SJ Packman Document Retention Policy

888-314-1722

Document Retention Policy

S.J. Packman & Associates, LLC (hereinafter the “Company”) shall retain records for the period of their immediate or current use, unless longer retention is necessary for historical reference or to comply with contractual or legal requirements. Records and documents outlined in this policy include paper files and documents, electronic files (including e-mail) and recorded customer verifications for sales. Records and documents referenced in this policy may be stored on network servers, desktop or laptop computers, or in file cabinets. This retention policy must be agreed to by written signature of the authorized representative of all Company affiliate offices (“affiliates”). Affiliates may indicate their acceptance of this policy by signing and dating at the bottom of it and returning their original signature page to Company.

All data and records should be stored as securely as possible in order to avoid potential misuse or loss. All data and records will be stored in the most convenient and appropriate location having regard to the period of retention required and the frequency with which access will be made to the record. The degree of security required for file storage will reflect the sensitivity and confidential nature of any material recorded.

The Company will not knowingly destroy a document with the intent to obstruct or influence an investigation or proper administration of any matter within the jurisdiction of any governmental agency or in relation to or contemplation of such matter or case. If an official investigation is underway or even suspected, document purging must stop in order to avoid obstruction.

In order to eliminate accidental or innocent destruction, the Company has the following document retention policy. This policy is solely intended as a set of minimum standards for the Company, some documents at the discretion of management may be retained longer but no obligation per this policy exists to require such.

ACCOUNTING/FINANCE RETENTION PERIOD
Audit Reports, Tax Returns, Workpapers, Financial Statements, General Ledgers, and Trial Balance Journals 7 Years
Accounts Receivable and Payable Ledgers 7 Years
Bank Statements/Reconciliations 7 Years
Chart of Accounts 7 Years
Canceled Checks 7 Years
Capital Expenditure Records 7 Years
Cash Disbursement Journal 7 Years
Cash Receipts Journal 7 Years
Deposit Slips 7 Years
Expense Reports 7 Years
Expense Ledger 7 Years
Financial Statements 7 Years
Inventory Records 7 Years
Invoices (to customers, from vendors) 7 Years
Payroll Journal and Vouchers 7 Years
Payroll - Time Cards 7 Years
Payroll - Earnings Records 7 Years
Petty Cash Vouchers and Related Records 7 Years
Prepaid and Accrued Expense Journal 7 Years
Subsidiary Ledgers 7 Years
Voucher for payments to vendors, employees, etc. 7 Years
CORPORATE RECORDS RETENTION PERIOD
Annual Reports Permanent
Bylaws, Charter, Minute Books, Articles of Incorporation Permanent
Capital Stocks and Bond Records Permanent
Checks - Taxes, Property and Settlements 7 Years
Contracts/Agreements (still in effect) (*Inclusive of any and all documents relating to or supplementing (i.e., consumer credit card statements) Permanent
Contracts/Agreements (completed) (*Inclusive of any and all documents relating to or supplementing (i.e., consumer credit card statements) 7 Years
Trademark Registrations Permanent
Deeds/Easements/Real Estate Records Permanent
Labor Contracts Permanent
Personnel Files (payroll records and summaries including records related to employee’s leave) 7 Years
Personnel Files (terminated employees) 7 Years after termination
Mortgages, Notes & Leases 10 Years
Patents Permanent
Retirement/Pension Records Permanent
Tax Documents (generally anything not cited herein) 10 Years
CORRESPONDENCE RETENTION PERIOD
General 3 Years (archive 4 Years)
Legal & Tax 7 Years
Production 7 Years
Routine - Vendor, Supplier, Customer 3 Years (archive 4 Years)
INSURANCE RETENTION PERIOD
Accident Reports 7 Years
Claims - After Settlement 7 Years
Fire Inspection Reports 7 Years
Disability Reports 7 Years
Policies – Expired Permanent
Safety Reports 7 Years

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