Wilmington College
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. The 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
Bank 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 Promotion, Demotion 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
Stock and Bond Records 10 years
Trademark Registrations Permanent
Leases 6 years after expiration
OSHA Documents 5 years
General Contracts 3 years after termination
Electronic Documents and Records
Electronic documents will be retained as if they were 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 in 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 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 employees or contract staff to follow this policy can result in possible civil and criminal sanctions against the College and its employees or contract staff and possible disciplinary action against responsible individuals.