IBJM Document Retention Policy
In an endeavor to keep our documents and records in good order and available as reasonably needed, the following timeframes will be used for document retention:
| Keep Permanently | 7 Year Retention |
| Audit reports | Accident report claims (settled) |
| Bylaws and Charter | Accounts payable ledgers & schedules |
| Charts of accounts | Accounts receivable ledgers & schedules |
| Canceled checks for important payments | Checks (canceled – not important) |
| Contracts, mortgages, leases, etc. – in effect | Contracts, mortgages, notes, & leases (expired) |
| Correspondence – Legal and Important | Garnishments |
| Deeds and Bills of Sale | Inventories of products, materials, and supplies |
| Depreciation Schedules | Invoices (to customers, from vendors) |
| Financial Statements | Notes receivable ledgers & schedules |
| Insurance records, claims documents | Payroll records & summaries |
| Minute book for Board of Directors meetings | Personnel files (terminated) |
| Property appraisals by outside appraisers | Sales records |
| Property records- costs, blueprints, plans, schedules | Scrap & salvage records (inventories, sales, etc.) |
| Retirement plan records | Timecards & other payroll information |
| 990 & other Fed or State/Local returns (scheds&calcs) | Documents for payments to vendors, employees, etc. |
| Trademark, patent, copyright, royalty docs | Withholding tax statements |
| Training and policy manuals | |
| Year End Trial Balance | |
| Other time frames | |
| Bank reconciliations 2 years | |
| Bank statements 3 years | |
| Employment Applications 3 years | |
| General Correspondence 2 years | |
| Insurance policies (expired) 3 years | |
| Petty cash documents 3 years |