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