Records Retention Policy

Adopted by NSGIC Board of 10/7/09; amended by NSGIC Board 2/26/2012

Board and Membership

  1. Articles of incorporation: Permanently
  2. Association bylaws: Permanently
  3. Minutes: Permanently
  4. Membership applications - approved and rejected: 7 years
  5. Membership directories: 7 years
  6. All other membership information: 7 years
  7. Publications: 7 years
  8. Policy acknowledgement forms: 7 years

Contracts & Correspondence (Meeting and General)

  1. Contracts and leases (expired): 7 years
  2. Contracts and leases still in effect: Permanently
  3. Correspondence (routine) with customers or vendors: 1 year
  4. Correspondence (general): 3 years
  5. Correspondence (legal and important matters only): Permanently

Financial Records

  1. Accounts payable ledgers and schedules: 7 years
  2. Accounts receivable ledgers and schedules: 7 years
  3. Audit and review reports of accountants: Permanently
  4. Bank reconciliations: 1 year
  5. Cash books: Permanently
  6. Charts of accounts: Permanently
  7. Checks (canceled but see exception below): 7 years
  8. Checks (canceled for important payments, i.e. taxes, purchases of property, special contracts, etc.) - (checks should be filed with the papers pertaining to the underlying transaction): Permanently
  9. Depreciation schedules: Permanently
  10. Duplicate deposit slips: 1 year
  11. Expense analyses and expense distribution schedules: 7 years
  12. Financial statements (end-of-year, other months optional): Permanently
  13. General and private ledgers (and end-of-year trial balance): Permanently
  14. Internal audit reports: 3 years
  15. Inventories of products, materials, supplies: 7 years
  16. Invoices to customers: 7 years
  17. Invoices from vendors: 7 years
  18. IRS tax exemption letter: Permanently
  19. Journals: Permanently
  20. Notes receivable ledgers and schedules: 7 years
  21. Payroll records and summaries, including payments to pensioners: 7 years
  22. Subsidiary ledgers: 7 years
  23. Tax filings: Permanently
  24. Trademark registrations: Permanently
  25. Voucher register and schedules: 7 years
  26. Vouchers for all payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses): 7 years

Insurance

  1. Insurance policies (expired): 3 years
  2. Insurance records, policies, etc.: Permanently

Miscellaneous

  1. Electronic mail: 3 years
  2. Internal reports (miscellaneous): 3 years