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RETENTION REQUIREMENTS

In determining the retention requirements of records, four values must be considered to assure that the records will fulfill their reason for creation and maintenance. These values are administrative, legal, fiscal and historical. These four values have been evaluated in depth to determine the retention requirements of the records listed herein.

Audit as a tool may impact the retention period of company’s records. Audits are the means by which independent auditors examine and express an opinion on financial statements and, as applicable, report on public companies compliance with laws, regulations, and internal controls.

There are various types of audits: Financial audits include:

1. An examination of financial statements in order to express an opinion on the fairness with which they present financial position, results of operations, and changes in financial position in conformity with generally accepted accounting principles.

2. An examination to determine whether operations are properly conducted in accordance with legal and regulatory requirements.

3. An examination of any additional financial information necessary to comply with generally accepted accounting principles. As applicable, the scope of the financial audit shall include any additional auditing activities necessary to comply with the term “financial statement audit” as defined and used in Government Auditing In determining the retention requirements, four values must be evaluated to assure that the records will fulfill their reason for creation and maintenance; these are the administrative, legal, fiscal and the historical value. These four values have been considered in depth to determine the retention requirement of the records.

SCHEDULING AND DISPOSITION OF RECORDS

The procedures for scheduling and disposal of records, applicable to all departments, consist of two separate but related actions:

Establishing a Records Retention Schedule – A schedule describing the records and setting the retention period is required for each record series, or type, of record. This determines officially the minimum length of time that the record series must be retained.

1. General Records Schedules establish disposition standards for records common to several or all departments. The records covered by these schedules pertain to both the administrative and program functions of each department. The General Records Schedule is applicable to administrative/financial/personnel records.
   
   The retention period stated in the applicable schedule is the MINIMUM time a record is to be maintained. If two or more record series are filed together, the combined file must be retained through the longest retention period of those records.
   
   A General Records Schedule reduces the need for the creation and submission of an individual Records Retention Schedule. Form XXX.
   
   Individual Records Schedules are established when the department submits a Records Retention Schedule, Form XXX, and receives approval. Once an official
   retention value has been established for a record series, records in the series are eligible for disposal action as they meet the retention requirements.
   The schedule remains effective until there is a change in series content or other
   factors are introduced, which would affect the initial approved retention period at which time a new individual records schedule should be submitted for approval.

B) Final Disposition of Records – Records may be destroyed or otherwise disposed of only in accordance with retention schedules established by the department. This means that all records, regardless of access provisions, must be scheduled before disposition can occur. Departments must schedule records for disposition by identifying a records retention schedule for them. The retention schedule may be from a general schedule or a Department’s individual schedules. If a retention schedule for the records does not exist then one must be established.

Records Disposition Documentation – Departments must maintain internal documentation of records disposal including retention schedule number, retention schedule item number, records series title, inclusive dates, and volume of records destroyed.

FACTORS WHICH MAY INFLUENCE THE DISPOSITION OF RECORDS

1. Litigation.

2. Public Records Requests

3. Accreditation Standards -

4. Records in Support of Financial or Performance Audits

ARCHIVAL REVIEW

The Record Management Liaison (RML) will analyze record series with a view to identifying records having enduring historic, administrative or fiscal value that may be eligible for permanent preservation. If a record series is flagged, “These records may have archival value”. Guidance for the transfer of the records to the Archives or other appropriate disposition of the records provided.

Records scheduled by Individual Retention Schedule or by General Schedule with a PERMANENT retention, will be kept in the creator’s possession for five years then the RML should contact the Archives for guidance as to whether, when, and how to transfer the records.

ELECTRONIC RECORDS

Records schedules apply to records regardless of their physical format. Therefore, records created or maintained in electronic format must be retained in accordance with the minimum retention requirements presented in these schedules, whether the electronic records are the record copy or duplicates. Printouts of standard correspondence in text or word processing files are acceptable in place of the electronic files. Printouts of e-mail files are acceptable in place of the electronic files provided that the printed version contains the complete header information, including all date/time stamps and routing information.

STORAGE RECORDS DEFINITIONS AND REQUIREMENTS

American CIT worked with our client to determine which records are eligible for storage. First each department must establish the official life span for the records. This is done by completing a
specific form (Records Retention Schedule). The schedule specifies which records are to be stored, when they are to be transferred and how they are to be maintained in storage. Each department must have an approved Records Retention Schedule for records they wish to store.

RECORDS TRANSFER

• Records must be packed into standard size Records Center cartons, which are available from the Center.
   

• Form XXX, Records Transmittal and Receipt, must be completed and sent to the Center prior to pick-up of records.
   

• Forms and instructions for completing them are available from the Center.
   

• The Records Center will make arrangements to pick up records once the forms are received.
   

• Provide the Center with the department name, address, room number, telephone number, and the name of the person requesting the transfer.
   

• Specify the type of records to be transferred (boxes, tapes, etc.).

SAMPLES: Records Definitions and Retention Requirements (Financial)

This record series consists of documentation of disbursements and the individual items leading to the summary information. Records include the vendor name, vendor invoice and number, date of invoice, warrant number, date and the amount of the warrant. See also "ACCOUNTS PAYABLE / RECEIVABLE RECORDS: SUMMARY."

RETENTION:
a) Record copy. 3 fiscal years provided applicable audits have been released.
b) Duplicates. Retain until obsolete, superseded or administrative value is lost.

This record series consists of documentation of receipts and disbursements in summary. Records include the vendor name, vendor invoice and number, date of invoice, warrant number, date and the amount of the warrant. See also "ACCOUNTS PAYABLE: SUPPORTING DOCUMENTS" and “ACCOUNTS RECEIVABLE: SUPPORTING DOCUMENTS.”

RETENTION:
a) Record copy. 10 years provided applicable audits have been released.
b) Duplicates. Retain until obsolete, superseded or administrative value is lost.

This record series consists of documentation of receipts and the individual items leading to the summary information. Records include the amount received, the account credited, the payee, the service rendered or tax paid, the check and receipt number, and the date of payment. See also "ACCOUNTS PAYABLE / RECEIVABLE RECORDS: SUMMARY" and “ACCOUNTS PAYABLE: SUPPORTING DOCUMENTS.”

RETENTION:
a) Record copy. 4 fiscal years provided applicable audits have been released.
b) Duplicates. Retain until obsolete, superseded or administrative value is lost.

This record series consists of information on the acquisition of library materials including: books, periodicals, filmstrips, software, compact discs, video/audio tapes, and other non-print media. This information may include the accession date and method, the publisher and cost, the date entered into the collection, dates removed from collection, and method of final disposal.

RETENTION:
a) Record copy. Retain for life of material.
b) Duplicates. Retain until obsolete, superseded or administrative value is lost.

This record series consists of a subject file, generally filed alphabetically, which is located away from the official files, such as in the Director's and/or other supervisory offices. The file contains DUPLICATES of correspondence, reports, publications, memoranda, etc., and is used as a working or reference file on subjects which are currently significant or which may become significant in the near future.

RETENTION:
a) Record copy. Retain until obsolete, superseded or administrative value is lost.
b) b) Duplicates. Retain until obsolete, superseded or administrative value is lost.

This record series consists of advertisements, which have appeared, in newspapers or in the on matters pertaining to the company and other legal ads, which may or may not indirectly affect the company

RETENTION:
a) Record copy. 5 fiscal years provided applicable audits have been released.
b) Duplicates. Retain until obsolete, superseded or administrative value is lost.

SAMPLES: Records Definition and Retention Requirements (HR)

This record series consists of address changes and includes Revenue Form XX.

RETENTION:
a) Record copy. 1 calendar year.
b) Duplicates. Retain until obsolete, superseded or administrative value is lost.

This record series consists of adverse possession Form XX.

RETENTION:
a) Record copy. 7 years.
b) Duplicates. Retain until obsolete, superseded or administrative value is lost.

This record series consists of Form number ####.

RETENTION:
a) Record copy. Retain until obsolete, superseded or administrative value is lost.
b) Duplicates. Retain until obsolete, superseded or administrative value is lost.

This record series consists of an application with support documents Form XX.

RETENTION:
a) Record copy. 1 year after separation.
b) Duplicates. Retain until obsolete, superseded or administrative value is lost.