Policy on Document Retention and Destruction

  1. Introduction

    This Policy on Document Retention and Destruction (this “Policy”) provides for the systematic review, retention and destruction of documents, whether in electronic or paper form, received or created by Nevada Research & Innovation Corporation (the “Corporation”).

  2. Governmental Investigation and Private Litigation

    It is a crime to alter, cover up, falsify or destroy any document with the intent of impeding or obstructing any official proceeding. Moreover, there is a duty to preserve evidence if private litigation is anticipated or ongoing. Accordingly, if there is reason to believe that any of the Corporation’s documents are relevant to anticipated or ongoing governmental investigation or private litigation, those documents must be preserved until legal counsel for the Corporation states in writing that such documents are no longer needed. This directive supersedes any and all other directives, whether contained in this Policy or not.

  3. Document Retention Schedule

    The following table provides minimum requirements for retention of documents. If applicable laws are changed to require a different retention period, such law or regulations shall take precedence.

Corporate Records
Annual Reports to Secretary of State/Attorney General Permanent
Articles of Incorporation Permanent
Board Meeting and Board Committee Minutes Permanent
Board Policies/Resolutions Permanent
By-laws Permanent
Construction Documents Permanent
Fixed Asset Records Permanent
IRS Application for Recognition of Tax-Exempt Status Permanent
IRS Determination Letter Permanent
State Sales Tax Exemption Letter Permanent
Contracts (after expiration) 7 years
Correspondence (general) 3 years
Accounting and Corporate Tax Records
Annual Audits and Financial Statements Permanent
Depreciation Schedules Permanent
General Ledgers Permanent
IRS 990 Tax Returns Permanent
Business Expense Records 7 years
IRS Forms 1099 7 years
Journal Entries 7 years
Invoices 7 years
Sales Records (box office, concessions, gift shop) 5 years
Petty Cash Vouchers 3 years
Cash Receipts 3 years
Credit Card Receipts 3 years
Bank Records
Check Registers Permanent
Bank Deposit Slips 7 years
Bank Statements and Reconciliation 7 years
Electronic Fund Transfer Documents 7 years
Payroll and Employment Tax Records
Payroll Registers Permanent
State Unemployment Tax Records Permanent
Earnings Records 7 years
Garnishment Records 7 years
Payroll Tax returns 7 years
W-2 Statements 7 years
Employee Records
Employment and Termination Agreements Permanent
Retirement and Pension Plan Documents Permanent
Records Relating to Promotion, Demotion or Discharge 7 years after termination
Accident Reports and Worker’s Compensation Records 5 years
Salary Schedules 5 years
Employment Applications 3 years
I-9 Forms 3 years after termination
Time Cards 2 years
Donor and Grant Records
Donor Records and Acknowledgement Letters 7 years
Grant Applications and Contracts 5 years after completion
Legal, Insurance and Safety Records
Appraisals Permanent
Copyright Registrations Permanent
Environmental Studies Permanent
Insurance Policies Permanent
Patent Registrations Permanent
Real Estate Documents Permanent
Stock and Bond Records Permanent
Trademark Registrations Permanent
Leases 6 years after expiration
OSHA Documents 5 years
General Contracts 3 years after termination
  1. Electronic Documents and Records

    Electronic documents will be retained as if they were paper documents. Therefore, any electronic files, including records of donations made online, that fall into one of the document types on the above schedule will be maintained for the appropriate amount of time. If there is sufficient reason to keep an email message, it should be printed in hard copy and kept in the appropriate file or moved to an “archive” computer file folder.

  2. Document Destruction

    Each person whose job description includes the custody and/or maintenance of the above documents is responsible for the ongoing process of identifying records which have met the required retention period and overseeing the destruction of such documents.

    Document destruction will be suspended immediately, upon any indication of an official investigation or when a lawsuit is filed or appears imminent. Destruction will be reinstated upon conclusion of the investigation.

  3. Compliance

    Failure to follow this policy can result in possible civil and criminal sanctions against the Corporation and its employees and possible disciplinary action against responsible individuals. The President of the Corporation will periodically review this policy with legal counsel to ensure that it is in compliance with current applicable law.

Approved by Board of Directors 17 January 2017