Records Retention and Destruction Policy and Procedures ... - NERC

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Records Retention and Destruction Policy and Procedures
Policy
It is the policy of NERC to preserve all documents and records, both hard copy and electronic, in
accordance with the following requirements.
Schedule for Retention
(See attached table.)
Cessation and Avoidance of Destruction
Immediately upon learning of an investigation or court proceeding involving a particular NERC
matter or subject, NERC shall notify all employees to preserve all documents and records, both
hard copy and electronic, pertaining to that matter or subject and to cease and avoid any
destruction of the documents and records pertaining to that matter or subject that would
otherwise be authorized by this record retention and destruction policy.
It is an obstruction of justice to destroy, falsify, or alter any records or documents in order to
impede a federal investigation. It is also unlawful to destroy, falsify, or alter any documents or
records needed for a federal or state court or administrative proceeding. If any NERC employee
is asked to falsify, alter, or destroy any records, he or she should immediately inform senior
management (or the chairman of the Board of Trustees’ Finance and Audit Committee if a
member of senior management is involved in the offense).
Approved by NERC Board of Trustees: October 29, 2008

Types of Records 1 Year 2 Years 3 Years 7Years* Perm
Accounts payable ledgers & schedules Y
Accounts receivable ledgers & schedules Y
Company policy & practice manuals Y
Audit reports Y
Bank statements Y
Bank reconciliations Y
Canceled checks Y
Chart of accounts
Contracts & leases:
Y
Expired Y
Current
Correspondence:
Y
Contributions Y
General Y
Legal & important matters only Y
Routine vendor Y
Depreciation schedules Y
Election records Y
Employee personnel records (after termination) Y
Employee W-2 and payroll tax returns Y
Employment applications Y
Financial records/schedules used in preparation of tax returns
(f d fil d)
Financial statements (year-end; other months optional)
Y
Y
General ledgers: year-end trial balances Y
Insurance policies (including expired policies) Y
Inventories
Invoices:
Y
From vendors Y
To customers Y
Minutes of director & committee meetings (incl bylaws & charter) Y
Ownership of property, real estate, patents, trademarks,
ih dd (f d hi d)
Payroll records & summaries
Y
Y
Pension documents & records Y
Petty cash vouchers Y
Purchase orders Y
Receipt records (sales, etc.) Y
Sales records and journals Y
Subsidiary ledgers Y
Tax returns Y
Time sheets Y
Vouchers for payments to employees for reimbursements,
ll
Y
*The records in this column shall be retained until entry of a final FERC order(s), no longer subject to judicial
review, on the NERC performance assessment(s) covering the year in which the record was generated.
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