This chart outlines ARMA’s policy on how long records are maintained for different documents.
|
RECORDS |
RETENTION PERIOD |
RECORDS |
RETENTION |
| Accident reports and claims (settled cases) |
30 years |
Committee Meeting Minutes |
Permanently |
| Accounts payable ledgers and schedules |
7 years |
Contracts and leases (expired) |
7 years |
| Accounts receivable ledgers and schedules |
7 years |
Contracts and leases still in effect |
Permanently |
| Audit reports |
Permanently |
Correspondence (routine) with customers or vendors |
1 year |
| Bank reconciliations |
1 year |
Correspondence (general) |
3 years |
| Bills of lading |
4 years |
Correspondence (legal and important matters only) |
Permanently |
| Capital stock and bond records; ledgers; transfer registers; stubs showing issues; record of interest coupons; options; and so forth |
Permanently |
Deeds, mortgages, and bills of sale
Depreciation schedules |
Permanently Permanently |
| Cash books |
Permanently |
Dividend checks/records (canceled) |
Permanently |
| Chart of Accounts |
Permanently |
Duplicate deposit slips |
1 year |
| Checks (canceled); see exception below
Checks (canceled; for important payments such as taxes, purchases of property, special contracts, and so forth. Checks should be filed with the papers pertaining to the underlying transaction) |
4 years Permanently |
Employee personnel records (after termination)
Employment applications Expense analyses and expense distribution schedules Financial statements (end-of-year, other months optional) |
3 years 3 years 7 years Permanently |
|
RECORDS |
RETENTION PERIOD |
RECORDS |
RETENTION |
| General and private ledgers (and end-of-year trial balances)
Insurance policies (expired) |
Permanently 3 years |
Property records including costs, depreciation reserves, end-of-year trial balances, blueprints and plans |
Permanently |
| Insurance records, current accident reports, claims, policies, and so forth |
Permanently |
Purchase orders (purchasing department only) |
7 years |
| Internal reports (miscellaneous) |
3 years |
Receiving sheets |
1 year |
| Inventories of products, materials and supplies |
7 years |
Reorganization records |
Permanently |
| Invoices to customers |
7 years |
Requisitions |
1 year |
| Invoices from customers |
7 years |
Sales records |
4 years |
| Journals |
Permanently |
Savings bond registration records of employees |
3 years |
| Minute books of directors and stockholders, including bylaws and charter |
Permanently |
Scrap and salvage records (inventories, sales, and so forth) |
7 years |
| Notes receivable ledgers and schedules |
7 years |
Security transactions |
3 years |
| Option records (expired) |
7 years |
Stock and bond certificates (canceled) |
6 years |
| Payroll records and summaries including payments to pensioners |
3 years |
Subsidiary ledgers |
7 years |
| Petty cash vouchers
Physical inventory tags Property appraisals by outside appraisers |
3 years 3 years Permanently |
Tax returns and worksheets, revenue agents’ reports, and other documents relating to determination of income tax liability |
Permanently |
|
RECORDS |
RETENTION PERIOD |
| Time books |
7 years |
| Trademark registrations |
Permanently |
| Voucher register and schedules |
7 years |
| Vouchers for payments to vendors, employees, and so forth (includes allowances and reimbursements of employees, officers, and so forth for travel and entertainment expenses) |
7 years |
