Record Retention & Document Destruction

Library Records
Confidentiality
Business Records and Documents

While public libraries currently are not under Sarbanes-Oxley, the law provides guidance on minimum retention requirements that MHLS recommends libraries follow. The Sarbanes-Oxley Act addresses the destruction of business records and documents and turns intentional document destruction into a process that must be carefully monitored.

Records Retention Schedule [National Council of Nonprofit Association]

Type of Document Minimum Requirement
Accounts Payable ledgetrs and schedules7 years
Audit ReportsPermenantely
Bank Reconciliations2 years
Bank Statements3 years
Checks (for important payments and purchases)Permenantely
Correspondence (general)2 years
Correspondence (legal and important matters)Permenantely
Correspondence (with customers and vendors)2 years
Deeds, mortgages, and bills of salePermanently
Depreciation SchedulesPermanently
Duplicate Deposit Slips2 years
Employment applications3 years
Expense Analyses/ expense distribution schedules7 years
Year End financial statementsPermanently
Insurance Policies (expired)3 eyears
Insurance records, current accident reports, claims, policies, etc.Permanently
Internal Audit reports3 years
Inventories of products, materials, and supplies7 years
Invoices (to customers, from vendors)7 years
Minute books, bylaws, and charterPermanently
Patents and related papersPermanently
Payroll records and summaries7 years
Personnel files (terminated employees)7 years
Retirement and pension recordsPermanently
Tax returns and worksheetsPermanently
Timesheets7 years
Trademark registrations and copyrightsPermanently
Withholding tax statements7 years

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