First, because a DRP establishes and describes how physical and electronic records are managed, locating key documents when they are needed is easier and more efficient. C.§504). Your legal and human resources advisors can assist in this process. Purpose . The documents that are generally maintained are mentioned below. WHITE PAPER fi STATUTORY RECORDKEEPING AND INSPECTION REQUIREMENTS FOR CORPORATIONS AND LLCS Page 3 www.ctcorporation.com Each state’s … A Retention Schedule is a listing of record series that describes an agency’s record and specifies the minimum retention duration and disposition instructions. As a reminder, Delaware Public Records Law requires the consent of the State Archivist prior to the disposal of any local government agency records. Agency Specific Retention Schedules An agency-specific retention schedule applies to unique or specific records that are created, received and used by a particular agency. Document Retention Policies – What Every Nonprofit Should Know Recently, the Internal Revenue Service (the “IRS”) released a significantly revised Form 990, the annual information return filed by most publicly supported exempt organizations. Having a clearly defined document retention policy (DRP) can yield three primary benefits for businesses and organizations: efficiency, safety, and peace of mind. 2 0 obj H��WMs�6��W�(vB_���d�r�$���1;=89(���c��E5���. [�Xri��v�ڛ��mW���Ŵ(�2��g��w1�W�y�Y�K��d��O��LqI8��. This can be used as a benchmark for all for all of your unclaimed property record retention … In the 21st century business world, companies are creating and storing the electronic document and information at light speed. Approval Date: 05/05/2016 . 4.2.5 Control of records Many people don’t know that each state has what is called a State Archivist. see Agency Assignments ). Following is a sample record keeping and retention policy for a nonprofit organization which can be used as a reference for drafting the organization’s record keeping and retention policy. If you have any questions about specific recordkeeping requirements or state-specific record retention schedules, contact the department that oversees records management in your state (link included). Mar 16, 2011 #1. Delaware State University (“the University”) requires that records be retained for specific periods of time, and has designated official repositories for their maintenance. Discarding records that should be kept poses a wide range of potential tax and legal problems. Section 141 of Title 5 of the Delaware Code, as amended, provides that the State Bank Commissioner may from time to time issue regulations classifying and setting minimum retention periods for the records of financial institutions which are subject to the supervision of the Commissioner's Office and of federally chartered financial institutions in Delaware. 01-07 Document Retention Policy . Record Type Retention Period Employee Deduction Authorizations 4 years after termination Payroll Deductions Termination + 7 years W-2 and W-4 Forms Termination + 7 years Garnishments, Assignments, Attachments Termination + 7 years Labor Distribution Cost Records 7 years Payroll Registers (gross and net) 7 years Time Cards/Sheets 2 years Unclaimed Wage Records 6 years … 5390(a)(16)(D) requires that the Corporation establish retention schedules for the maintenance of certain documents and records of a covered financial company for which the Corporation has been appointed receiver and certain documents and records generated by the Corporation as receiver for a covered financial company in connection with the exercise of its … 12 U.S.C. Our conversion solutions allow you to convert notebooks, case files, bound books, microfilm, microfiche and other physical archives into a digital format. Under ADEA recordkeeping requirements, employers must also keep all payroll records for three years. 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