368.3—Schedule of records and periods of retention.
| Item No. and description | Retention period |
|---|---|
| Corporate and General | |
| 1. Reports to stockholders: Annual reports or statements to stockholders | 5 years. |
| 2. Organizational documents: | |
| (a) Minute books of stockholders, directors' and directors' committee meetings | 5 years or termination of the corporation's existence, whichever occurs first. |
| (b) Title, franchises, and licenses: Copies of formal orders of regulatory commissions served upon the company | 6 years after final non-appealable order. |
| (1) Certificates of incorporation, or equivalent agreements and amendments thereto | Life of corporation. |
| (2) Deeds, leases and other title papers (including abstracts of title and supporting data), and contracts and agreements related to the acquisition or disposition of property or investments | 6 years after property or investment is disposed of unless delivered to transferee. |
| 3. Contracts and agreements: Contracts, including amendments and agreements (except contracts provided for elsewhere): | |
| (a) Service contracts, such as for management, consulting, accounting, legal, financial or engineering services | All contracts, related memoranda, and revisions should be retained for 4 years after expiration or until the conclusion of any contract disputes pertaining to such contracts, whichever is later. |
| (b) Memoranda essential to clarify or explain provisions of contracts and agreements | For same period as contract to which they relate. |
| (c) Card or book records of contracts, leases, and agreements made, showing dates of expirations and of renewals, memoranda of receipts, and payments under such contracts | For the same periods as contracts to which they relate. |
| (d) Contracts and other agreements relating to services performed in connection with construction of property (including contracts for the construction of property by others for the company and for supervision and engineering relating to construction work) | All contracts, related memoranda, and revisions should be retained for 4 years after expiration or until the conclusion of any contract disputes or governmental proceedings pertaining to such contracts, whichever is later. |
| 4. Accountants' and auditors' reports: | |
| (a) Reports of examinations and audits by accountants and auditors not in the regular employ of the company (such as reports of public accounting firms and commission accountants) | 5 years after the date of the report. |
| (b) Internal audit reports and working papers | 5 years after the date of the report. |
| Information Technology Management | |
| 5. Automatic data processing records (retain original source data used as input for data processing and data processing report printouts for the applicable periods prescribed elsewhere in the schedule): Software program documentation and revisions thereto | Retain as long as it represents an active viable program or for periods prescribed for related output data, whichever is shorter. |
| General Accounting Records | |
| 6. General and subsidiary ledgers: | |
| (a) Ledgers: | |
| (1) General ledgers | 10 years. |
| (2) Ledgers subsidiary or auxiliary to general ledgers except ledgers provided for elsewhere | 10 years. |
| (b) Indexes: | |
| (1) Indexes to general ledgers | 10 years. |
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| (2) Indexes to subsidiary ledgers except ledgers provided for elsewhere | 10 years. |
| (c) Trial balance sheets of general and subsidiary ledgers | 2 years |
| 7. Journals: General and subsidiary | 10 years. |
| 8. Journal vouchers and journal entries including supporting detail: | |
| (a) Journal vouchers and journal entries | 10 years. |
| (b) Analyses, summarization, distributions, and other computations which support journal vouchers and journal entries: | |
| (1) Charging property accounts | 25 years. See §§ 125.2(g) and 225.2(g) of this chapter for public utilities and licensees and natural gas companies. |
| (2) Charging all other accounts | 6 years. |
| 9. Cash books: General and subsidiary or auxiliary books | 5 years after close of fiscal year. |
| 10. Voucher registers: Voucher registers or similar records when used as a source document | 5 years. See §§ 125.2(g) and 225.2(g) of this chapter for public utilities and licensees and natural gas companies. |
| 11. Vouchers: | |
| (a) Paid and canceled vouchers (one copy-analysis sheets showing detailed distribution of charges on individual vouchers and other supporting papers | 5 years. See §§ 125.2(g) and 225.2(g) of this chapter for public utilities and licensees and natural gas companies. |
| (b) Original bills and invoices for materials, services, etc., paid by vouchers | 5 years. See §§ 125.2(g) and 225.2(g) of this chapter for public utilities and licensees and natural gas companies. |
| (c) Paid checks and receipts for payments of specific vouchers | 5 years. |
| (d) Authorization for the payment of specific vouchers | 5 years. See §§ 125.2(g) and 225.2(g) of this chapter for public utilities and licensees and natural gas companies. |
| (e) Lists of unaudited bills (accounts payable), list of vouchers transmitted, and memoranda regarding changes in audited bills | Destroy at option. |
| (f) Voucher indexes | Destroy at option. |
| (g) Purchases and stores records related to disbursement vouchers | 5 years. |
| Insurance | |
| 12. Insurance records: | |
| (a) Records of insurance policies in force, showing coverage, premiums paid, and expiration dates | Destroy at option after expiration of such policies. |
| (b) Records of amounts recovered from insurance companies in connection with losses and of claims against insurance companies, including reports of losses, and supporting papers | 6 years. See §§ 125.2(g) and 225.2(g) of this chapter for public utilities and licensees and natural gas companies. |
| (c) Records of self-insurance against: | |
| (1) losses from fire and casualty, | 6 years after date of last accounting entry with respect thereto. |
| (2) damage to property of others, and | 6 years after date of last accounting entry with respect thereto. |
| (3) personal injuries | 6 years after date of last accounting entry with respect thereto. |
| (d) Inspectors' reports and reports of condition of property | Destroy when superseded. |
| Maintenance | |
| 13. Maintenance project and work orders: | |
| (a) Authorizations for expenditures for maintenance work to be covered by project or work orders, including memoranda showing the estimates of costs to be incurred | 5 years. |
| (b) Project or work order sheets to which are posted in detail the entries for labor, material, and other charges in connection with maintenance, and other work pertaining to company operations | 5 years. |
| (c) Summaries of expenditures on maintenance and job orders and clearances to operating other accounts (exclusive of property accounts) | 5 years. |
| Property, Depreciation and Investments | |
| 14. Property records, excluding documents included in Item 2(a)(2): | |
| (a) Ledgers of property accounts including land and other detailed ledgers showing the cost of property by classes | 25 years. See §§ 125.2(g) and 225.2(g) of this chapter for public utilities and licensees and natural gas companies. |
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| (b) Continuing property inventory ledger, book or card records showing description, location, quantities, cost, etc., of physical units (or items) of property owned | 25 years. See §§ 125.2(g) and 225.2(g) of this chapter for public utilities and licensees and natural gas companies. |
| (c) Operating equipment records | 3 years after disposition, termination of lease, or write-off of property or investment. |
| (d) Office furniture and equipment records | 3 years after disposition, termination of lease or write-off of property or investment. |
| (e) Automobiles, other vehicles and related garage equipment records | 3 years after disposition, termination of lease or write-off of property or investment. |
| (f) Aircraft and airport equipment records | 3 years after disposition, termination of lease or write-off of property or investment. |
| (g) Other property records not defined elsewhere | 3 years after disposition, termination of lease or write-off of property or investment. |
| 15. Construction work in progress ledgers, project or work orders, and supplemental records: | |
| (a) Construction work in progress ledgers | 5 years after clearance to property account, provided continuing inventory records are maintained; otherwise 5 years after property is retired. |
| (b) Project or work orders sheets to which are posted in summary form or in detail the entries for labor, materials, and other charges for property additions and the entries closing the project or work orders to property records at completion | 5 years after clearance to property account, provided continuing inventory records are maintained; otherwise 5 years after property is retired. |
| (c) Authorizations for expenditures for additions to property, including memoranda showing the detailed estimates of cost, and the bases therefore (including original and revised or subsequent authorizations) | 5 years after clearance to property account. |
| (d) Requisitions and registers of authorizations for property expenditures | 5 years after clearance to property account. |
| (e) Completion or performance reports showing comparison between authorized estimates and actual expenditures for property additions | 5 years after clearance to property account. |
| (f) Analysis or cost reports showing quantities of materials used, unit costs, number of man-hours etc., in connection with completed construction project | 5 years after clearance to property account. |
| (g) Records and reports pertaining to progress of construction work, the order in which jobs are to be completed, and similar records which do not form a basis of entries to the accounts | Destroy at option. |
| 16. Retirement work in progress ledgers, project or work orders, and supplemental records: | |
| (a) Project or work order sheets to which are posted the entries for removal costs, materials recovered, and credits to property accounts for cost of property retirement | 5 years after the property is retired. |
| (b) Authorizations for retirement of property, including memoranda showing the basis for determination to be retired and estimates of salvage and removal costs | 5 years after the property is retired. |
| (c) Registers of retirement work | 5 years. |
| 17. Summary sheets, distribution sheets, reports, statements, and papers directly supporting debits and credits to property accounts not covered by construction or retirement project or work orders and their supporting records | 5 years. |
| 18. Appraisals and valuations: | |
| (a) Appraisals and valuations made by the company of its properties or investments or of the properties or investments of any associated companies. (Includes all records essential thereto.) | 3 years after appraisal. |
| (b) Determinations of amounts by which properties or investments of the company or any of its associated companies will be either written up or written down as a result of: | |
| (1) Mergers or acquisitions | 10 years after completion of transaction or as ordered by the Commission. |
| (2) Asset impairments | 10 years after recognition of asset impairment. |
| (3) Other bases | 10 years after the asset was written up or down. |
| 19. Production maps, geological maps, reproductions, including aerial photographs, showing the location of all facilities the subject matter of which falls within the project or work orders of the company | 6 years after completion of project or work order. |
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| 20. Engineering records, drawings, supporting data to include diagrams, profiles, photographs, field-survey notes, plot plans, detail drawings, and records of engineering studies that are part of or performed by the company within the project or work order system | 6 years after completion of project or work order. |
| 21. Records of building space occupied by various departments of the company | 6 years. |
| 22. Contracts relating to property: | |
| (a) Contracts relating to acquisition or sale of property | 6 years after property is retired or sold |
| (b) Contracts and other agreements relating to services performed in connection with construction of property (including contracts for the construction of property by others for the company and for supervision and engineering relating to construction work) | 6 years after property is retired or sold. |
| 23. Records pertaining to reclassification of property accounts to conform to prescribed systems of accounts including supporting papers showing the bases for such reclassifications | 6 years. |
| 24. Records of accumulated provisions for depreciation and depletion of property and amortization of intangible property and supporting computation of expense: | |
| (a) Detailed records or analysis sheets segregating the accumulated depreciation according to the classification of property | 3 years after retirement or disposition of property |
| (b) Records reflecting the service life of property and the percentage of salvage and cost of removal for property retired from each account for depreciable company property | 3 years after retirement or disposition of property |
| 25. Investment records: | |
| (a) Records of investment in associate companies | 3 years after disposition of investment. |
| (b) Records of other investments, including temporary investments of cash | 3 years after disposition of investment. |
| Purchase and Stores | |
| 26. Procurement: | |
| (a) Agreements entered into for the acquisition of goods or the performance of services. Includes all forms of agreements such as but not limited to: Letters of intent, exchange of correspondence, master agreements, term contracts, rental agreements, and the various types of purchase orders: | |
| (1) For goods or services relating to property construction | 6 years. See §§ 125.2(g) and 225.2(g) of this chapter for public utilities and licensees and natural gas companies. |
| (2) For other goods or services | 6 years. |
| (b) Supporting documents including accepted and unaccepted bids or proposals (summaries of unaccepted bids or proposals may be kept in lieu of originals) evidencing all relevant elements of the procurement | 6 years. See §§ 125.2(g) and 225.2(g) of this chapter for public utilities and licensees and natural gas companies. |
| 27. Material ledgers: Ledger sheets of materials and supplies received, issued, and on hand | 6 years after the date the records/ledgers were created. |
| 28. Materials and supplies received and issued: Records showing the detailed distribution of materials and supplies issued during accounting periods | 6 years. See §§ 125.2(g) and 225.2(g) of this chapter for public utilities and licensees and natural gas companies). |
| Revenue Accounting | |
| 29. Miscellaneous billing data: Billing department's copies of contracts with customers (other than contracts in general files) | 5 years. |
| 30. Revenue summaries: Summaries of monthly revenues according to classes of service. Including summaries of forfeited discounts and penalties | 5 years. |
| Tax | |
| 31. Tax records: | |
| (a) Copies of tax returns and supporting schedules filed with taxing authorities, supporting working papers, records of appeals of tax bills, and receipts for payment. See Item 11 for vouchers evidencing disbursements: | |
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| (1) Income tax returns | 2 years after final tax liability is determined. |
| (2) Agreements between and schedule of allocation by associate companies of consolidated Federal income taxes | 2 years after final tax liability is determined. |
| (b) Other taxes, including State or local property or income taxes | |
| (1) Property tax returns | 2 years after final tax liability is determined. |
| (2) Sales and other use taxes | 2 years. |
| (3) Other Taxes | 2 years after final tax liability is determined. |
| (c) Filings with taxing authorities to qualify employee benefit plans | 5 years after discontinuance of plan. |
| (d) Information returns and reports to taxing authorities | 3 years after final tax liability is determined. |
| Treasury | |
| 32. Statements of funds and deposits: | |
| (a) Summaries and periodic statements of cash balances on hand and with depositories for company or associate | Destroy at option after completion of audit by independent accountants. |
| (b) Requisitions and receipts for funds furnished associates and others | Destroy at option after funds have been returned or accounted for. |
| (c) Statements of periodic deposits with external fund administrators or trustees | Retain records for the most recent 3 years. |
| (d) Statements of periodic withdrawals from external fund | Retain records for the most recent 3 years. |
| 33. Records of deposits with banks and others: | |
| (a) Statements from depositories showing the details of funds received, disbursed, transferred, and balances on deposit, bank reconcilement papers and statements of interest credits | Destroy at option after completion of audit by independent accountants. |
| (b) Check stubs, registers, or other records of checks issued | 6 years. |
| Payroll Records | |
| 34. Payroll records: | |
| (a) Payroll sheets or registers of payments of salaries and wages, pensions and annuities paid by company or by contractors of its account | 6 years. |
| (b) Records showing the distribution of salaries and wages paid for each payroll period and summaries or recapitulations of such distribution | 6 years. |
| Miscellaneous | |
| 35. Financial, operating and statistical annual reports regularly prepared in the course of business for internal administrative or operating purposes | 5 years. |
| 36. Budgets and other forecasts (prepared for internal administrative or operating purposes) of estimated future income, receipts and expenditures in connection with financing, construction and operations, including acquisitions and disposals of properties or investments | 3 years. |
| 37. Periodic or special reports filed by the company on its own behalf with the Commission or with any other Federal or State rate-regulatory agency, including exhibits or amendments to such reports: | |
| (a) Reports to Federal and State regulatory commissions including annual financial, operating and statistical reports | 5 years. |
| (b) Monthly and quarterly reports of operating revenues, expenses, and statistics | 5 years. |
| 38. Advertising: Copies of advertisements by or for the company on behalf of itself or any associate company in newspapers, magazines, and other publications, including costs and other records relevant thereto (excluding advertising of appliances, employment opportunities, routine notices, and invitations for bids all of which may be destroyed at option) | 2 years. |
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