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Chicago Association for Research and Education in Science
RECORD RETENTION AND DOCUMENT DESTRUCTION POLICY

April 29, 2005

  1. The purpose of this policy is to ensure that business records are retained for at least the minimum period stated in applicable statutes and regulations and to define if and when business records can be properly disposed of in an effort to reduce the expense of storing irrelevant and obsolete documents.

  2. There appears to be no absolute and comprehensive guidance in regard to record retention and expert sources differ in their recommended retention periods. Some requirements are available via the IRS, the State of Illinois, the NIH and others but the guidance is only pertinent and relevant to the source. This retention schedule is based on one appearing on the NAVREF website and another prepared by Gammon & Grange, P.C., obtained from “Nonprofit Alert”. It has been compared to retention schedules from a variety of other sources and in those cases where recommendations were not consonant, the longer retention period has been used.

  3. Retention periods apply to the original hard copy only. Duplicate copies may be disposed of at any time at the discretion of management unless the original has been lost. Records should not be kept any longer than necessary whether in hard copy, microfilm, optical discs or computer data base.

  4. The basic requirements that apply to all records apply to e-mail records as well. Emails are to be printed and the hardcopy stored in the relevant subject matter file as is any other hardcopy communication. The email record must include the sender and recipient as well as the date and time was sent and/or received.

  5. It is the policy of CARES to ensure the security and confidentiality of all records within its custody or control containing personal, confidential or proprietary information. Such records will not be destroyed earlier that the dates indicated in this policy. Such records will be shredded, erased or otherwise modified so as to make the records unreadable or otherwise modifying the protected information as to make it unreadable or undecipherable through any means. Record destruction may be accomplished directly by CARES staff or other secure means.

Type of Record Retention Period (Years) Other Information
Accident Reports and Claims (Settled) 7  
Articles of Incorporation P Corporate Record Book
Accounts Payable Ledgers 7  
Accounts Receivable Ledgers 7  
Affirmative Action Plan P  
Annual External Auditor’s Report P  
Annual Report to the VA P  
Background Check Requests and Reports 3  
Bank Deposit Records 7  
By-Laws P Corporate Record Book.
Chart of Accounts P  
Checks (Cancelled) 7  
Contracts
(Unless stated otherwise in the contract) 		7 After completion or termination.
Copyrights and Trademark Registrations P  
Correspondence (General) 3  
Correspondence (Legal Matters) P  
Depreciation Schedules P  
Donations 7  
EEOC Reports 7  
Electronic Fund Transfer Documents 7  
Employee Application from Unsuccessful Candidates 1  
Employment Applications 3  
Employee Handbooks P  
Financial & Related Records for Federal Awards 3 3 yrs after final report
Financial Statements-Year End P  
Garnishments 7  
Grants (Submitted but not funded) 3  
Application to Illinois for Tax-Exemption and Determination Letter. P Original in Corporate Record Book
I-9 Forms 1 1 year after termination.
Insurance Policies and Records 7 7 yrs after policy expires
Internal Reports (Various) 3  
Invoices (From CARES) 7  
Job Descriptions 3  
Legal Opinions P  
Minutes of Board Meetings, Agendas & Related Documents P Corporate Record Book
Mortgages, Notes and Leases 7 7 yrs after expiration.
OSHA Log 7  
Patents and Related Documents P  
Payroll Records (Including Timesheets) 7  
Pension Plan Records (ERISA) 7  
Personnel Files (of terminated employees) 7  
Physical Inventory 7  
Purchase Orders and Back-Up Documentation 7  
Research Proposals (Approved and funded) 7  
Status of Funds Reports (Year End) and Worksheets 7  
Tax Returns (Federal and State) P  
Tax Exemption Application and Determination Letter from Internal Revenue Service P Corporate Record Book.
Taxes, Withholding Statements 7  
Taxes, FICA 7  
Trademark Registrations and Copyrights P  
Travel Reimbursements 7  
Workman’s Compensation Documents 10 Following 1st closure

The Corporate Record Book is held by Marc Lane, Esq., 180 N. LaSalle, Ste 2100, Chicago, IL 60601-2701

Seven Year Schedule

Year Completed Can be Destroyed
1984 1992
1985 1993
1986 1994
1987 1995
1988 1996
1989 1997
1990 1998
1991 1999
1992 2000
1993 2001
1994 2002
1995 2003
1996 2004
1997 2005
1997 2005
1998 2006
1999 2007
2000 2008
2001 2009
2002 2010
2003 2011
2004 2012
2005 2013
2006 2014










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