Document retention requirements

Each minimum retention period must be observed strictly. 2.2 Some documents; however, may be retained for longer periods if useful for operating or historical purposes. 2.3 After expiration of the minimum retention period, the continued usefulness of the document and the availability of storage facilities should be evaluated. Continued retention may be advisable if microfilming or computerized data storage facilities are not available. 2.4 Regardless of the availability of storage facilities; however, documents that have no reasonable foreseeable use should be destroyed after expiration of the minimum retention period. The decision to destroy documents should be made only by the most senior member of management. 2.5 An appendix is attached to this procedure that lists certain related state statutes, and should be consulted to determine if the state has enacted longer retention periods than those contained in this procedure. 2.6 State retention periods, if longer, should be substituted for the minimum requirements set forth in this procedure. 2.7 Many states have adopted unclaimed property or escheat laws which should be consulted to determine the period of time which records relating to unclaimed property should be retained, such as payroll checks. 2.8 The appendix and the notes attached should be consulted for state requirements concerning the storage of documents on microfilm or other medium.