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Records Retention Guide

What Types Of Records Should I Retain And For How Long?

The following information provides a general guideline for the retention of many records. Due to the magnitude of legal requirements, as well as the specific needs of each company, it is advisable for MMA members to consult legal counsel before implementing a tailored records retention policy. In addition to these general guidelines, each business should consider any industry standards that may affect the holding period of records due to unusual legal circumstances.

The retention periods below reflect requirements currently in effect. Because record retention periods are constantly changing, it is necessary to evaluate record retention policies and programs periodically.

 

ACCOUNTING RECORDS

Auditors Report & Annual Financial Statements Permanent
 Bank Reconciliations  7 Years
 Bank Statements & Deposit Slips  7 Years
 Budgets  2 Years
 Cancelled Checks (general, payroll, payroll-related taxes)  7 Years
 Cancelled Checks (fixed assests and income taxes)  Permanent
 Cash Disbursement Journal  Permanent
 Cash Receipts Journal  Permanent
 Correspondence  3 Years
 Currency Transactions Reports  5 Years
 Dividend Checks  Permanent
 Employee Expense Records  7 Years
 Fixed Assests Records (invoices, depreciation schedules)  Permanent
 Financial Statements  Permanent
 Freight Bills  4 Years
 General Ledgers & Year-end Trial Balances  Permanent
 Inventory Records  7 Years
 Open Accounts (MI)  6 Years
 Petty Cash Vouchers  4 Years
 Production & Sales Reports  7 Years
 Promissory Notes (MI)  6-10 Years
 Purchase Journals  Permanent
 Purchase Orders  7 Years
 Subsidiary Ledgers (acct. receivables, acct payables, etc.)  7 Years

 

ADMINISTRATIVE AND CORPORATE RECORDS

Annual Reports    6 Years
Articles of Incorporation (and all amendements) Permanent
Ballots and Proxies 6 Years
Buy-Sell Agreements Permanent
By-laws Permanent
Capitol Stock & Bond Records Permanent
Contracts & Leases (after expiration) 7 Years
Copyright & Trademark Records Permanent
Dividend Registers Permanent
Government Contracts At Least 3 Years
Insurance Records, Policies, Etc. Permanent
Legal Correspondence Permanent
Liquidation of Subsidiaries Records Permanent
Mergers & Combinations Records (antitrust) Permanent
Minutes Permanent
Mortgages & Notes (after expiration) 6 Years
Oral Contracts Memorandum (MI) 6 Years
Patents & Patent Licenses 26 Years
Partnership Agreements Permanent
Real Estate Title Documents (MI) 15 Years
Reorganization records Permanent
Securities Offer or Sale Records Permanent
Stock Certificates & Ledgers Permanent
Union (labor) Contracts Permanent

 

ENVIRONMENTAL PROTECTION RECORDS

Judicial, Administrative & Compliance Documents Permanent
Permits Permanent
NPDES Monitoring Records 3 Years
RCRA Generator's Manifests, Biennial Reports, Test Results, Waste Analysis 3 Years
RCRA Land Ban Documents 3 Years
Air Emissions - Renewable Operating Permit Monitoring Records 5 Years
Air Emissions - Continous Emissions Monitoring System records 2 Years
EPCRA - TRI Reports & Documents 3 Years
UST's - Sampling, Testing & Monitoring Records 2 Years
UST's - Tank & Piping Tightness testing Records 5 Years
UST's - Closure Records 3 Years
TSCA - PCB Generator Manifests 3 Years
TSCA - PCB Spill Cleanup Records & Decontamination Certifications 5 Years
TSCA - Section 8(a) Reports, Documents, & Customer Notices/Return Receipts 3 Years

 

PERSONNEL RECORDS

6047(b) Trust or Retirement Plan Contribuitons Until Distributed
Collective Bargaining Agreements 6 Years
Employment Applications (from date of termination) 3 Years
Employment Files (current employees) Permanent
Employee Files (after termination) 7 Years
Employee Manuals/Handbooks Permanent
FICA Records 4 Years
FMLA Documents 3 Years

Form I-9 Employment Eligibilty Verification (after date of hire)

3 Years
H-1B Labor Conditions Application Public Access File 1 Year After Expiration
Paychecks, W-2 Forms, W-4 Forms, 1099 Forms 7 Years
Payroll Records 7 Years
Preparer Information 3 Years
Time Cards & Daily Time Reports 4 Years
Unemployment Insurance (MI) 6 Years
Wage & Hour Records 5 Years
Workers' Compensation (MI) 2 Years

 

EMPLOYEE BENEFIT PLANS

Documents Filed Subject to Labor/Management Reporting & Disclosure Act of 1959 5 Years
ERISA Plan Documents 6 Years
Pension/Profit-sharing Information Returns (Form 5500) Permanent
Plan & Trust Agreements Permanent
IRS Approval Letter Permanent
Actuarial Reports Permanent

 

HEALTH & SAFETY RECORDS

Asbestos Monitoring/Employee Exposure Measurements At Least 30 Years
Chemical & Toxic Exposure Records At Least 30 Years
Employee Exposure Medical Records & Workers' Allegations 5 Years
Occupational Injury/Illness Records 5 Years
Occupational Radiation Exposure Records Authorized by Dept. of Energy

 

TAX RECORDS

Business Income Tax 6 Years
Cigarette & Tobacco Tax 4 Years
Employment Security Tax 4 Years
Federal Income Tax 6 Years
Financial Reports (Annual) Permanent
Financial Statements 4 Years
Payroll Tax Returns Permanent
Sales & Use Tax Permanent

 

INDIVIDUAL RECORDS

Tax Returns, W-2, 1099 (after filing) 6 Years
Loan Records (after payoff) 6 Years
Medical Bills (after payment) 6 Years
Insurance Policies (after expiration) 6 Years
IRA Records 6 Years
Major Purchase Receipts 6 Years
Schedule K-1 (after disposition of interest) 6 Years

GT ProFILE, LLC | 3820 Cass Road, Traverse City, MI 49684 | Ph 231.947.4717 | Fax 231.947.2477 | © 2018