Nyack Library
Records Retention & Destruction Policy
The Nyack Library’s Document Retention & Destruction Policy is provided as guidance in determining the retention and destruction of business records of the Library, which includes electronic records.
The goal is to:
- Retain important documents for reference and future use in accordance with Federal and State laws.
- Destruction of documents that are no longer necessary.
- To organize important documents for efficient retrieval.
- Identify what documents should be retained, the length of their retention, and the date of their destruction. The Library Director will be responsible for implementing and carrying out the Policy.
The following table identifies the documents and the retention period as per the National Council of Nonprofit Associations, with adjustments as necessary for The Nyack Library.
| Type of Document | Retention Period |
|---|---|
| Accounting Records | |
| Accounts payable ledgers and schedules | 7 years |
| Accounts receivable ledgers and schedules | 7 years |
| Audit reports | Permanently |
| Depreciation schedules | Permanently |
| Expense records | 7 years |
| Year End Financial Statements | Permanently |
| Fixed asset purchases | Permanently |
| General ledger | Permanently |
| Inventory records | 7 years |
| Tax returns and worksheets | Permanently |
| Bond documents | Life + 7 years |
| Bank Records | |
| Bank statements | 7 years |
| Bank reconciliations | 7 years |
| Cancelled checks | 7 years |
| Cancelled checks for real estate purchases | Permanently |
| Deposit records | 7 years |
| Corporate Records | |
| Board minutes | Permanently |
| Bylaws & Charter | Permanently |
| Business licenses | Permanently |
| Contracts – major | Permanently |
| Contracts – minor | Life + 4 years |
| Insurance policies | Life + 3 years |
| Insurance records – accident reports & claims. | Permanently |
| Employee Records | |
| Employment applications | 3 years |
| Employee files – current & separated | Permanently |
| Withholding tax statements & returns | 7 years |
| Payroll records and summaries | Permanently |
| Retirement and pension records | Permanently |
| Timesheets | 7 years |
| Real Property Records | |
| Real estate purchases & sales – deeds | Permanently |
| Contracts, mortgages, notes and leases (expired) | 7 years |
| Contracts (still in effect) | Permanently |
| Construction records | Permanently |
| Invoices to leasees | 7 years |
| Library Records | |
| Registration forms – active | Permanently |
| Deleted patron reports | 7 years |
| Lost reports & records – active | Permanently |
| ILL out of system RHA & SEAL | 1 year |
| Paperwork from other libraries – resolved | 1 year |
| Development Records | |
| Solicitation material | Permanently |
| Prospect donors lists | Permanently |
| Major donor records | Permanently |
| Other Records | |
| Correspondence (general) | 2 years |
| Correspondence (legal and important matters) | Permanently |
| Correspondence (with customers and vendors) | 2 years |
| Press releases / public filings | Permanently |
| Newsletter | Permanently |
Note: Sensitive personal information such as employee, payroll, and prospective donors’ records should be kept in a locked filing cabinet and electronic files password protected, in order to ensure privacy.
All boxes that are archived or stored should be labeled on the outside containing the following information: Library department, description of contents, box #, date archived, and destroy date – see attached sample.
Additionally, each department is required to keep an archive directory, which is submitted to Administration, for efficient and effective record retrieval – see attached sample.
Documents are archived annually on the Library’s fiscal year end, which is June 30th. Documents slated for destruction are shredded annually on the fiscal year end as well.
Adopted 01/07/08