RECORDS RETENTION
POLICY: The Organization will retain records in an orderly fashion for time periods that
comply with legal and government requirements.
SCOPE: These procedures apply to all departments which generate business
documentation.
POLICY AND PROCEDURES:
1.0 Storage
1.1 Files currently needed for day-to-day operational activities will be stored in
divisional office areas. Employees should be sensitive to keep confidential files
or materials in locked file drawers or locked offices when the employee is not
present. Files that are no longer needed for daily functions should be archived
(guidelines follow).
1.2 Storage of archived records falling within the records retention schedule
below are maintained in the basement locked storage area of the building.
1.3 Files should be stored in boxes with similar items, dates and retention
periods.
2.0 Record Retention Guidelines
The following holding periods will be utilized for the maintenance of the documents
listed below.
Accounting Records
Accounts payable - 7 years
Accounts receivable - 7 years
Audit reports – Permanent
Depreciation schedules – Permanent
Expense reports - 7 years
Financial statements (annual) – Permanent
Fixed asset purchases - Permanent
General ledger and general journals – Permanent
Fulfillment records - 7 years
Operations
Loan payment schedules - 7 years
Purchase orders & correspondence -7 years
Purchase requisitions – 2 years
Tax returns & working papers – Permanent
Trial balances (Annual) – Permanent
Void Checks-7 years
Location of Current Files
Actg. Closet/Basement
Actg. Close/Basement
Fireproof
Actg. Closet/Basement
Actg. Closet/Basement
CFO
Actg. Closet/Basement
Actg. Closet/Basement
Admin. Asst., Bus.
N/A
Actg. Closet/Basement
Actg. Closet/Basement
Fireproof
Actg. Closet/Basement
Binder/Accounting
Bank Records
Bank reconciliations - 7 years
Bank statements - 7 years
Canceled checks - 7 years (Disc)
Checks for capital purchases &
important contracts – Permanent
Electronic payment records - 7 years
Petty cash vouchers – 3 years
Actg. Closet/Basement
Actg. Closet/Basement
Actg. Closet/Basement
Actg. Closet/Basement
Actg. Closet/Basement
Actg. Closet/Basement
Corporate Records
Board minutes – Permanent
Bylaws, charter, articles of incorporation – Permanent
Business licenses - Permanent
Contracts - major – Permanent
Contracts - minor - Life + 4 years
Insurance policies, accidents, claims - Life + 4 years
Legal & tax correspondence – Permanent
Leases/mortgages – Permanent
Patents/trademarks – Permanent
Executive Case/Offices
Fireproof
Fireproof
Fireproof/Basement
Fireproof/Basement
Business Operations
Basement
Fireproof
Fireproof
Employee Records
Benefit plans – Permanent
Employee disability benefit records – 6 years
Employee files (terminated) - 10 years
Employment applications – 1 year
Employment taxes - 7 years
Payroll records - 7 years
Pension/profit sharing plans – Permanent
Basement
Basement
Basement
HR Dept.
Basement
Basement
Basement
Real Property Records
Appraisals – Permanent
Construction records – Permanent
Leasehold improvements – Permanent
Lease payment records - Life + 4 years
Real estate purchases – Permanent
N/A
Fireproof
Fireproof
Fireproof
N/A
3.0 Record Destruction
After each year end, a review of the files in the basement storage is performed by the
accounting department staff, and any records falling outside the above retention
schedule are destroyed.
USA Swimming’s legal counsel shall be instructed to inform the Executive Director
when document destruction (planned or otherwise) should be halted. The Executive
Director will in turn notify the staff and board members. Violation of such orders can
result in immediate termination.