Document Destruction & Retention Policy

The purpose of this Policy is to ensure that necessary records and documents are adequately protected and maintained and to ensure that records that are no longer needed by the Association or are of no value are discarded at the proper time.

The following table provides the minimum requirements.

Type of Document Minimum Requirement
Accounts payable ledgers   and schedules 7 years
Audit reports Permanently
Bank Reconciliations 2 years
Bank statements 3 years
Checks (for important   payments and purchases) Permanently
Contracts, mortgages, notes   and leases (expired) 7 years
Contracts (still in effect) Permanently
Correspondence (general) 2 years
Correspondence (legal and   important matters) Permanently
Correspondence (with   customers and vendors) 2 years
Deeds, mortgages, and bills   of sale Permanently
Depreciation Schedules Permanently
Duplicate deposit slips 2 years
Employment applications 3 years
Expense Analyses/expense   distribution schedules 7 years
Year End Financial   Statements Permanently
Insurance Policies   (expired) 3 years
Insurance records, current   accident reports, claims, policies, etc. Permanently
Internal audit reports 3 years
Inventories of products,   materials, and supplies 7 years
Invoices (to customers,   from vendors) 7 years
Minute books, bylaws and   charter Permanently
Patents and related Papers Permanently
Payroll records and   summaries 7 years
Personnel files (terminated   employees) 7 years
Tax returns and worksheets Permanently
Timesheets 7 years
Trademark registrations and   copyrights Permanently
Withholding tax statements 7 years