Document Retention and Destruction Policy
Purpose
This Document Retention and Destruction Policy (Policy) provide for the systematic review, retention and destruction of documents received or created by Wilmington College (College) in connection with the transaction of Wilmington College business. This Policy covers all records and documents, regardless of physical form (including electronic documents), contains guidelines for how long certain documents should be kept and how records should be destroyed. This Policy is designed to ensure compliance with federal and state laws and regulations, to eliminate accidental or innocent destruction of records and to facilitate the College's operations by promoting efficiency and freeing up valuable storage space.
Document Retention
Wilmington college follows the document retention procedures outlined below. Documents that are not listed but are substantially similar to those listed in the schedule will be retained for the appropriate length of time.
Corporate Records
| Annual Reports | Permanent |
| Articles of Incorporation | Permanent |
| Board Meeting and Board Committee Minutes | Permanent |
| Board Policies/Resolutions | Permanent |
| Bylaws | Permanent |
| Construction Documents | Permanent |
| Fixed Asset Records | Permanent |
| IRS Application for Tax-Exempt Status (Form 1023) | Permanent |
| IRS Determination Letter | Permanent |
| State Sales Tax Exemption Letter | Permanent |
| Contracts (after expiration) | 5 years |
| Correspondence (general) | 3 Years |
| Accounting and Corporate Tax Records | |
| Annual Audits and Financial Statements | Permanent |
| Depreciation Schedules | 10 years |
| General Ledgers | 10 Years |
| IRS 990 Tax Returns | Permanent |
| Business Expense Records | 6 years |
| IRS 1099s | 6 years |
| Journal Entries | 6 years |
| Invoices | 6 years |
| Petty Cash Vouchers | 3 years |
| Cash Receipts | 3 years |
| Credit Card Receipts | 3 years |
| Bank Records | |
| Check Registers | 10 years |
| Bank Deposit Slips | 7 years |
| Babk Statements and Reconciliation | 7 years |
| Electronic Fund Transfer Documents | 7 years |
| Payroll and Employment Tax Records | |
| Payroll Registers | Permanent |
| State Unemployment Tax Records | 10 years |
| Earnings Records | 7 years |
| Garnishment Records | 7 years |
| Payroll Tax Returns | 7 years |
| W-2 Statements | 7 years |
| Student Records | Permanent |
| Employee Records | |
| Employment and Termination Agreements | 10 years |
| Retirement and Pension Plan Documents | 10 years |
| Records Relating to Promotions, Demotions or Discharge | 7 years after termination |
| Accident Reports and Worker's Compensation Records | 5 years |
| Salary Schedules | 5 years |
| Employment Applications | 3 years |
| I-9 Forms | 3 years after termination |
| Timecards/Sheets | 2 years |
| Donor Records and Acknowledgement Letters | 7 years |
| Grant Applications and Contracts | 5 years after completion |
| Legal, Insurance and Safety Records | |
| Appraisals | 10 years |
| Copyright Registrations | Permanent |
| Environmental Studies | Permanent |
| Insurance Policies | 10 Years |
| Real Estate Documents | Permanent |
| Stocks and Bonds Records | 10 Years |
| Trademark Registrations | Permanent |
| Leases | 6 years after expiration |
| OSHA Documents | 5 years |
| General Contacts | 3 years after termination |
Electronic Documents and Records
Electronic documents will be retained as if they are paper documents. Therefore, any electronic files, including records of donations made online, that fall into one of the document types on the above schedule will be maintained for the appropriate amount of time. If a user has sufficient reason to keep an email message, the message should be printed on a hard copy and kept in the appropriate file or moved to an "archive" computer file folder. Backup and recovery methods will be tested on a regular basis.
Emergency Planning
The College's records will be stored in a safe, secure and accessible manner. Documents and financial files that are essential to keeping the College operating in an emergency will be duplicated or backed up at least every week and maintained off site.
Document Destruction
The appropriate Business Area is responsible for the ongoing process of identifying its records, which have met the required retention period and the overseeing their destruction. Destruction of financial and personnel-related documents will be accomplished by shredding.
Document destruction will be suspended immediately, upon any indication of an official investigation or when a lawsuit is filed or appears imminent. Destruction will be reinstated upon conclusion of the investigation.
Compliance
Failure on the part of the employees or contract staff to follow this policy can result in possible civil and criminal sanctions against the College and its employees or contact staff and possible disciplinary action against responsible individuals.