Record Retention Policy

AREA

TYPE OF RECORD

DURATION

Finance

Bank statement and deposit slips

3 years

Finance

Payroll (time cards)

3 years

Finance

Expense reports

6 years

Finance

Subsidiary legers (accounts payable ledgers and accounts receivable ledgers)

6 years

Finance

Cancelled checks (payroll and general)

8 years

Finance

Vouchers for payments to vendors, employees, and others

8 years

Finance

Audit reports

Indefinitely

Finance

General ledgers and journals

Indefinitely

Finance

Journal entries & back-up

6 years

Finance

Travel reimbursement & back-up

6 years

Finance

Cash receipts (Deposit slips)

3 years

Finance

Unclaimed Property

3 years

Finance

W-9 forms

Indefinitely

Finance

Annual Operating Report-HHS

Indefinitely

Finance

FISAP

3 years

Finance

Support for endowment contributions

Indefinitely

Finance

Unrestricted contribution notification letters

Indefinitely

Finance

Restricted contribution notification letters

Indefinitely

Corporate

Morgages, notes, and leases (expired)

8 years

Corporate

Annuity gift agreements

Indefinitely

Corporate

Bylaws, charters, and minute books

Indefinitely

Corporate

Checks (taxes, property, and fulfillment of important contracts

Indefinitely

Corporate

Contracts and agreements

Indefinitely

Corporate

Copyrights and trademark registrations

Indefinitely

Corporate

Deeds and easements

Indefinitely

Corporate

Labor contracts

Indefinitely

Corporate

Life income agreements

Indefinitely

Corporate

Patents

Indefinitely

Corporate

Retirement and pension records

Indefinitely

Corporate

Tax forms-1099 M/1098 T, 1042 S

3 years

Corporate

Tax returns and work papers

Indefinitely

Correspondence

General

2 years

Correspondence

Legal and tax

Indefinitely

Correspondence

License

Indefinitely

Correspondence

Informal

Only as needed

Insurance

Policies (all types-expired)

4 years

Insurance

Accident reports

6 years

Insurance

Fire inspection reports

6 years

Insurance

Group disability records

8 years

Insurance

Safety reports

8 years

Insurance

Claims (after settlement)

10 years

Personnel

Contracts (expired)

8 years

Personnel

Withholding tax statements

8 years

Personnel

Disability and sick-benefits records

Indefinitely

Personnel

Personnel files (terminated)

Indefinitely

Personnel

Personnel files (active)

8 years

Purchasing

Purchase orders

3 years

Purchasing

Requistions

3 years

Purchasing

Sales contracts

3 years

Purchasing

Sales invoices

3 years

Purchasing

Bills of lading

4 years

Purchasing

Shipping and receiving reports

4 years

Electronic records

Records on computer files servers, individual computers, and diskettes

Reviewed annually

Student records

Pell

3 years from last day of award

Student records

Write-off of student AR records

6 years

Student records

Student AR reconciliation

3 years

Student records

Student AR documentation

Student records

SEOG/CWS

3 years from date that FISAP is filed

Student records

Perkins Loan records

3 years from date that FISAP is filed

Student records

Perkins, Stafford, SLS, Plus prom. Notes

3 years from last date of loan period

Student records

Perkins Loan records

3 years from the loan's assignment, cancellation or final repayment

Student records

Stafford, SLS, and PLUS records

3 years from last day of loan period

Student records

Stafford, SLS, and PLUS reports

3 years from date report is completed

Student records

Records related to Federal audit questions

Until resolution of all audit questions

NOTES:

1. Unless otherwise noted, microfilm or microfiche may be substituted for the original records. However, we may wish to get authorization from the federal sponsoring agency before taking this step.

2. There is some disagreement among sources as to whether the retention date begins with the final report completion or submittal. It would therefore be adviseable that we use submittal as our beginning retention date.

3. When we have an opportunity to transfer records back to the federal sponsoring agency, we should do so, as this relieves us of the burden of record retention.

4. Minnesota law requires employment records to be kept for 8 years. These records must include the following information: employee's first name, last name, middle initial, social security number, rate of pay, actual days and number of hours worked, place where services were performed, gross earnings and wages paid, remuneration other than cash, and special payments (bonuses, etc.).

5. Management approval must be obtained prior to moving any and all media from a secured area.

SOURCES:

Office of Management and Budget (OMB) Circular A-110, Subpart C, section on Reports and Records, number 53 (Retention and access requirements for records). The version of this document which was examined was last revised on November 19, 1993.

"Management Issues" by KPMG Peat Marwick, 1988, September 1991, and June 1995.

34 Code of Federal Regulations Sec. 74.20-74.23, Sec. 75.734, Sec. 668.23, and Sec. 690.82.
Parts 74 and 75 can be found in the Education Department General Administrative Regulations (EDGAR) book, published August 16, 1990.

Student Financial Aid Audit Program General Compliance Requirements, 1993.

Unemployment Book, May 1987, p. 16.