To ensure the most efficient and effective operation of the AAVMC, this Document Retention Policy (DRP) this policy provides for the systematic review, retention and destruction of documents received or created by AAVMC in connection with the transaction of organization business. This DPR applies to all records and documents, regardless of physical form and contains guidelines for how long certain documents should be kept and how records should be destroyed. business records. The records of the Association are important to the proper functioning of the AAVMC. Records include all records produced by any Association employee, including but not limited to managers, supervisor, officers and directors. Records of the Association also include any document prepared by independent contractors and service providers that become property of AAVMC. Such records can be electronic or paper or any other tangible form. Thus, items that may at first be considered not important, such as interoffice emails, desktop calendars and printed memoranda are records that are considered important under this policy. If there is uncertainty as to any procedures set forth in this policy (e.g. what records to retain or destroy, when to do so, or how) it is the responsibility of the employee to seek answers from a manager, supervisor or the Association’s Chief Operating Officer.

 

Federal and state (district) laws require the AAVMC to maintain certain types of records for particular periods. Failure to maintain such records could subject employees and the Association to penalties and fines, obstruct justice, spoil legal evidence, and/or seriously harm the Association’s position in litigation. Thus, it is imperative that employees fully understand and comply with these requirements, and any future records retention or destruction policies and schedules (see document retention schedule) with the following exception.

 

If employees, including officers and directors, have been notified by the Association or believe or have reason to believe that (1) such records are or could be relevant to any future litigation, (2) there is a dispute that could lead to litigation, or (3) AAVMC is a party to a lawsuit, in which case the employee must preserve such records until AAVMC’s legal counsel determines that the records are no longer needed. If a lawsuit against the AAVMC or one of its officers, board of directors’ member(s), volunteer(s), or employee(s) is filed or imminent, or a legal document request has been made upon the AAVMC, all records destruction must cease immediately. AAVMC’s Chief Operating Officer may suspend this DRP to require that documents relating to the lawsuit or potential legal issue(s) be retained and organized. A critical understanding of this section is imperative. Should employees fail to follow this protocol, the employee or the AAVMC may be subject to legal fines and/or penalties, among other sanctions.

 

“Records” discussed herein refers to all business records of the Association (and is used interchangeably with “documents”), including written, printed, and recorded materials, as well as electronic records (i.e. emails, documents or any other information ore record saved electronically, including backup storage and attachments to emails). Except as otherwise set forth above with respect to retaining records in connection with anticipated or actual litigation, all business records shall be retained for the period as set forth in the Document Retention Schedule below and, in any event, no longer than necessary for the proper conduct and functioning of the Association.

 

Tangible records (those that must be physically moved to store) should be destroyed by shredding or some other means that will render them unreadable and incapable of being reconstructed. If there is a question on how to destroy a record, such as a photograph, compact disk or any other type of electronic media, or tape recording, ask the advice of the AAVMC Chief Operating Officer.

 

Deleted email records remain in the Association’s system. Thus, AAVMC’s information technology employees will be responsible for permanently removing deleted emails from the computer system. Deleted files and emptying the recycling bin is usually sufficient in most circumstances to get rid of a record. However, because electronic records can be stored in many locations, AAVMC’s IT employees will be responsible for permanently removing deleted files from the computer system. Keep in mind, where duplicate records are involved, both copies must be destroyed/deleted where proper.

 

 

Type of Record		Specific Record Suggested		Retention Period
Accounting and Tax Records		Annual financial statements Monthly financial statements General ledger Annual audit records Journal entries Special reports Canceled checks A/P paid invoices Business expense records Credit card receipts Cash receipts A/R invoices Accounts payable Accounts receivable Audit reports Chart of accounts Expense records Inventory records Loan documents Purchase orders Sales records Stop payment orders Deductions Federal tax returns (not payroll) State & local tax returns Form 990 & supporting documentation Form 990-T & supporting documentation Supporting documentation on taxes 1099 forms Payroll taxes (W2, W3, W4) Payroll taxes (Form 941, state withholding forms, state unemployment returns) State unemployment tax records		Permanent 3 years 7 years Permanent 7 years 7 years 7 years 7 years 7 years 3 years 3 years 7 years 7 years 7 years 7 years Permanent 7 years 7 years 7 years after final payment 7 years 7 years 3 years 7 years Permanent Permanent Permanent Permanent 7 years 7 years Permanent 7 years Permanent
Bank Records		Bank reconciliations Bank statements Expired signature copies/forms Stop payment orders Account set-up and signature forms		3 years 3 years 3 years 3 years 7 years after account termination
Workplace Records		Incorporation & reorganization records (Articles of Incorporation, Bylaws, etc.) Meeting minutes Policy statements Press releases Deeds, titles, and real estate contracts Leases Non-employment related contracts or agreements		Permanent Permanent Permanent Permanent Permanent 7 years after termination 7 years after termination
Pre-employment and Employment Records		Employment applications (persons not hired) Employment applications (persons hired) Employee resumes & employment history Evaluations Promotions, raises, reclassifications & job descriptions Disciplinary warnings, demotion, lay-off & discharge Employment & termination agreements Beneficiary information Medical and safety records Accident reports Education assistance Sick leave benefits Retirement plans Incentive plans Pension plans Insurance policies (including expired) Claims for loss/damage, accident reports, appraisals, etc.		1 year 3 years following separation from employment 3 years following separation from employment period 3 years following separation from employment 7 years following separation from employment 3 years following separation from employment Permanent 3 years following separation from employment 7 years following separation from employment 7 years following separation from employment While employed While employed 7 years following expiration of the plan 7 years following separation from employment 7 years following expiration of the plan Permanent 7 years
Payroll Records		Wage rate tables Cost of living tables Wage and salary histories Payroll deductions Time cards or forms Garnishments Payroll registers State employment forms Deductions register Other earnings or income records		3 years 3 years 7 years 7 years 7 years 7 years following separation from employment Permanent 7 years 7 years 7 years
Legal Records		General contracts Publicly filed contracts Personal injury litigation records General litigation claims Court documents & records Deposition transcripts Discovery materials Licenses Intellectual property development documents		10 years after termination 10 years after termination 10 years after close of case 10 years after close of case 10 years after close of case 10 years after close of case 3 years after close of case 10 years after termination Life of the trade secret/ intellectual property
Historical Records		Board of Directors or Assembly handouts, binders or materials Important reports, publications Obituaries of important staff or officers		5 years Permanent Permanent

 

 

I have read and understand the purpose of this DRP.  I understand that strict adherence to this DRP is a condition of my employment with the AAVMC.  If I do not understand something regarding this DRP, I will contact the AAVMC’s Chief Operating Officer immediately for clarification.  I agree to abide by the AAVMC’s DRP.