Kennedy Free Library

Records Retention Policy

The Kennedy Free Library will keep and maintain records related to the management of the library. These records will be kept in a print or digital format for the minimum time required. The records shall be kept at the Kennedy Free Library in the care of the Library Director. Officers of the Board of Trustees may use the materials for the fulfillment of their duties.

Type of Document	Minimum Requirement
Accounts payable ledgers and schedules	7 years
Audit reports	Permanently
Bank Reconciliations	7 years
Bank statements	7 years, can be digitized.
Checks (for important payments and            purchases)	Permanently
Contracts, mortgages, notes and leases (expired)	7 years
Contracts, mortgages, notes and leases (still in effect)	Permanently
Correspondence (general)	2 years, can be digitized
Correspondence (legal and important matters)	Permanently, can be digitized
Correspondence (with customers and vendors)	2 years, can be digitized
Deeds, mortgages, and bills of sale	Permanently
Depreciation Schedules	Permanently
Duplicate deposit slips	2 years
Employment applications	3 years, can be digitized
Expense Analysis/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, print for 3 years, can be digitized for the rest.
Minute books, bylaws and charter	Permanently, minutes may be digitized. Bylaws and Charter must be printed.
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, may be digitized
Timesheets	7 years, may be digitized
Trademark registrations and copyrights	Permanently
Withholding tax statements	7 years