |
Accident reports and claims (Employment related) |
|
7 years *** (except medical records – duration of employment +30 years) |
Accounts payable ledgers |
|
7 years |
Accounts receivable ledgers |
|
7 years |
Affirmative action plans |
|
7 years *** |
Audit reports |
|
Permanent |
Bank deposit records |
|
7 years |
Bank reconciliations |
|
7 years |
Bank statements |
|
7 years |
Charts of accounts |
|
Permanent |
Charters, constitutions, bylaws |
|
Permanent |
Checks (canceled) |
|
7 years |
Child Labor Certificates & Notices |
|
Duration of employment +7 years *** |
Contracts, mortgages, notes & leases (expired) |
|
7 years from end of contract |
Correspondence (general) |
|
3 years |
Correspondence (legal matters) |
|
Permanent |
Depreciation schedules |
|
7 years |
Donations |
|
7 years |
EEOC reports |
|
7 years *** |
Electronic fund transfer documents |
|
7 years |
Employment applications |
|
2 years*** |
Expense analyses/distribution schedules |
|
7 years |
Financial and Programmatic records for federal awards |
|
7 years |
Financial statements year end |
|
Permanent |
Garnishments |
|
7 years |
General ledgers/year end trial balance |
|
Permanent |
Grants (Unfunded) |
|
2 years |
Grant/Collaboration files |
|
|
NIH Grants |
|
3 years from close of project |
Other Federally or Foundation funded grants |
|
As determined by funder, but no less than 3 years from close of project |
Industry sponsored projects |
|
7 years from close of project** |
General account files (0/Z) |
|
7 Years from last transaction in file |
I-9's (after term) |
1 year after termination*** |
|
Incorporation records |
|
Permanent |
Insurance records (expired contracts) |
|
7 years |
Insurance records (current) |
|
Permanent |
Insurance records (expired contracts) Employment related |
|
7 years*** |
Insurance records (current) |
|
7 Years*** |
Invoices (to customers from vendors) |
|
7 years |
Journals |
|
Permanent |
Loan documents, notes |
|
Permanent |
Licenses |
|
Permanent |
Minute book or directors, stock holders, bylaws & charter |
|
Permanent |
OSHA, Safety, Employment accident &/or medical information |
|
7 years*** |
Patents and related papers |
|
Permanent |
Payroll records and summaries |
|
Permanent |
Pension plan records (ERISA) |
|
Permanent |
Personnel files (terminated) |
|
7 years after termination*** |
Physical inventory records |
|
7 years |
Purchase orders |
|
7 years |
Receiving sheets |
|
3 years |
Tax returns and worksheets |
|
Permanent |
Study records (industry-sponsored) |
|
Consistent with VA policy |
Time book/cards |
|
Permanent |
Trademark registrations and copyrights |
|
Permanent |
Worker’s comp. Documents |
|
2 years after termination*** |
* Or duration of any claim or litigation involving hiring practices
** Review retention clauses CRAs
***Or the duration of any claim, litigation, or pending claim or litigation
Approved by the VMRF Board of Directors: August 8, 2009