|
Niagara University Document Retention Guidelines
Below, please find broad categories of documents and the recommended minimum length of time for retaining such copies.
It is recommended that each department have an established practice of retaining documents and an annual date for disposing of outdated copies.
When developing a departmental policy, please keep in mind that many of the documents you retain can contribute to our institutional history. To that end, please consider what materials are suitable for the University Archives.
With the exception of the established guidelines for system backup and information retrieval adopted by the Information Technology Department, the below guidelines refer to both hard copy and digital forms of information.
Documents should be retained in their original form unless otherwise specified.
Type of Document |
- Accounts payable ledgers and schedules: 7 years
- Articles of Incorporation: Permanently
- Audit reports: Permanently
- Background investigations: 7 years
- Bank records generally: 7 years minimum (see payments)
- Bank reconciliations: 2 years
- Bank statements: 3 years
- Checks (for important payments) : Permanently
- Contracts, mortgages, notes and leases (expired): 7 years
- Contracts (still in effect) : Permanently, in fireproof safe and/or backed up digitally
- Correspondence (general): 2 years
- Correspondence (legal and important matters) : Permanently
- Correspondence (with customers and vendors) : 2 years
- Court documents and Records: While active plus 2 years
- Deeds, mortgage, and bills of sale: Permanently, in fireproof safe
- Depreciation Schedules : Permanently
- Donor memoranda: Permanently, in fireproof safe
- Duplicate deposit slips: 2 years
- Employment applications: 3 years
- Employee files: 7 years after active
- Evidence: records relevant to pending or threatened litigation should be retained until litigation is resolved or threat of litigation is gone.
- Expense analysis/expense distribution schedules: 7 years
- Year end financial statements: Permanently
- Financial (unless otherwise specified): 7 years
- Incident reports: Permanently
- Insurance policies (expired) : 3 years
- Insurance records, claims, policies: Permanently
- Internal audit reports: 3 years
- Inventories of products, materials, and supplies: 7 years
- Invoices (to customers, from vendors): 7 years
- Job Announcements/advertisements: 1 year
- Licenses: 7 years after expiration
- Minute books, bylaws and charter: Permanently
- Patents and related papers: Permanently
- Payroll records and summaries: 7 years
- Personnel files (terminated employee): 7 years
- Retirement and pension records: Permanently
- Tax returns and worksheets : Permanently
- Timesheets: 7 years
- Trademark registrations and copyrights: Permanently
- Withholding tax statements: 7 years
- W-2, W-4: 7 years
- Web content: 7 years after inactive
|
|
