Document Retention Policy

OSE Document Retention Policy: OSE policy is to retain paper copies of documents for 7 years, after which we keep digital copies only.

Referenced below is a list of suggested retention times for legal liability, and at our discretion, we will destroy documents in accordance with the below:

Type of Record Retention Period (years) Law/Policy (source)

ACCOUNTING

Auditors' reports Permanent (P) CCH recommendation

Budgets 7 CCH recommendation

Cancelled checks, generally 3 UPPBRA

Depreciation records P CCH recommendation

Officer, director and employee 3 UPPBRA

 expense reports				

Employee payroll records (W-2, W-4) 3 FLSA, UPPBRA annual earnings records, etc.)

Inventory lists 7 CCH recommendation

Invoices 7 CCH recommendation

Payroll journal 3 FLSA, UPPBRA

Petty cash vouchers 3 UPPBRA

Subsidiary ledgers (accounts receivable, 7 CCH recommendation

 accounts payable, etc.)	

CORPORATE RECORDS

Annual reports P CCH recommendation

Authorizations and appropriations 7 CCH recommendation

 for expenditures	

Contracts, generally Expiration +7 CCH recommendation

Contracts, government Expiration +7 CCH recommendation

Contracts, sales (UCC) 7 CCH recommendation

Notes (internal reports, memos, etc.) 3 UPPBRA

CORRESPONDENCE

General, routine 3 UPPBRA

INSURANCE

Accident reports 7 CCH recommendation

Insurance policies P Practical experience

LEGAL

Claims and litigation files P (See below )

PERSONNEL

Applications 1 Title VII, ADA

Employee earnings/payroll records 3 FLSA

Employee files 4 SSA, FLSA, ERISA, ADEA, Equal Pay Act

Employment contracts Expiration + 3 FLSA

Form I-9 3 Immigration Reform & Control Act

Garnishments 7 FLSA

Medical or exposure to toxic 30 OSHA

 substances records					

Pension documents/profit sharing plans 6 ERISA

Government reports 5 CCH recommendation

Employee pension records, 6 ERISA, ESA

 including service, eligibility,
 personal information, pensions paid

Time cards/sheets 3 FLSA

REAL ESTATE

Leases Expiration + 7 CCH recommendation

Deeds P CCH recommendation

Mortgages P CCH recommendation

TAXES

Income tax returns and cancelled 6 IRS Code

 checks (federal, state and local)							

Payroll tax returns 4 IRS Code

Property tax returns P CCH recommendation

Sales and use tax returns 4 IL Use & Occupation Tax Act