Records Management at
Gustavus Adolphus CollegeRetention Schedules - Record Categories


Record Category

Item

Retention Period

Corporate Records

    

 

By-laws and Articles of Incorporation

Permanent

 

Corporate resolutions

Permanent

 

Board and committee meeting agendas and minutes

Permanent

 

All-College Policies

Permanent

 

Conflict-of-interest disclosure forms

4 years

Finance and Administration

    

 

Financial Statements (audited)

Permanent

 

Auditor management letters

7 years

 

Payroll records

7 years

 

Check registers and checks

7 years

 

Bank deposits and statements

7 years

 

Chart of accounts

7 years

 

General ledgers and journals (includes bank reconciliations)

7 years

 

Investment performance reports

7 years

 

Equipment files and maintenance records

7 years after disposition

 

Contracts and agreements

7 years after all
obligations end

 

Correspondence — general

3 years

Insurance Records

    

 

 Policies — occurrence type Permanent

 

Policies — claims-made type

Permanent

 

Accident reports

7 years

 

Safety (OSHA) reports

7 years

 

Claims (after settlement)

7 years

 

Group disability records

7 years after end
of benefits

Real Estate

    

 

Deeds

Permanent

 

Leases (expired)

7 years after all
obligations end

 

Mortgages, security agreements

7 years after all
obligations end

Tax

    

 

IRS exemption determination and related correspondence

Permanent

 

IRS Form 990s

Permanent

 

Charitable Organizations Registration Statements (filed with Minnesota Attorney General)

Permanent

Human Resources

    

 

Employee personnel files

Permanent

 

Retirement plan benefits (plan descriptions, plan documents)

Permanent

 

Employee handbooks and faculty manuals

Permanent

 

Workers compensation claims (after settlement)

7 years

 

Employee orientation and training materials

7 years after use ends

 

Employment applications

3 years

 

IRS Form I-9 (store separate from personnel file)

Greater of 1 year
after end of service,
or three years

 

Withholding tax statements

7 years

 

Timecards, including electronic time reports

3 years

Technology

    

 

Software licenses and support agreements

7 years after all
obligations end

Electronic Documents and Records

    

 

Electronic documents will be retained as if they were paper documents. Therefore, any electronic files that fall into one of the document types on the above schedule will be maintained for the appropriate amount of time. If a user has sufficient reason to keep an e-mail message, the message should be printed in hard copy and kept in the appropriate file or moved to an “archive” computer file folder. Backup and recovery methods will be tested on a regular basis.