Document Retention and Destruction Policy

Adopted January 8, 2008

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As required by The Sarbanes-Oxley Act, the Stable Value Investment Association has adopted the following policy on the retention and destruction of documents related to Association business and records. 

Nonprofit organizations should have a written, mandatory document retention and periodic destruction policy. Policies such as this will eliminate accidental or innocent destruction. In addition, it is important for administrative personnel to know the length of time records should be retained to be in compliance. 

The following table lists SVIA’s policies regarding document retention and destruction.

Type of DocumentMinimum Requirement
Accounts payable ledgers and schedules7 years
Audit reportsPermanently
Bank Reconciliations2 years
Bank statements3 years
Checks (for important payments and purchases)Permanently
Contracts, mortgages, notes and leases (expired)7 years
Contracts (still in effect)Permanently
Correspondence (general)2 years
Correspondence (legal and important matters)Permanently
Correspondence (with customers and vendors)2 years
Deeds, mortgages, and bills of salePermanently
Depreciation SchedulesPermanently
Duplicate deposit slips2 years
Employment applications3 years
Expense Analyses/expense distribution schedules7 years
Year End Financial StatementsPermanently
Insurance Policies (expired)3 years
Insurance records, current accident reports, claims, policies, etc.Permanently
Internal audit reports3 years
Inventories of products, materials, and supplies7 years
Invoices (to customers, from vendors)7 years
Minute books, bylaws and charterPermanently
Patents and related PapersPermanently
Payroll records and summaries7 years
Personnel files (terminated employees)7 years
Retirement and pension recordsPermanently
Tax returns and worksheetsPermanently
Timesheets7 years
Trademark registrations and copyrightsPermanently
Withholding tax statements7 years