INTELLECTUAL PROPERTY LAW ASSOCIATION OF CHICAGO RECORD RETENTION AND DOCUMENT DESTRUCTION POLICY (ENACTED APRIL 4, 2012)
The Intellectual Property Law Association of Chicago (IPLAC) shall retain records for the period of their immediate or current use, unless longer retention is necessary for historical reference or to comply with contractual or legal requirements. Records and documents outlined in this policy include paper, electronic files (including e-mail) and voicemail records regardless of where the document is stored, including network servers, desktop or laptop computers and handheld computers and other wireless devices with text messaging capabilities.
In accordance with 18 U.S.C. Section 1519 and the Sarbanes Oxley Act, IPLAC shall not knowingly destroy a document with the intent to obstruct or influence an "investigation or proper administration of any matter within the jurisdiction of any department agency of the United States ... or in relation to or contemplation of such matter or case." If an official investigation is underway or even suspected, document purging must stop in order to avoid criminal obstruction.
In order to eliminate accidental or innocent destruction, IPLAC has the following document retention policy:
|
Type of Document |
Retention Period |
Correspondence (general) |
3 years |
Employment applications |
3 years from making the record or taking the personnel action |
Insurance policies, records, accident reports, claims (expired) |
3 years |
Accounts receivable and payable ledgers and schedules |
7 years |
Bank Reconciliation |
7 years |
Bank Statements, deposit records, electronic fund transfer documents, and cancelled checks |
7 years |
Contracts, mortgages, notes and leases (expired) |
7 years |
Inventory records |
7 years |
Invoices (to customers, from vendors) |
7 years |
Garnishments |
7 years |
Personnel files (employee demographic information and compensation records) |
7 years |
Personnel files (I-9's) |
7 years after termination |
Personnel files (payroll records and summaries including records related to employee's leave) |
7 years |
Personnel files (terminated employees) |
7 years after termination |
Timesheets |
7 years |
Workers Compensation documentation |
10 years after 1st closure |
Annual audited financial statements, audit reports, general ledgers, internal audit reports, trial balance journals |
Permanently |
Articles of Incorporation, Charter, Bylaws, Board minutes and other incorporation records |
Permanently |
Chart of Accounts |
Permanently |
Contracts, mortgages, notes and leases (still in effect) |
Permanently |
Correspondence (legal and important matters) |
Permanently |
Depreciation schedules |
Permanently |
Insurance policies, records, current accident reports, claims (still in effect) |
Permanently |
Loan documents and notes |
Permanently |
Retirement and pension records including Summary Plan Descriptions (ERISA) |
Permanently |
Tax Returns and worksheets |
Permanently |
Trademark registrations and copyrights |
Permanently |
Adopted by the Board of Managers April 4, 2012.
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