Records Management and Retention

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APPENDIX 5-P: Sample Retention Schedule Excerpt

Information Type Information Class Code Information Class Name/Description Retention Period Retention Event Trigger

Corporate Policies and Procedures Manuals and related materials.

Examples Include:

• Policies and Procedures Manuals

INDRetain 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.)

Records from external financial audits of company and business units not covered elsewhere.

Examples Include:

• Audit Committee Notes or Minutes

• Audit Work Papers—External Financial Audits

• Audit Correspondence—External Audit Oversight

• Preliminary and Final Audit Reports—External Financial Audits

• Management Responses—External Financial Audits

• Supporting Documentation—External Auditor Oversight

7 yearsRetention period begins when the record is created.

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:

• Governmental Agency Audits, Reports, Inspection Reports, Notices, of Violation, Warnings, Citations or Hearing Notices

• Governmental Agency Correspondence

• Governmental Agency Hearing Notices

• Governmental Agency Orders

Act+ 3 yearsActive for the life of the investigation. The retention period begins when the investigation has concluded.

Federal, State Income & Franchise Tax Returns

Records that represent actual tax returns and related work papers for federal, state, and local income and franchise taxes.

Examples Include:

• Federal/State Income Tax Returns

• Income and Franchise Tax Work papers

INDRetain indefinitely.

Federal, State Property Tax and Miscellaneous Tax Returns

Records that represent actual tax returns, related work papers, audits and appeals for property taxes and federal and state miscellaneous taxes that are not classified separately elsewhere.

Examples Include:

• Property Tax, Sales & Use Tax or other Miscellaneous our Federal or State Tax Returns

• Estate and Gift, Occupancy, Real Property, Excise, or Stock Transfer Taxes

• Tax Work papers

INDRetention period begins when the record is created.

Tax Audits & Appeals

Audits, audit work papers and appeals related to audits and appeals.

Examples Include:

• Tax Appeals

• Tax Audit Reports

• Tax Work papers

15 yearsRetention period begins when the record is created.
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