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 |