This due diligence form entails policies and procedures for the identification, retention, storage, protection and disposal of company records. This Records Retention Policy is intended to ensure that the company's records management policies adhere to customer, legal and business requirements and are conducted in a cost-efficient manner.
Illinois Records Retention Policy
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US-DD0717
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FAQ
Records retention is a practice by which organizations maintain confidential records for set lengths of time, and then employ a system of actions to either redirect, store or dispose of them.
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
A document retention policy establishes and describes how a company expects its employees to manage company information (whether in electronic files, emails, hard copies, or other formats) from creation through destruction, according to applicable laws and the company's particular legal and business needs.
The Illinois Hospital Licensing Act requires that medical records be maintained on every patient according to hospital policy and for a period of not less than ten years.
Healthcare records of an adult eight years after last treatment or death. Children and young people until the patient's 25th birthday, or 26th if the young person was 17 at the conclusion of treatment, or eight years after the patient's death.
Retention schedules list how long each record series must be kept (the retention period), when the retention period starts (the cut-off), and the proper way to dispose of the record once retention is met (the disposition method).
For example, if financial records have a retention period of five years, and the records were created during the 1995-1996 fiscal year (July 1, 1995 - June 30, 1996), the five-year retention period begins on July 1, 1996 and ends five years later on July 1, 2001.
While the statute says nothing about original medical records, it clearly creates a duty to maintain medical records for at least 10 years, and longer if litigation is pending. Pursuant to the Hospital Licensing Act, the Illinois Department of Public Health (DPH) issued rules on medical record retention.
A record retention policy states your business's process for managing documents from creation to retention or disposal. Good policies help businesses retrieve documents for easy reference. They also help employees understand how to dispose of documents properly to protect information.
A retention policy (also called a 'schedule') is a key part of the lifecycle of a record. It describes how long a business needs to keep a piece of information (record), where it's stored and how to dispose of the record when its time. It seems very straightforward, and in many ways it is.