| Type of Document | Retention Period |
|---|---|
Governance/Corporate Records | |
| Bylaws and Articles of Incorporation | Permanent |
| IRS Form 1023 - Tax Exempt Status | Permanent |
| IRS Determination Letters | Permanent |
| Congressional Charter | Permanent |
| Board Minutes, Policies and Resolutions | Permanent |
| Sales Tax Exemption Certificate | Permanent |
| Intellectual property documents | Permanent |
| Trademark registrations, copyrights and patents | Permanent |
Financial Records | |
| Chart of Accounts | Permanent |
| Fiscal Policies and Procedures | Permanent |
| Annual Audit Reports and Financial Statements | Permanent |
| Internal Audit Reports | Permanent |
| Year End General Ledger and Trial Balance | Permanent |
| Non Year-End General Ledgers and Trial Balances | 7 years |
| Account reconciliations | 7 years |
| Accounting reconciliations and reports (monthly reports, department balances, transaction statements, account analytics) | 7 years |
| Journal Entries and Backup | 7 years |
| Budgets and Financial Forecasts | 7 years |
| Budget Journal Entries and Backup | 7 years |
| Banking Records (Reconciliations & Statements, Deposit Slips, Canceled Checks, Check Registers, Electronic Fund Transfer Documents) | 7 years |
| Cash Receipts | 7 years |
| Petty Cash Records | 7 years |
| A/R Statements, Aging and Write-Offs | 7 years |
| Invoices from Vendors/Expense Reimbursements (e.g. Travel Advance/Reimbursement Forms) | 7 years |
| Credit Card Receipts and Purchase Card documentation | 7 years |
| Purchase Orders | 7 years |
| Inventory Records | 7 years |
| Capital Equipment Purchase Records | Life of asset, and for 3 years after disposition |
| Depreciation Records | Life of asset, and for 3 years after disposition |
| Notes Receivable/Other Payable records | 7 years after expiration |
| Lease documents | 7 years after expiration |
| Agreements and contracts | 7 years after expiration |
| Grant Award and Contract Accounting Records | 3 years from the date of submission of the of the final expenditure report** |
| Indirect Cost Rate Calculations | 7 years |
| Effort Certification Forms | 3 years from the date of submission of the of the final expenditure report** |
| Vocational Rehabilitation (VR) Authorizations/Billings | 7 years |
| Other Student Loan documents (eligibility) | 3 years from the last day of award year of last attendance |
| Perkins Loans | Permanent |
| Tax Records IRS Form 990 Tax Returns and supporting documentation | Permanent |
| IRS Form 1099, W-2, and W-9 forms | 7 years |
| Payroll Tax withholdings (Form 941, state withholding forms, state unemployment returns | 7 years after due date of return |
| Unclaimed property filings & supporting documentation | 7 years after due date of return |
| Other Tax Returns: Property, Sales and Use | 7 years after due date of return |
Payroll and Personnel Records | |
| Payroll Registers/Records | 7 years |
| Personnel Records (application, resume, payroll/salary, employee contracts, appointment forms, position descriptions, performance evaluations) | 1 year after termination, then forwarded to Office of Personnel Management for the government archives |
| Retirement and Pension Plan Documents Permanent I-9 Forms (Employment Eligibility Verification) | 3 years or 1 year after termination |
| Accident Reports | 5 years or if involving minor until minor is 18 + 5 years |
| Worker's Compensation Records | Permanent |
Development Records | |
| Donor Records | Permanent |
| Endowment and donor agreements | Permanent |
Legal, Insurance and Other Records | |
| Insurance Policies and records | Permanent |
| Legal Correspondence | Permanent |
| Real Estate Records (e.g. deeds, mortgages) | Permanent |
| General Correspondence | 2 years |
Notes:
* The retention periods described above are guidelines. There are circumstances under which a record or document may have to maintained longer than the guidelines. This decision will be made by the Records Management Officer.
** OMB A-110 C.53 requires financial records, supporting documents, statistical records, and all other records pertinent to an award shall be retained for a period of three years from the date of submission of the final expenditure report. The only exceptions are the following: 1- If any litigation, claim, or audit is started before the expiration of the 3-year period, the records shall be retained until all litigation, claims, or audit findings have been resolved and final action taken. 2- Records for real property and equipment acquired with Federal funds shall be retained for 3 years after final disposition. 3-When records are transferred to or maintained by the Federal Awarding agency, the 3-year retention requirement is not applicable to the recipient. 4-Indirect cost rate proposals, cost allocations plans, etc as specified in C.31(g).
*** The agreement for operation of the Clerc Center entered into between the U.S. Department of Education and Gallaudet University (November 1995) requires that all Clerc Center financial records be retained for 3 years after the funds have been obligated by the University.
