Below you will find a sample record retention schedule chart. This is a sample format only and should be revised and customized in accordance with the needs of your organization and your internal organizational policies as well as the local, state, and federal laws. Before adopting any of the suggestions offered in this material, you should also consult with legal counsel.
Information Type |
Information Class Code |
Information Class Name/Description |
Retention Period |
Retention Event Trigger |
---|---|---|---|---|
Audit |
AUD100 |
Corporate policies and procedures, manuals, and related materials. Examples include: • Policies and procedures manuals |
Indefinitely |
Retain indefinitely. (Because a firm retention period cannot be determined in advance, the status of these records must be periodically reviewed. The records must be destroyed when they are no longer needed for operational, tax, audit, or legal purposes.) |
Audit |
AUD120 |
Records from external financial audits of company and business units not covered elsewhere. Examples include:
|
7 years |
Retention period begins when the record is created. |
Audit |
AUD130 |
Records related to audits and investigations by governmental agencies. Includes governmental agency orders, hearing notices, audit reports, and correspondence. Does not include litigation or tax audits and appeals. See LEG150 for litigation See TAX130 for tax audits and appeals Examples include:
|
Act+ 3 years |
Active for the life of the investigation. The retention period begins when the investigation has concluded. |
Tax |
TAX100 |
Federal, state income and franchise tax returns Records that represent actual tax returns and related workpapers for federal, state, and local income and franchise taxes. Examples include:
|
Indefinitely |
Retain indefinitely. |
Tax |
TAX120 |
Federal and state property tax and miscellaneous tax returns Records that represent actual tax returns, related workpapers, audits and appeals for property taxes, and federal and state miscellaneous taxes that are not classified separately elsewhere. Examples include:
|
Indefinitely |
Retention period begins when the record is created. |
Tax |
TAX130 |
Tax audits and appeals Audits, audit workpapers, and appeals related to audits and appeals. Examples include:
|
15 years |
Retention period begins when the record is created. |