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.
North Carolina Records Retention Policy
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US-DD0717
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FAQ
This category will include files of secondary importance having reference value for a limited period not exceeding 10 years. In exceptional cases, if the record is required to be retained beyond 10 years it will be upgraded to B Category.
To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
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.
Records must be retained for a minimum of 5 years (13 NCAC 14B.
How long should I keep employee personnel files? You should keep an employee's personnel files for six years after the employee has left your organisation. The reason for this is that up until six years has passed, the former employee may sue you for breach of contract in the county court.
Federal regulations require research records to be retained for at least 3 years after the completion of the research (45 CFR 46) and UVA regulations require that data are kept for at least 5 years. Additional standards from your discipline may also be applicable to your data storage plan.
EEOC Regulations require that employers keep all personnel or employment records for one year. If an employee is involuntarily terminated, his/her personnel records must be retained for one year from the date of termination.
Records typically fall into four categories: those securing property such as titles or shares; those that mark certain crucial events such as businesses incorporations; those used for assessing operations; and those collected or retained in compliance with government regulation.
Records Retention Guideline #4: Keep everyday paperwork for 3 yearsMonthly financial statements.Credit card statements.Utility records.Employment applications (for businesses)Medical bills (in case of insurance disputes)
A retention period (associated with a retention schedule or retention program) is an aspect of records and information management (RIM) and the records life cycle that identifies the duration of time for which the information should be maintained or "retained," irrespective of format (paper, electronic, or other).