Document Retention, Storage and Destruction - Back to Governance Policies
AIST shall retain records in-house or at an off-site location in accordance with the following guidelines:
General Description | Years Retained |
Audit Reports | Permanently |
Board of Directors / Board of Trustees Minutes | Permanently |
Canceled Checks – taxes, purchase of property, etc. | Permanently |
Contracts and Leases – still in effect | Permanently |
Correspondence – legal and important matters | Permanently |
Deeds, Mortgages, and Bills of Sale | Permanently |
Depreciation Schedules | Permanently |
Financial Statements and General Ledger – End of Year | Permanently |
General Ledger Chart of Accounts | Permanently |
Insurance Records, Current Accident Reports, Claims, Policies | Permanently |
Property Appraisals by Outside Appraisers | Permanently |
Property Records | Permanently |
Tax Returns and Worksheets | Permanently |
Trade Mark Registrations | Permanently |
Accounts Payable | 7 |
Accounts Receivable | 7 |
Canceled Checks – general purchases | 7 |
Contracts and Leases – expired | 7 |
Employee Time Records | 7 |
Expense Analyses and Expense Distribution Schedules | 7 |
Inventories of Products, Materials, and Supplies | 7 |
Invoices to customers | 7 |
Invoices From Vendors | 7 |
Litigation Records | 7 |
Notes Receivable Ledgers and Schedules | 7 |
Payroll Records and Summaries Including Payments to Pensioners | 7 |
Purchase Orders | 7 |
Sales Records | 7 |
Scrap and Salvage Records – inventories, sales etc. | 7 |
Subsidiary Ledgers | 7 |
Correspondence – routine with customers and vendors | 3 |
Employee Personnel Records – after termination | 3 |
Employment Applications | 3 |
Insurance Policies – expired | 3 |
Internal Audit Reports | 3 |
Internal Reports – miscellaneous | 3 |
Petty Cash Vouchers | 3 |
Physical Inventory Tags | 3 |
Bank Reconciliations | 3 |
Deposit Slips | 3 |
Financial Statements and General Ledger – other than end of year | 3 |