The American Studies Center

Document Retention and Destruction Policy

Purpose

In accordance with the Sarbanes-Oxley Act, which makes it a crime to alter, cover up, falsify, or destroy any document with the intent of impeding or obstructing any official proceeding, this policy provides for the systematic review, retention and destruction of documents received or created by American Studies Center in connection with the transaction of organization business. This policy covers all records and documents, regardless of physical form, contains guidelines for how long certain documents should be kept and when records may be destroyed. The policy is designed to ensure compliance with federal and state laws and regulations, to eliminate accidental or innocent destruction of records and to facilitate American Studies Center operations by promoting efficiency and freeing up valuable storage space.

Document Destruction

The Document Retention and Destruction Policy of The American Studies Center identifies the record retention responsibilities of staff, volunteers, members of the board of directors, and outsiders for maintaining and documenting the storage and destruction of the organization’s documents and records.

The organization’s staff, volunteers, members of the board of directors, committee members and outsiders (independent contractors via agreements with them) are required to honor the following rules:

a. Paper or electronic documents indicated under the terms for retention in the following section will be transferred and maintained by the Chief Operating Officer or Accountant.

b. No paper or electronic documents will be destroyed or deleted if pertinent to any ongoing or anticipated government investigation or proceeding or private litigation (check with legal counsel or the human resources department for any current or foreseen litigation if employees have not been notified); and

c. No paper or electronic documents will be destroyed or deleted as required to comply with government auditing standards (Single Audit Act).

Document Retention

American Studies Center, Inc. follows the document retention procedures outlined below. Documents that are not listed, but are substantially similar to those listed in the schedule will be retained for the appropriate length of time.

Type of Document	Minimum Requirement
Accounts payable ledgers and schedules	7 years
Audit reports	7 Years
Bank reconciliations	2 years
Bank statements	3 years
Contracts, mortgages, notes, and leases (expired)	3 years
Contracts (still in effect)	Contract period + 3 Years
Depreciation schedules	7 Years
Duplicate deposit slips	2 years
Employment applications	3 years
Employment Records, Personnel files (terminated employees)	6 years
E-mail – E-mail that needs to be saved should be printed in hard copy and kept in the appropriate file or downloaded to a computer file and kept electronically	Retention depends on the Subject Matter of the e-mail, as covered elsewhere in this policy.
Year-end financial statements	7 Years
Insurance records, current accident reports, claims, policies, and so on (active and expired)	7 Years
Internal audit reports	3 years
Invoices (to customers, from vendors)	7 years
Minute books, bylaws, IRS Determination Letter and charter	Permanently
Patents and related papers	Permanently
Payroll records and summaries	7 years
Retirement and pension records	Permanently
Tax Records, returns and worksheets	7 Years
Timesheets	7 years
Trademark registrations and copyrights	Permanently
Withholding tax statements	7 years

Failure to comply with this policy may result in punitive action against the employee, including suspension or termination. Questions about this policy should be referred to the Chief Operating Officer or the President of The American Studies Center.