Document Retention and Destruction Policy
Document Retention and Destruction Policy
I. Purpose
This policy provides for the systematic review, retention, and destruction of documents received or created by Machine Intelligence Research Institute for Artificial Intelligence in connection with the transaction of Machine Intelligence Research Institute for Artificial Intelligence ’s business. This policy covers all records and documents, regardless of physical form, contains guidelines for how long certain documents should be kept and how records should be destroyed. The policy is designed to ensure compliance with federal and state laws and regulations, to eliminate accidental or innocent destruction of records and to facilitate Machine Intelligence Research Institute for Artificial Intelligence ’s operations by promoting efficiency and freeing up valuable storage space.II. Document Retention
Machine Intelligence Research Institute for Artificial Intelligence follows the document retention procedures outlined below. Documents that are not listed, but are substantially similar to those listed in the schedule, will be retained for the appropriate length of time.III. Corporate Records
| Type of Document | Minimum Requirement |
|---|---|
| Accident Reports and Workers Compensation records | 7 years |
| Accounts Payable Ledgers and Schedules | 7 years |
| Annual Reports to Secretary of State/Attorney General | Permanently |
| Appraisals | Permanently |
| Articles of Incorporation | Permanently |
| Audit Reports | Permanently |
| Bank Deposit Slips | 7 years |
| Bank Statements and Reconciliation | 7 years |
| Board Meeting and Board Committee Minutes | Permanently |
| Board Policies/Resolutions | Permanently |
| By-laws | Permanently |
| Cash Receipts | 3 years |
| Checks (for important payments and purchases) | Permanently |
| Contracts | 7 years after expiration |
| Construction Documents | Permanently |
| Copyright Registrations | Permanently |
| Correspondence (general) | 3 years |
| Correspondence (legal and important matters) | Permanently |
| Correspondence (with customers and vendors) | 2 years |
| Credit Card Receipts | 3 years |
| Deeds and Bills of Sale | Permanently |
| Depreciation Schedules | Permanently |
| Donor Records and Acknowledgement Letters | 10 years |
| Duplicate Deposit Slips | 2 years |
| Earnings Records | 7 years |
| Electronic Fund Transfer Documents | 7 years |
| Employment Applications | 7 years |
| Environmental Studies | Permanently |
| Expense Analyses/Expense Distribution Schedules | 7 years |
| Filings with the Registry of Charitable Trusts | 10 years |
| Financial Statements | Permanently |
| Fixed Asset Records | Permanently |
| Garnishment Records | 7 years |
| General Ledgers | Permanently |
| Grant Applications and Contracts | 7 years after completion |
| I-9 Forms | 3 years after termination |
| Insurance Policies, Records, Current Accident Reports, Claims | Permanently |
| Intellectual Property and Trade Secrets | Life of the Trade Secret |
| Internal audit reports | 5 years |
| Inventories of products, materials, and supplies | 7 years |
| Invoices (to customers, from vendors) | 7 years |
| IRS Application for Tax-Exempt Status (Form 1023) | Permanently |
| IRS Determination Letter | Permanently |
| IRS Annual Return (Form 990 or 990-EZ) and Worksheets | Permanently |
| IRS 1099s | 7 years |
| Journal Entries | 7 years |
| Leases | 7 years after expiration |
| Legal Files | Generally 10 years |
| Minute Books and Charter | Permanently |
| Mortgages | 7 years after expiration |
| Notes | 7 years after expiration |
| OSHA Documents | 5 years |
| Patents and Related Papers | Permanently |
| Payroll Records and Summaries | 7 years |
| Payroll Registers | Permanently |
| Payroll Tax Returns | 7 years |
| Personnel Files (terminated employees) | 7 years |
| Petty Cash Vouchers | 3 years |
| Press Releases | Permanently |
| Records Relating to Promotion, Demotion, or Discharge | 7 years after termination |
| Retirement and Pension Plan Documents | Permanently |
| Salary Schedules | 5 years |
| Sales Records (box office, concessions, gift shop) | 5 years |
| Solicitations for Contributions | 10 years |
| State Sales Tax Exemption Letter | Permanently |
| State Tax Returns and Worksheets | Permanently |
| State Unemployment Tax Records | Permanently |
| Stock and Bond Records | Permanently |
| Timesheets | 7 years |
| Trademark Registrations | Permanently |
| W-2 Statements | 7 years |
| Withholding Tax Statements | 7 years |
IV. Glossary of Terms
- Board and Board Committee Materials. Meeting minutes should be retained in perpetuity in the Machine Intelligence Research Institute for Artificial Intelligence’s minute book.
- Commercial Fundraiser. A commercial fundraiser for charitable purposes must maintain during each solicitation campaign, and for not less than 10 years following the completion of each solicitation campaign, records including any electronic records, containing information regarding:
- The date and amount of each contribution received as a result of the solicitation campaign and, for non-cash contributions, the name and mailing address of each contributor.
- The name and residence address of each employee, agent or other person involved in the solicitation campaign.
- Records of all revenue received and expenses incurred in the course of the solicitation campaign.
- For each account into which the commercial fundraiser deposited revenue from the solicitation campaign, the account number and the name and location of the bank or other financial institution in which the account was maintained.
- If commercial fundraiser sells tickets to events and represents that they will be donated for use by another, then he or she must keep the number of tickets purchased and donated by each contributor, name address of all orgs receiving donated tickets. Machine Intelligence Research Institute must maintain a copy of its contract with the commercial fundraiser and records of solicitations and donations according to the table above.
- Contracts. Final, executed copies of all contracts entered into by the Machine Intelligence Research Institute should be retained. Machine Intelligence Research Institute should retain copies of the final contracts for at least seven years beyond the life of the agreement, and longer in the case of publicly filed contracts.
- Development/Intellectual Property and Trade Secrets. Development documents are often subject to intellectual property protection in their final form (e.g., patents and copyrights). The documents detailing the development process are often also of value to Machine Intelligence Research Institute and are protected as a trade secret where Machine Intelligence Research Institute:
- derives independent economic value from the secrecy of the information; and
- Machine Intelligence Research Institute has taken affirmative steps to keep the information confidential.
- Machine Intelligence Research Institute should keep all documents designated as containing trade secret information for at least the life of the trade secret.
- Legal Files. Legal counsel should be consulted to determine the retention period of particular documents, but legal documents should generally be maintained for a period of ten years.
- Personnel Records. State and federal statutes require the Company to keep certain recruitment, employment and personnel information. Machine Intelligence Research Institute should also keep personnel files that reflect performance reviews and any complaints brought against Machine Intelligence Research Institute for Artificial Intelligence or individual employees under applicable state and federal statutes. Machine Intelligence Research Institute should also keep all final memoranda and correspondence reflecting performance reviews and actions taken by or against personnel in the employee’s personnel file. Personnel records should be retained for seven years.
- Press Releases/Public Filings. Machine Intelligence Research Institute should retain permanent copies of all press releases and publicly filed documents under the theory that Machine Intelligence Research Institute should have its own copy to test the accuracy of any document a member of the public can theoretically produce against Machine Intelligence Research Institute.
- Tax Records. Tax records include, but may not be limited to, documents concerning payroll, expenses, proof of deductions, business costs, accounting procedures, and other documents concerning Machine Intelligence Research Institute’s revenues. Tax records should be retained permanently. Payroll tax returns can be retained for only seven years.
V. Electronic Documents and Records
Electronic documents will be retained as if they were paper documents. Therefore, any electronic files, including records of donations made online, that fall into one of the document types on the above schedule will be maintained for the appropriate amount of time. If a user has sufficient reason to keep an email message, the message should be printed in hard copy and kept in the appropriate file or moved to an “archive” computer file folder. Backup and recovery methods will be tested on a regular basis.VI. Emergency Planning
Machine Intelligence Research Institute’s records will be stored in a safe, secure and accessible manner. Documents and financial files that are essential to keeping Machine Intelligence Research Institute operating in an emergency will be duplicated or backed up at least every week and maintained off site.VII. Document Destruction
Machine Intelligence Research Institute’s chief financial officer is responsible for the ongoing process of identifying its records, which have met the required retention period and overseeing their destruction. Destruction of financial and personnel-related documents will be accomplished by shredding. Document destruction will be suspended immediately, upon any indication of an official investigation or when a lawsuit is filed or appears imminent. Destruction will be reinstated upon conclusion of the investigation.VIII. Compliance
Failure on the part of employees to follow this policy can result in possible civil and criminal sanctions against Machine Intelligence Research Institute and its employees and possible disciplinary action against responsible inpiduals. The chief financial officer and finance committee chair will periodically review these procedures with legal counsel or the Machine Intelligence Research Institute for Artificial Intelligence’s certified public accountant to ensure that they are in compliance with new or revised regulations.Download a copy of this policy here.