Record Retention Guidelines

Accounting and Finance Records
Accounts Payable ledgers and schedules7 years
Accounts Receivable ledgers and schedules7 years
Annual Audit Records, including workpapers that relate to an audit7 years after completion of audit
Annual Audit Reports and Financial StatementsPermanent
Annual BudgetsPermanent
Bank Statements and Canceled Checks7 years
Cancelled checks for fixed assetsPermanent
Chart of accountsPermanent
Depreciation schedulesPermanent
Expense records7 years
Fixed Asset (property basis) recordsPermanent
General Ledgers, general journals, chart of accounts, trial balances7 years
Interim Financial Statements7 years
Investment Records7 years after sale or maturity of investment
Purchases7 years
Vendors' invoices and paid bills7 years

Continuing Education Records

7 years

Contracts
Contracts and related correspondence15 years after expiration or termination
Corporate Records
Articles of IncorporationPermanent
BylawsPermanent
Corporate SealsPermanent
Licenses and permitsPermanent
Minutes of board, executive, or other committee meetingsPermanent
Correspondence and Internal Memoranda
Client newsletters & alerts7 years
Correspondence or memos that pertain to a particular projectKeep with project files and take on retention time of project
Correspondence or memos that pertain to routine mattersUntil follow-up is completed
Correspondence or memos that pertain to the record they supportSame as record
Correspondence or memos that pertain to non-routine matters or having significant lasting consequencesPermanent or until statute of limitations runs
EmailsTreat same as correspondence and internal memoranda
Internal publications & promotional brochures7 years
Training manualsPermanent or until statue of limitations runs
Insurance Records
Accident reports and settled claimsSettlement date + 6 years
Fire inspection and safety reports7 years
Insurance policies (still in effect)Permanent
Insurance policies (expired)7 years
Investments in Securities
Purchase confirmationsPermanent for currently owned; 6 years after sale
Reinvested Dividend informationPermanent for currently owned; 6 years after sale
Sales Confirmations6 years after sale
Legal Files and Papers
Court OrdersPermanent
Legal Memoranda and OpinionsPermanent
Litigation filesPermanent
Partnership or Shareholder AgreementsPermanent
Patent/trademark recordsPermanent
Stock Certificates and ledgersPermanent
Payroll Documents
Employee deduction authorizationsTermination + 7 years
Employee time sheets7 years
Garnishments, assignments, attachmentsTermination + 7 years
Payroll deductionsTermination + 7 years
Payroll files and related reports7 years
Payroll registersTermination + 7 years
W-2 or 1099 forms7 years
W-4 formsTermination + 7 years
Pension Documents
Annual Retirement and Pension RecordsPermanent
Personnel Records
Employee expense reports7 years
Employee personal recordsTermination + 7 years
Employment contractsTermination + 7 years
Employment Records - non-hired applications1 year
Forms I-9Termination + 7 years
Personnel PoliciesTermination + 7 years
Real Property Records - Currently Own
Original purchase, sale, lease agreementsPermanent
Property Deeds, assessments, licenses, rights of wayPermanent
Property titlesPermanent
Property SurveysPermanent
Mortgage and loan statementsPermanent
Major capital improvement receiptsPermanent
Property Insurance policiesPermanent
Real Property Records - Sold
Association Covenants6 years after sale of property
Closing documents6 years after sale of property
Form 1098 Mortgage Interest documents6 years after sale of property
Form 1099-s proceeds from real estate transactions6 years after sale of property
Home inspection records6 years after sale of property
Proof of residency (utility bills, voter registration, etc.)6 years after sale of property
Property tax records6 years after sale of property
Receipts for minor improvements6 years after sale of property
Tax Records
Annual Information Returns7 years
Depreciation schedulesPermanent
Excise tax records7 years
IRS or other Governmental Audit RecordsPermanent
IRS RulingsPermanent
Payroll tax records4 - 7 years
Sales/Use Tax Records7 years
Tax bills, receipts, statements7 years
Tax exemption documents and related correspondencePermanent
Tax returns - income, franchise, propertyPermanent
Tax workpaper packages7 years
Individual Records
Alimony, Custody, Dependency, or Prenuptial AgreementsPermanent
Annuity Year End Statements7 years
ATM and deposit slipsKeep until reconciled on your bank statement
Bank statements3 years
BillsKeep until payment verified on next bill
Birth and Death CertificatesPermanent
Cancelled checks3 years
Car recordsKeep until car sold
Charitable contributionsKeep with applicable tax return - may discard after 4 years
Credit card purchase receiptsDiscard after purchase appears on credit statement or for warranty period, merchandise returns or taxes
Credit card statements3 years
Divorce decree or legal separation agreementsPermanent
Documentation of cost or basis of property transferred by spouse during marriage or divorcePermanent
Estate settlement documentsPermanent
Health Insurance PoliciesKeep until policy expires, lapses, or is replaced
Healthcare ProxiesPermanent
Home and property insuranceKeep until policy expires, lapses, or is replaced
House Records - purchase and/or improvementsPermanent - may discard 6 years after property is sold
Individual Retirement Account recordsPermanent
Investment trade confirmations and statements that indicate buying and sellingPermanent - may discard three years after investment is sold
IRA annual reportsPermanent
Medical recordsPermanent
PassportsUntil expired
Pay stubs1 year - discard after compare to W-2
Powers of attorneyPermanent
Tax documents received such as W-2s, 1099,Keep with applicable tax return - may discard after 4 years
Tax ReturnsPermanent
Trust DocumentsPermanent
WarrantiesKeep for life of product or until warranty has clearly expired
Wills and any amendmentsPermanent