Policy on Document Retention and Destruction

  1. Introduction

    This Policy on Document Retention and Destruction (this “Policy”) provides for the systematic review, retention and destruction of documents, whether in electronic or paper form, received or created by Nevada Research & Innovation Corporation (the “Corporation”).

  2. Governmental Investigation and Private Litigation

    It is a crime to alter, cover up, falsify or destroy any document with the intent of impeding or obstructing any official proceeding. Moreover, there is a duty to preserve evidence if private litigation is anticipated or ongoing. Accordingly, if there is reason to believe that any of the Corporation’s documents are relevant to anticipated or ongoing governmental investigation or private litigation, those documents must be preserved until legal counsel for the Corporation states in writing that such documents are no longer needed. This directive supersedes any and all other directives, whether contained in this Policy or not.

  3. Document Retention Schedule

    The following table provides minimum requirements for retention of documents. If applicable laws are changed to require a different retention period, such law or regulations shall take precedence.

Corporate Records
Annual Reports to Secretary of State/Attorney GeneralPermanent
Articles of IncorporationPermanent
Board Meeting and Board Committee MinutesPermanent
Board Policies/ResolutionsPermanent
By-lawsPermanent
Construction DocumentsPermanent
Fixed Asset RecordsPermanent
IRS Application for Recognition of Tax-Exempt StatusPermanent
IRS Determination LetterPermanent
State Sales Tax Exemption LetterPermanent
Contracts (after expiration)7 years
Correspondence (general)3 years
Accounting and Corporate Tax Records
Annual Audits and Financial StatementsPermanent
Depreciation SchedulesPermanent
General LedgersPermanent
IRS 990 Tax ReturnsPermanent
Business Expense Records7 years
IRS Forms 10997 years
Journal Entries7 years
Invoices7 years
Sales Records (box office, concessions, gift shop)5 years
Petty Cash Vouchers3 years
Cash Receipts3 years
Credit Card Receipts3 years
Bank Records
Check RegistersPermanent
Bank Deposit Slips7 years
Bank Statements and Reconciliation7 years
Electronic Fund Transfer Documents7 years
Payroll and Employment Tax Records
Payroll RegistersPermanent
State Unemployment Tax RecordsPermanent
Earnings Records7 years
Garnishment Records7 years
Payroll Tax returns7 years
W-2 Statements7 years
Employee Records
Employment and Termination AgreementsPermanent
Retirement and Pension Plan DocumentsPermanent
Records Relating to Promotion, Demotion or Discharge7 years after termination
Accident Reports and Worker’s Compensation Records5 years
Salary Schedules5 years
Employment Applications3 years
I-9 Forms3 years after termination
Time Cards2 years
Donor and Grant Records
Donor Records and Acknowledgement Letters7 years
Grant Applications and Contracts5 years after completion
Legal, Insurance and Safety Records
AppraisalsPermanent
Copyright RegistrationsPermanent
Environmental StudiesPermanent
Insurance PoliciesPermanent
Patent RegistrationsPermanent
Real Estate DocumentsPermanent
Stock and Bond RecordsPermanent
Trademark RegistrationsPermanent
Leases6 years after expiration
OSHA Documents5 years
General Contracts3 years after termination

  1. 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 there is sufficient reason to keep an email message, it should be printed in hard copy and kept in the appropriate file or moved to an “archive” computer file folder.

  2. Document Destruction

    Each person whose job description includes the custody and/or maintenance of the above documents is responsible for the ongoing process of identifying records which have met the required retention period and overseeing the destruction of such documents.

    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.

  3. Compliance

    Failure to follow this policy can result in possible civil and criminal sanctions against the Corporation and its employees and possible disciplinary action against responsible individuals. The President of the Corporation will periodically review this policy with legal counsel to ensure that it is in compliance with current applicable law.

Approved by Board of Directors 17 January 2017