Records Retention
Policy Number 5
Effective Date July 1, 2007
TITLE: Records Retention
RATIONALE: The New River Community and Technical College Foundation (Foundation) maintains an environment of open access to information coupled with donors privacy issues. Further, the Foundation must adhere to the policies of New River Community and Technical College wherever and whenever feasible. The Foundation will comply with its legal, regulatory and government mandates.
Records Retention Schedule
| Type of Document | Minimum Requirement |
| Accounts payable ledgers and schedules | 7 years |
| Audit reports | Permanently |
| Bank Reconciliations | 2 years |
| Bank statements | 3 years |
| Checks (for important payments and purchases) | Permanently |
| Contracts, mortgages, notes and leases (expired) | 7 years |
| Contracts (still in effect) | Permanently |
| Correspondence (general) | 2 years |
| Correspondence (legal and important matters) | Permanently |
| Correspondence (with customers and vendors) | 2 years |
| Deeds, mortgages, and bills of sale | Permanently |
| Depreciation Schedules | Permanently |
| Duplicate deposit slips | 2 years |
| Employment applications | 3 years |
| Expense Analyses/expense distribution schedules | 7 years |
| Year End Financial Statements | Permanently |
| Insurance Policies (expired) | 3 years |
Insurance records, current accident reports, claims, | Permanently |
| Internal audit reports | 3 years |
| Inventories of products, materials, and supplies | 7 years |
| Invoices (to customers, from vendors) | 7 years |
| Minute books bylaws and charter | Permanently |
| Patents and related Papers | Permanently |
| Payroll records and summaries | 7 years |
| Personnel files (terminated employees) | 7 years |
| Retirement and pension records | Permanently |
| Tax returns and worksheets | Permanently |
| Timesheets | 7 years |
| Trademark registrations and copyrights | Permanently |
| Withholding tax statements | 7 years |
Records involved in litigation are to be maintained until settlement of the case regardless of any disposition policy that might otherwise be applicable.
All records will be housed at the administrative office of the Foundation or New River as appropriate.
New River Community and Technical College Foundation
221 George Street, Suite 2
Beckley, WV 25801
304-929-5494
