According to the National Council of Nonprofit Associations, the Sarbanes-Oxley Act sets standards for document destruction for businesses. While libraries are non-profit organizations, following appropriate record retention and destruction schedules are just as important.
The Director of the Topsham Public Library will serve as the library’s records management and access officer and will be responsible for the appropriate destruction of records when required. Some records such as payroll records and summaries, retirement and pension records, and tax withholding statements, etc. will be handled and retained by the Town of Topsham Business Office.
The following table outlines the records retention schedule for the library:
|Type of Document||Minimum Requirement|
|Accounts payable ledgers and schedules||7 years|
|Bank Reconciliations||2 years|
|Bank statements||3 years|
|Checks (for important payments and purchases)||Permanently|
|Contracts, mortgages, notes and leases (expired)||7 years|
|Contracts (still in effect)||Permanently|
|Correspondence (general)||2 years|
|Correspondence (legal and important matters)||Permanently|
|Correspondence (with customers and vendors)||2 years|
|Deeds, mortgages, and bills of sale||Permanently|
|Duplicate deposit slips||2 years|
|Employment applications||3 years|
|Expense Analyses/expense distribution schedules||7 years|
|Year End Financial Statements||Permanently|
|Insurance Policies (expired)||3 years|
|Insurance records, current accident reports, claims, policies, etc.||Permanently|
|Internal audit reports||3 years|
|Inventories of products, materials, and supplies||7 years|
|Invoices (to customers, from vendors)||7 years|
|Minute books, bylaws and charter||Permanently|
|Patents and related Papers||Permanently|
|Payroll records and summaries||7 years|
|Personnel files (terminated employees)||7 years|
|Retirement and pension records||Permanently|
|Tax returns and worksheets||Permanently|
|Trademark registrations and copyrights||Permanently|
|Withholding tax statements||7 years|
©2004 National Council of Nonprofit Associations, www.ncna.org.
May be duplicated for non-commercial use, with attribution, by charitable organizations.
The National Council of Nonprofit Associations (NCNA) is the network of state and regional nonprofit associations serving over 22,000 members in 46 states and the District of Columbia. NCNA links local organizations to a national audience through state associations and helps small and mid-sized nonprofits: manage and lead more effectively; collaborate and exchange solutions; save money through group buying opportunities; engage in critical policy issues affecting the sector; and achieve greater impact in their communities.