UAD Record Retention Policy

Type of record

Retain for

By whose authority

Bank Deposit Records

7 years

Bank Statements

7 years

Business Licenses

Until expired

Catalogs

Until expired

Check Registers

Permanently

Checks, cancelled

7 years

Fair Labor Standards Act, State

Contracts

5 years after expiration

Correspondence, general

3 years

Correspondence, legal/important matters

Permanently

Depreciation Records

Permanently

Federal Regulation Code

Estimated Tax Records

Permanently

Expense Records

7 years

Insurance Claims Records

11 years

Insurance Regulations

Insurance Policies

5 years after expiration

Inventory Records

7 years

Inventory Reports

Permanently

Federal Regulation Code

Invoices, Accounts Payable

5 years

Federal Regulation Code

Invoices, Accounts Receivable

7 years

Ledger, general

Permanently

Federal Regulation Code

Minutes

Permanently

Office Equipment Maintenance Records

Until item is discarded

Office Equipment Records

5 years

Patents

Permanently

Petty Cash Records

5 years

Postal Records

3 years

Federal Regulation Code

Purchase Orders

5 years

Federal Regulation Code

Sales Tax Reports, state

Permanently

State

Shipping Documents

5 years

Federal Regulation Code

Tax Bills and Statements

Permanently

Tax Returns, state and federal

Permanently

Trademarks & Copyrights

Permanently

Travel Records

7 years

Work Papers (projects)

3 years after completion

Year End Reports

Permanently

Approved by UAD Board on October 12, 2002
Approved by UAD Board on June 19, 2004 (with slight changes)

Background Information:
Valerie Kinney
September 7, 2002
In order to manage a vast amount of paperwork, especially those under officers, it is proposed that we adopt a record retention policy.

Rationales:
1.	A record retention policy adopted by the UAD provides a way to manage the expense and burden of storing and maintaining UAD documentation, both hard copy and electronic.
2.	A record retention policy provides the management of expense and effort of complying with subpoenas.
3.	A record retention policy provides for a paper trail through staff turnovers and employee memory
4.	A record retention policy ensures that UAD meets various state and federal laws regarding the period of time records must be retained.