Financial Retention and Destruction Policy

FINANCIAL RETENTION AND DESTRUCTION POLICY

Library Records

Incorporation, chartering and registration records retention: PERMANENT
Accession records retention: 1 year after accessioning procedure period becomes obsolete
Directory of public library system and member libraries (member library copy) retention: 0 after suspended or obsolete
Borrowing or loaning records (including interlibrary loan) (AT MID YORK) retention: 0 after no longer needed
Catalog of holdings  a.   manuscript or published catalog     b.   continuously updated catalog

(AT MID YORK)

retention: PERMANENT retention: 0 after suspended or obsolete
Individual title purchase requisition (which has been filled or found to be unfillable) retention: 1 year
Records documenting selection of books and other library materials retention: 0 after no longer needed
Library material censorship and complaint records (including staff evaluations by staff, patrons’ complaints and record of final decision) retention: 1 year after last entry
Patron’s registration (for use of rare, valuable or restricted non-circulating materials) (AT MID YORK) retention: 6 years

Business Records and Documents

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 (N/A)
Contracts, mortgages, notes and leases (expired) 7 years
Contracts, mortgages, notes and leases (still in effect) Permanently
Correspondence (general) 1 year
Correspondence (legal and important matters) Permanently
Correspondence (with customers and vendors) 1 year
Deeds, mortgages, and bills of sale Permanently
Depreciation Schedules Permanently
Duplicate deposit slips 2 years
Employment Applications 6 MONTHS AS PER CIVIL SERVICE
Expense Analyses/expense distribution schedules 7 years
Year end financial statements Permanently
Insurance Policies (expired) 3 years
Insurance records, current accident reports, claims, policies etc Permanently
Internal audit reports 3 years
Inventories of products, materials and supplies 7 years (N/A)
Invoices (to customers, from vendors) 4 years
Minute books, bylaws and charter Permanently
Patents and related papers Permanently (N/A)
Payroll records and summaries 7 years
Personnel files (terminated employees) 7 years
Retirement and pension records Permanently (N/A)
Tax returns and worksheets Permanently
Timesheets 7 years
Trademark registrations and copyrights Permanently (N/A)
Withholding tax statements 7 years

Adopted on April 21, 2009; Amended May 18, 2010

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