What is your Document Retention Policy?

Document Retention Policy

Amended by the Board 9/28/14

 

 

The corporate records of Pawsitivity Service Dogs and its subsidiaries (hereafter the “Pawsitivity Service Dogs”) are important assets. Corporate records include essentially all records you produce as an employee, whether paper or electronic. A record may be as obvious as a memorandum, an e-mail, a contract or a case study, or something not as obvious, such as a computerized desk calendar, an appointment book or an expense record. 

Guidelines for destroying documents once they reach the end of the retention period.

The retention period for key governing, legal and financial documents (i.e. a retention schedule)

ACCOUNTING RECORDS

–AUDITOR'S REPORT & ANNUAL FINANCIAL STATEMENTS ~ Permanently

–BANK STATEMENTS AND DEPOSIT SLIPS ~ 7 years

–CANCELED CHECKS:

     –FIXED ASSETS ~ Permanently

     –GENERAL ~ 7 years

     –PAYROLL ~ 7 years

     –TAXES (payroll related) ~ 7 years

     –TAXES (income) ~ Permanently

–CASH DISBURSEMENTS JOURNAL ~ Permanently

–CASH RECEIPTS JOURNAL ~ Permanently

–CHART OF ACCOUNTS ~ Permanently

–CORRESPONDENCE (general) ~ 2 years

–CORRESPONDENCE (routine) WITH CUSTOMERS AND/OR VENDORS ~ 2 years

–DEEDS, MORTGAGES, BILLS OF SALE ~ 2 years

–ELECTRONIC PAYMENT RECORDS ~ 7 years

–EMPLOYEE EXPENSE RECORDS ~ 7 years

–FIXED ASSET RECORDS (invoices, canceled checks, depreciation schedules) ~ Permanently

–FREIGHT BILLS AND BILLS OF LADING ~ 7 years

–GENERAL JOURNAL ~ Permanently

–GENERAL LEDGER ~ Permanently

–INTERNAL REPORTS (miscellaneous) ~ 3 years

–INVENTORY LISTINGS AND TAGS ~ 7 years

–INVOICES: SALES TO CUSTOMERS/ CREDIT MEMOS ~ 7 years

–NOTES RECEIVABLE LEDGERS AND SCHEDULES ~ 8 years

–NOTES PAYABLE LEDGERS AND SCHEDULES ~ Permanently

–PATENT/TRADEMARK AND RELATED PAPERS ~ Permanently

–PAYROLL JOURNAL ~ 7 years

–PETTY CASH VOUCHERS ~ 7 years

–PLANT COST VOUCHERS ~ 7 years

–PRODUCTION AND SALES REPORTS ~ 7 years

–PURCHASES ~ 7 years

–PURCHASE JOURNAL ~ Permanently

–PURCHASE ORDERS ~ 7 years

–RECEIVING SHEETS ~ 1 year

–REQUISITIONS ~ 1 year

–SALES COMMISSION REPORTS ~ 3 years

–SALES OR WORK ORDERS ~ 7 years

–SCRAP AND SALVAGE RECORDS (inventories, sales, etc.) ~ 7 years

–STOCKROOM WITHDRAWAL FORMS ~ 1 year

–SUBSIDIARY LEDGERS (accounts receivable, accounts payable, equipment) ~ 7 years

–TIME CARDS AND DAILY TIME REPORTS ~ 7 years

–TRAINING MANUALS ~ Permanently

–TRIAL BALANCE - YEAR END ~ Permanently

–VOUCHERS FOR PAYMENTS TO VENDORS, EMPLOYEES, ETC. (includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses) ~ 7 years

INSURANCE RECORDS

–ACCIDENT REPORTS AND SETTLED CLAIMS ~ 7 years after settlement

–FIRE INSPECTION AND SAFETY REPORTS ~ 6 years

–INSURANCE POLICIES (still in effect) ~ Permanently

–INSURANCE POLICIES (expired) ~ 7 years

LEGAL DOCUMENTS

–ARTICLES OF INCORPORATION AND BYLAWS ~ Permanently

–BUY-SELL AGREEMENTS ~ Permanently

–CAPITOL STOCK AND BOND RECORDS: LEDGERS, TRANSFER REGISTERS, STUBS SHOWING OPTIONS, ETC. ~ Permanently

–CONTRACTS AND LEASES (still in effect) ~ Permanently

–CONTRACTS AND LEASES (expired) ~ 7 years

–EMPLOYMENT AGREEMENTS ~ 7 years

–LEGAL CORRESPONDENCE ~ Permanently

–MINUTES ~ Permanently

–OPTION RECORDS (expired) ~ 7 years

–PARTNERSHIP AGREEMENTS ~ Permanently

–PROPERTY APPRAISALS BY OUTSIDE APPRAISERS ~ Permanently

–STOCK CERTIFICATES AND LEDGERS ~ Permanently

TAX RECORDS

–IRS OR STATE ADJUSTMENTS ~ Permanently

–PAYROLL TAX RETURNS ~ 7 years

–PROPERTY RECORDS, INCLUDING COSTS, DEPRECIATION RESERVES, YEAR-END TRIAL BALANCES, DEPRECIATION SCHEDULES, BLUEPRINTS AND PLANS ~ Permanently

–SALES AND USE TAX RETURNS ~ Permanently

–TAX RETURNS AND WORK SHEETS, REVENUE AGENTS' REPORTS, AND OTHER DOCUMENTS RELATING TO DETERMINATION OF INCOME TAX LIABILITY, CANCELED CHECKS FOR TAX PAYMENTS ~ Permanently

PERSONNEL RECORDS

–CHILD LABOR CERTIFICATES AND NOTICES ~ 3 years

–EMPLOYMENT APPLICATION (from date of termination) ~ 3 years

–EMPLOYMENT ELIGIBILITY VERIFICATION (I-9 form) (from date of termination) ~ 3 years

–GARNISHMENTS ~ 7 years

–HELP WANTED ADS AND JOB OPENING NOTICES ~ 2 years

–PERSONNEL FILES (from date of termination) ~ 7 years

–RECORDS OF JOB INJURIES CAUSING LOSS OF WORK ~ 5 years

–SAFETY: CHEMICAL AND TOXIC EXPOSURE RECORDS ~ 30 years

–UNION AGREEMENTS AND INDIVIDUAL EMPLOYEE CONTRACTS (from date of termination) ~ 3 years

–WITHHOLDING STATEMENTS ~ 7 years

EMPLOYEE BENEFIT PLAN RECORDS

–ACTUARIAL REPORTS ~ Permanently

–ALLOCATION AND COMPLIANCE TESTING ~ 7 years

–BROKERAGE/ TRUSTEE STATEMENTS SUPPORTING INVESTMENTS ~ 7 years

–FINANCIAL STATEMENTS ~ Permanently

–GENERAL LEDGER AND JOURNALS ~ Permanently

–INFORMATION RETURNS (form 5500) ~ Permanently

–INTERNAL REVENUE SERVICE/ DEPARTMENT OF LABOR CORRESPONDENCE ~  Permanently

–PARTICIPANT COMMUNCIATION RELATED TO DISTRIBUTIONS, TERMINATIONS, BENEFICIARIES ~ 7 years

–PLAN AND TRUST AGREEMENTS ~ Permanently

Guidelines for destroying documents once the documents reach the end of the retention period:

a.         Paper or electronic documents indicated under the terms for retention will be transferred and maintained by Treasurer. 

b.         All other paper documents will be destroyed after three years; 

c.         All other electronic documents will be deleted from all individual computers, data bases, networks, and back-up storage after one year; 

d.         No paper or electronic documents will be destroyed or deleted if pertinent to any ongoing or anticipated government investigation or proceeding or private litigation; and 

e.         No paper or electronic documents will be destroyed or deleted as required to comply with government auditing standards (Single Audit Act).  

The law requires Pawsitivity Service Dogs to maintain certain types of corporate records, usually for a specified period of time. Failure to retain those records for those minimum periods could subject you and Pawsitivity Service Dogs to penalties and fines, cause the loss of rights, obstruct justice, spoil potential evidence in a lawsuit, place Pawsitivity Service Dogs in contempt of court, or seriously disadvantage Pawsitivity Service Dogs in litigation.

Pawsitivity Service Dogs expect all employees to fully comply with any published records retention or destruction policies and schedules, provided that all employees should note the following general exception to any stated destruction schedule: If you believe, or Pawsitivity Service Dogs informs you, that Company records are relevant to litigation, or potential litigation (i.e., a dispute that could result in litigation), then you must preserve those records until the Legal Department determines the records are no longer needed. That exception supersedes any previously or subsequently established destruction schedule for those records. If you believe that exception may apply, or have any question regarding the possible applicability of that exception, please contact a Board Member.