RECORD RETENTION POLICY SAMPLE
The retention periods listed in this document indicate the minimum requirements and is provided as
guidance to customize in determining an organization's document retention policy. Because statues of
limitations and state and government agency requirements vary from state to state, each organization
should carefully consider its requirements and consult with the legal counsel before adopting a Document
Retention and Destruction Policy. In addition, federal awards and other government grants may provide
for a longer period than is required by other statutory requirements.
{YOUR COMPANY’S NAME HERE}
RECORD RETENTION AND DESTRUCTION POLICY
Note: Record retention laws may vary from state to state. This example is for educational purposes only,
and SDA accepts no liability for the provided information.
1) Purpose
The purpose of this Policy is to ensure that necessary records and documents of {YOUR
COMPANY’S NAME HERE} are adequately protected and maintained and to ensure that
records that are no longer needed by {YOUR COMPANY’S NAME HERE} are of no value are
discarded at the proper time. This Policy is also for the purpose of aiding employees of
{YOUR COMPANY’S NAME HERE}in understanding their obligations in retaining documents -
including final construction documents, e-mail, Web files, text files, PDF documents, and all
Microsoft Office or other formatted files.
2) Policy
This Policy represents {YOUR COMPANY’S NAME HERE} policy regarding the retention and
disposal of records and the retention and disposal of electronic documents.
3) Administration
Attached as Appendix A is a Record Retention Schedule that is approved as the initial
maintenance, retention and disposal schedule for physical records of {YOUR COMPANY’S
NAME HERE}and the retention and disposal schedule of electronic documents. The
Business Manager (the “Administrator”) is the officer in charge of the administration of this
Policy and the implementation of processes and procedures to ensure that the Record
Retention Schedule is followed. The Administrator is also authorized to: make
modifications to the Record Retention Schedule from time to time to ensure that it follows
local, state and federal laws and includes the appropriate document and record categories
for {YOUR COMPANY’S NAME HERE}; monitor local, state and federal laws affecting record
retention; annually review the record retention and disposal program; and monitor
compliance with this Policy.
4) Suspension of Record Disposal In Event of Litigation or Claims
In the event {YOUR COMPANY’S NAME HERE}is served with any subpoena or request for
documents or any employee becomes aware of a governmental investigation or audit
concerning {YOUR COMPANY’S NAME HERE} or the commencement of any litigation
against or concerning {YOUR COMPANY’S NAME HERE}, such employee shall inform the
Administrator and any further disposal of documents shall be suspended until shall time as
the Administrator, with the advice of counsel, determines otherwise. The Administrator
shall take such steps as are necessary to promptly inform all staff of any suspension in the
further disposal of documents.
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5) Applicability
This Policy applies to all physical records generated during {YOUR COMPANY’S NAME HERE}
operation, including both original documents and reproductions. It does not apply to
independent contractor records as we rely upon the governing boards of third-party
vendors to set appropriate retention policies for their members. It also applies to the
electronic documents described above.
This Policy was approved by the Board of Directors of {YOUR COMPANY’S NAME HERE}
APPENDIX A - RECORD RETENTION SCHEDULE
The Record Retention Schedule is organized as follows:
SECTION TOPIC
A. Accounting and Finance
B. Contracts and Construction Documents
C. Business Records
D. Correspondence
E. Electronic Documents
F. Legal Files and Papers
G. Miscellaneous
H. Personnel Records
I. Property Records
J. Tax Records
K. Contribution Records
A. ACCOUNTING AND FINANCE
Record Type Retention Period
Accounts Payable ledgers and schedules 7 years
Accounts Receivable ledgers and schedules 7 years
Annual Audit Reports and Financial Statements Permanent
Annual Audit Records, including work papers and
7 years after completion of audit
other documents that relate to the audit
2 years
Annual Plans and Budgets
Bank Statements and Canceled Checks 7 years
Charts of Accounts Permanently
Depreciation Schedules Permanently
Employee Expense Reports 7 years
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Record Type Retention Period
Financial Statements (annual) Permanent
General Ledgers Permanent
Interim Financial Statements 7 years
Invoices to Clients 7 years
Investment Records 7 years after sale of investment
Inventory Records 7 years
Internal Audit work papers and findings 7 years after completion
Loan Payment Schedules 7 years after payoff
B. CONTRACTS / CONSTRUCTION DOCUMENTS
Record Type Retention Period
Contracts and Related Correspondence 13 years after expiration or project
Including emails (including any proposal that completion.
resulted in the contract and all other
supportive documentation)
13 years after expiration or project
completion.
Final Contract Documents
13 years after expiration or project
Construction Record Sets that were included completion.
as part of the contract deliverable
Destroyed upon completion of project.
Paper versions of “red lines”, mark-ups,
progress sets, check sets, etc.
13 years after expiration or project c
completion.
Electronic records of progress sets
C. BUSINESS RECORDS
Record Type Retention Period
Business Records (minute books, signed
minutes of the Board and all committees,
Permanent
business seals, articles of incorporation,
bylaws, annual business reports)
Licenses and Permits Permanent
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Agreements of Understanding (Joint Ventures,
Permanent
LLC’s, etc.)
D. CORRESPONDENCE
General Principle: Most correspondence (external and internal) should be retained for the
same period as the document they pertain to or support. For instance, a letter pertaining to a
particular contract would be retained as long as the contract (13 years after project
completion). It is recommended that records that support a particular project be kept with the
project and take on the retention time of that particular project file.
Correspondence or memoranda that do not pertain to documents having a prescribed
retention period should generally be discarded sooner. These may be divided into two general
categories:
1. Those pertaining to routine matters and having no significant, lasting consequences should
be discarded within two years. Some examples include:
Routine letters and notes that require no acknowledgment or follow-up, such as notes
of appreciation, congratulations, letters of transmittal, and plans for meetings.
Form letters that require no follow-up.
Letters of general inquiry and replies that complete a cycle of correspondence.
Letters or complaints requesting specific action that have no further value after
changes are made or action taken (such as name or address change).
Other letters of inconsequential subject matter or that close correspondence to which
no further reference will be necessary.
Chronological correspondence files.
Please note that copies of interoffice correspondence and documents where a copy will
be in the originating department file should be read and destroyed, unless that information
provides reference to or direction to other documents and must be kept for project
traceability.
2. Those pertaining to non-routine matters or having significant lasting consequences should
generally be retained permanently.
E. ELECTRONIC DOCUMENTS
1. Electronic Mail: Not all email needs to be retained, depending on the subject matter.
Staff will strive to keep all but an insignificant minority of their e-mail related to
business issues.
Staff will not store or transfer {YOUR COMPANY’S NAME HERE} related e-mail on non-
work-related computers except as necessary or appropriate for Business purposes.
Staff will take care not to send confidential/proprietary Business information to outside
sources.
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Any e-mail staff deems vital to the performance of their job should be copied to the
staff’s thumb drive.
2. Electronic Documents: including Microsoft Office Suite and PDF files. Retention also
depends on the subject matter.
PDF documents – The length of time that a PDF file should be retained should be
based upon the content of the file and the category under the various sections of this
policy.
Text/formatted files - Staff will conduct annual reviews of all text/formatted files
(e.g., Microsoft Word documents) and will delete all those they consider unnecessary or
outdated. After five years, all text files will be deleted from the network and the staff’s
desktop/laptop. Text/formatted files the staff deems vital to the performance of their
job should be printed and stored in the staff’s workspace.
3. Web Page Files: Internet Cookies
All workstations: Internet Explorer should be scheduled to delete Internet cookies once
per month.
{YOUR COMPANY’S NAME HERE} does not automatically delete electronic files beyond the
dates specified in this Policy. It is the responsibility of all staff to adhere to the guidelines
specified in this policy.
F. LEGAL FILES AND PAPERS
Record Type Retention Period
Legal Memoranda and Opinions (including all 10 years after close of matter
subject matter files)
Litigation Files 10 year after expiration of appeals or time
for filing appeals
Court Orders Permanent
Requests for Departure from Records Retention 10 years
Plan
G. MISCELLANEOUS
Record Type Retention Period
Consultant's Reports 2 years
Material of Historical Value (including pictures, Permanent
publications)
Policy and Procedures Manuals – Original Current version with revision history
Policy and Procedures Manuals - Copies Retain current version only
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Annual Reports Permanent
H. PERSONNEL RECORDS
Record Type Retention Period
Benefit Plans Permanent
Pension and Profit Sharing Plan (including Permanent
401(k), 403(b), ESOP, defined benefit plans,
defined contribution plans)
Employee Personnel Records (including 6 years after separation
individual attendance records, application
forms, job or status change records,
performance evaluations, termination papers,
withholding information, garnishments, test
results, training and qualification records)
Employment Contracts – Individual 7 years after separation
I. PROPERTY RECORDS
Record Type Retention Period
Correspondence, Property Deeds,
Permanent
Assessments, Licenses, Rights of Way
Original Purchase/Sale/Lease Agreement Permanent
Permanent
Property Insurance Policies
J. TAX RECORDS
General Principle: {YOUR COMPANY’S NAME HERE} must keep books of account or records
as are sufficient to establish amount of gross income, deductions, credits, or other matters
required to be shown in any such return.
These documents and records shall be kept for as long as the contents thereof may become
material in the administration of federal, state, and local income, franchise, and property tax
laws.
Record Type Retention Period
Tax-Exemption Documents
N/A
and Related Correspondence
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Record Type Retention Period
IRS Rulings Permanent
Excise Tax Records 7 years
Tax Bills, Receipts, Statements 7 years
Tax Returns - Income, Franchise, Property Permanent
Tax Work paper Packages - Originals 7 years
Sales/Use Tax Records 7 years
Annual Information Returns - Federal and State Permanent
IRS or other Government Audit Records Permanent
K. CONTRIBUTION RECORDS
Record Type Retention Period
Records of Contributions Permanent
{YOUR COMPANY’S NAME HERE} Business’s or
Permanent
other documents evidencing terms of gifts
