Record Retention


The Veterans of Foreign Wars endeavors to comply with all statutory and regulatory provisions, including 29 CFR part 516, concerning record keeping and reporting requirements. The following is the recommended records retention guide.


ItemRetention Period
Accounts pa able invoices7 years
Accounts payable ledgers and schedules7 years
Accounts receivable ledgers and schedules7 years
Annual financial reports (including certified audit reports)Permanently
Annuity & deferred payment plansContinuing record
Audit reports, periodic2 years
Audit work papers5 years
Balance sheets5 years
Bank deposit slips5 years
Bank statements and reconciliations5 years
Bills of Lading2 years
Bonds – Fidelity3 years after termination
Bonds – Surety3 years after termination
Budgets5 years
By-LawsUntil superseded
Cancelled checks (for important payments, i.e., taxes, purchases of property, special contracts, etc.) (checks should be filed with papers pertaining to the underlying transactions)Permanently
Cancelled checks — other7 years
Cash receipt records7 years
Charts of AccountsPermanently
Community Activity Reports3 years
Contracts and leases7 years following expiration
Correspondence, executive10 years
Correspondence, general3 years
Deeds, mortgages, and bills of salePermanently
Depredation schedulesPermanently
Election Reports5 years
Employee accident reports30 years after settlement
Employee contacts7 years after termination of employment
Employee insurance11 years after termination
Employee records4 years following termination of employment
Employee withholding records7 years
Employment application7 years following termination of employment for employees, 1 year for applications not employed
Entertainment, gift & gratuity records3 years
Expense vouchers7 years
Freight bills3 years
Freight claims2 years
Garnishments7 years after termination of employment
General ledgerPermanently
Gifts, records of gifsPermanently
Income statements, annualPermanently
Incorporation papersPermanently
Inspection reports3 years
Insurance policies, reports and claims (current)4 years after expiration
Invoices7 years
Labor cost records3 years
Lease records3 years after termination
Legal correspondencePermanently
Membership applicationsPermanently
Membership rosters5 years
Minute books of directors and stockholders, Including by-laws and charterPermanently
Minutes of Post meetings5 years
Notes receivable ledger and schedules7 years
Payroll registerPermanently
Periodic financial reports3 years
Petty cash records3 years
Physical inventory tags3 years
Postal records1 year after end of fiscal year
Property appraisals by outside appraisersPermanently
Property recordsPermanently
Purchase orders7 years
Quartermaster reports5 years
Retirement and pension recordsPermanently
Sales records7 years
Savings bonds registration records of employees3 years
Shipping & Receiving documents2 years
Stock and bond records; ledgers, transfer registers, couponsPermanently
Subsidiary ledgers7 years
Tax recordsPennanently
Trademark registrationsPermanently
Voucher register and schedules7 years
Vouchers for to vendors, employees, etc. (including allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses)7 years