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(IPLAC) shall retain records for the period of their immediate or current use, unless longer retention is necessary for historical reference or to comply with contractual or legal requirements.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.