Record Retention Guide
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The American Institute of Certified Public Accountants has developed and distributed detailed a guide for record retention. We reproduce below selections that may be of particular interest to housing cooperatives and condominiums and their residents.
Appraisals by outside appraisers
Audit reports
Blueprints and plans
Bylaws
Capital stock and bonds records
Cash books
Charter
Charts of accounts
Cancelled checks for
- important payments
- taxes, special contracts
* file with papers for the transaction
Contracts, mortgages,
- leases in effect
Correspondence on
- legal matters
Deeds, mortgages, bills of sale A A A A
Depreciation schedules
Year end financial statements
General ledgers, year-end
- trial balance
Insurance records,
- current accident reports, claims, policies
Journals
Minute books of directors, stockholders
Retirement and pension records
Tax returns and related worksheets
Training manuals
Union agreements
Vouchers/payment to employees, vendors
Keep for 7 Years
Accident reports/claims (settled cases)
Accounts payable ledgers and schedules
Cancelled checks (see exceptions at left)
Expense analyses/expense distributions
Expired contracts, mortgages, leases
Garnishments
Inventories of products, materials, supplies
Invoices
Notes receivable ledgers and schedules
Option records (expired)
Payroll records and summaries
Personnel files (terminated)
Purchase orders
Stock and Bond certificates (cancelled)
Subsidiary ledgers
Time books/cards
Voucher registers and schedules
Withholding tax schedules
Keep for 3 Years
Bank statements
Employment applications
Insurance policies (expired)
Internal audit reports
Internal reports (miscellaneous)
Petty cash vouchers
Sales commission reports
Keep for 2 Years
Bank reconciliations
General correspondence
Duplicate deposit slips
Keep for 1 Year
Magnetic tape and tab cards
Purchase orders
Requisitions