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

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