FEDERAL RETENTION GUIDE

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>>Assets
>>Income and Expenses
>>Payables and Receivables
>>Corporate Reports
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>>Other Documents

Financial Reports	Retention Period
Analysis of gross and net fees by service classification	7 years
Audit reports	Permanently
Bank deposit slips	2 years
Bank reconciliation's	2 years
Bank statements	3 years
Canceled checks (regular)	7 years
Canceled checks: important payments, taxes, purchases of property, special contracts, etc.	Permanently
Cash books	Permanently
Cash receipts and disbursements journals	Permanently
Charts of accounts	Permanently
Daily cash reports	1 year
Financial statements	Permanently
General ledgers	Permanently
General/private ledgers, year-end trail balance	Permanently
Interim statements-consolidated	7 years
Internal audit reports	3 years
Journal vouchers	>Permanently
Journals	Permanently
Monthly statements-operating offices	7 years
Payroll records (W-2s, 940s, 941s, etc.)	Permanently
Payroll records and summaries	7 years
Periodic financial reports	3 years
Petty cash vouchers	3 years
Subsidiary ledgers	>7 years
Tax returns and worksheets, revenue agent's reports and other documents relating to determination of income tax liability	Permanently
Work papers (operating and consolidated)	Permanently

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Assets	Retention Period
Changes to clients' vouchers	7 years
Client charges and billing reports	7 years
Contracts, mortgages, notes and leases (expired)	7 years
Contracts, mortgages, notes and leases (still in effect)	Permanently
Deeds, mortgages and bills of sale	Permanently
Depreciation schedules	Permanently
Equipment records	5 years after disposition
Insurance documents, including policy reports, claims and coverage information	3-10 years after expiration or settlement
Insurance policies (expired)	3 years
Insurance records, current accident reports, claims, policies, etc.	Permanently
Inventories of products, materials and supplies	7 years
Notes receivable ledgers and schedules	7 years
Physical inventory tags	3 years
Property appraisals by outside appraisers	Permanently
Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints, plans and permits	Permanently
Scrap and salvage records	7 years
Stockroom withdrawal forms	1 year
Training manuals	Permanently

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Income and Expenses	Retention Period
Expense analyses/expense distribution schedules	7 years
Expense reports	7 years
Sales commission reports	3 years
Sales records	7 years

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Payables and Receivables	Retention Period
Accounts payable ledgers and schedules	7 years
Accounts receivable ledgers and schedules	7 years
Invoices (to customers, from vendors)	7 years
Purchase orders (except purchasing department copy)	1 years
Purchase orders (except purchasing department copy)	7 years
Remittance advice	1 years
Vendor invoices	7 years
Vouchers for payments to vendors and employees (includes allowances to and reimbursement of employees, officers, etc., for travel and entertainment expenses)	7 years

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Corporate Reports	Retention Period
Capital stock and bond records: ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc.	Permanently
Minute books of directors, stockholders, bylaws and charters	Permanently
Partnership and corporate records, including: Local, state and federal licenses Annual reports Capital stock and bond ledger Canceled stock and bond certificates Articles of incorporation Bylaws and minutes from partner meetings or stockholder and director meetings	Permanently

Corporate Reports

Retention Period

Capital stock and bond records: ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc.

Permanently

Minute books of directors, stockholders, bylaws and charters

Permanently

Partnership and corporate records, including:

Local, state and federal licenses
Annual reports
Capital stock and bond ledger
Canceled stock and bond certificates
Articles of incorporation
Bylaws and minutes from partner meetings or stockholder and director meetings

Permanently

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Human Resources	Retention Period
Accident reports and injury claims (Worker's Compensation)	11 years
Affirmative action compliance plans	1 year following completion of contract
Age work certification records for minors	3 years after termination
Applications (Non-hires)	1 year
Attendance records/time cards/time reports	4 years
COBRA Records	3 years
Disability/sick pay benefits	4 years
EEO-1 forms	5 years
Education/training records	3 years
Employee Benefit Plans	2 years following termination of plan
Employee Medical Records and Analysis as required by OSHA	The duration of employment plus 30 years
Employment advertisements	3 years
Employment contracts	7 years after expiration date
ERISA benefit plan descriptions/modifications, annual reports, SPD's	Indefinitely
Garnishments	7 years
Grievance records	5 years
I-9 Forms	3 years from date of hire or 1 year after termination, whichever is longer
Injury reports (OSHA Logs)	5 years
Job descriptions	Until superseded
Labor contracts	Indefinitely
Material Data Safety Sheets	Duration of employment plus 30 years
Medical and exposure records relating to toxic substances	40 years
OSHA Training Documentation	3 years
Paychecks	8 years
Pension payments and records	3 years after death
Personnel data and files (re: hiring, promotion/demotion, transfer, layoff, termination, compensation, etc.)	6 years after termination
Records pertaining to unfair or discriminatory employment practices and Americans with Disabilities Act	Until the final deposition of charge or action
Retirement and pension records (plan documents, claims, applications, etc.)	Permanently
Union agreements	3 years from last effective date
Wage rates and changes, deductions/additions to pay	4 years
Withholding tax statements	7 years
Workers' compensation records	3 years

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Other Documents	Retention Period
Bulletins to clients, firm executives and staff	7 years
Client coding form masters	1 + current
Correspondence (general)	1 + current
Correspondence (legal and important matters, including those pertaining to copyrights, permits and bills of sale	Permanently
Data transmittal (in central processing system)	7 years
Firm meetings files (annual and special meetings)	7 years
Interoffice client charges	7 years
Interoffice correspondence	7 years
New business reports	7 years
Option records (expired)	7 years
Patents and related papers	Permanently
Plant cost ledgers	7 years
Receiving sheets	1 year
Requisitions	1 year
Stenographers notebooks	1 year
Trademark registration and copyrights	Permanently
Voucher check copies	7 years

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CERTIFIED PUBLIC ACCOUNTANTS

FEDERAL RETENTION GUIDE