Document Destruction Policy
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The Sarbanes-Oxley Act addresses the destruction of business records and documents and turns intentional document destruction into a process that must be carefully monitored.

Nonprofit organizations should have a written, mandatory document retention and periodic destruction policy. Policies such as this will eliminate accidental or innocent destruction. In addition, it is important for administrative personnel to know the length of time records should be retained to be in compliance.

This information (the minimum requirements for destruction) is provided as guidance in determining The Cure Is Now document retention policy.

Type of Document and Minimum Requirement:

  • Accounts payable ledgers and schedules-7 years
  • Audit reports-Permanently
  • Bank Reconciliations-2 years
  • Bank statements-3 years
  • Checks (for important payments and purchases)- Permanently
  • Contracts, mortgages, notes and leases (expired)-7 years
  • Contracts (still in effect)-Permanently
  • Correspondence (general)-2 years
  • Correspondence (legal and important matters)-Permanently
  • Correspondence (with customers and vendors)-2 years
  • Deeds, mortgages, and bills of sale-Permanently
  • Depreciation Schedules-Permanently
  • Duplicate deposit slips-2 years
  • Employment applications-3 years
  • Expense Analyses/expense distribution schedules-7 years
  • Year End Financial Statements-Permanently
  • Insurance Policies (expired)-3 years
  • Insurance records, current accident reports, claims, policies, etc.-Permanently
  • Internal audit reports-3 years
  • Inventories of products, materials, and supplies-7 years
  • Invoices (to customers, from vendors)-7 years
  • Minute books, bylaws and charter-Permanently
  • Patents and related Papers-Permanently
  • Payroll records and summaries-7 years
  • Personnel files (terminated employees)-7 years
  • Retirement and pension records-Permanently
  • Tax returns and worksheets-Permanently
  • Time sheets-7 years
  • Trademark registrations and copyrights-Permanently
  • Withholding tax statements-7 years