Table of Contents
Corporate and General 1. Incorporation and reorganization.2. Minutes to Directors, Executive Committees, and Stockholders3. Titles, franchises, and authorities.4. Contracts and agreements.5. Accountants', auditors', and inspectors' reports.
Treasury 6. Long-term debt records.
Financial Accounting 7. Ledgers.8. Journals.9. Vouchers.10. Accounts receivable.11. Records of accounting codes and instructions.
Property and Equipment 12. Property records.13. Engineering records.
Personnel and Payroll 14. Payroll records.15. Copies of tax returns and supporting schedules. 16. Information returns, and reports to taxing authorities.
Purchase and Stores 17. Material ledger.18. Inventories.
Transportation 19. Oil and other products stocks.
Tariffs and Rates 20. Official file copies of tariffs.21. Authorities and supporting papers for transportation.22. Copies of concurrences and powers of attorney.23. Correspondence and working papers in connection with the making of
rates.
Reports and Statistics 24. Reports to Federal Energy Regulatory Commission and other regulatory
bodies.
Schedule of Records and Periods of Retention------------------------------------------------------------------------
Item No. and description Retention period------------------------------------------------------------------------
Corporate and General
1. Incorporation and reorganization:
(a) Charter of certificate of Permanently or at termination
incorporation and amendments. of the corporation's
existence.
(b) Legal documents related to Permanently or at termination
mergers, consolidations, of the corporation's
reorganizations, receiverships, existence.
and similar actions which affect
the identity or organization of
the company.2. Minutes to Directors', Executive 5 years.
Committees', Stockholders', and other
corporate meetings.3. Titles, franchises, and authorities:
(a) Certificates of public Until expiration or
convenience and necessity issued cancellation.
by regulating bodies.
(b) Operating authorizations and Until expiration or
exemptions to operate issued by cancellation.
regulating bodies.
(c) Copies of formal orders of 1 year after expiration or
regulatory bodies served upon the cancellation.
company.
(d) Deeds, charters, and other 3 years after disposition of
title papers. property.4. Contracts and agreements:
(a) Contracts and related papers 4 years after expiration,
for transactions which are subject provided there is no pending
to the provisions of the Clayton litigation or governmental
Antitrust Act (15 U.S.C. 20). inquiry or proceeding
involved.
(b) Service contracts, such as for 3 years after expiration or
operational management, termination.
accounting, financial or legal
service, and agreements with
agents.
(c) Contracts and other agreements 3 years after expiration or
relating to the construction, termination.
acquisition or sale of real
property and equipment except as
otherwise provided in paragraph
(a) of this item.5. Accountant's, auditor's, and
inspector's reports:
(a) Certifications and reports of 3 years.
examinations and audits conducted
by public and certified public
accountants.
(b) Reports of examinations and 3 years.
audits conducted by internal
auditors, time inspectors, weight
inspectors, and others.
Treasury
6. Long-term debt records:
(a) Bond indentures, underwriting, 6 years after redemption.
mortgage, and other long-term
credit agreements.
Financial Accounting
7. Ledgers:
(a) General and subsidiary ledgers 3 years.
with indexes thereto.
(b) Balance sheets and trial 3 years.
balance sheets of general and
subsidiary ledgers.8. Journals:
(a) General journals............... 3 years.
(b) Subsidiary journals and any 3 years.
supporting data, except as
otherwise provided for, necessary
to explain journal entries.
(c) Schedules of recurring or Until superseded.
standard journal entries with
entry identifications.9. Vouchers:
(a) Voucher registers or equivalent 5 years.
(b) Paid and canceled vouchers, 5 years.
expenditure authorizations,
detailed distribution sheets, and
other supporting data including
original bills and invoices,
except as otherwise provided
herein.10. Accounts receivable, record, or 3 years after settlement.
register of accounts receivable.11. Records of accounting codes and 3 years after discontinuance.
instructions.
Property and Equipment
12. Property records:
(a) Records which maintain complete 3 years after disposition of
information on cost or other value property.
of all real property or equipment.
(b) Records and additions and 3 years after disposition of
betterments made to property and property.
equipment.
(c) Records pertaining to 3 years after disposition of
retirements and replacements of property.
property and equipment.
(d) Records pertaining to
depreciation:
(1) When group method and 3 years after disposition of
depreciation rates are property.
prescribed by the Commission.
(2) Other...................... 3 years after disposition of
property.
(e) Records of equipment number 3 years after disposition of
changes. property.
(f) Records of motor and engine Destroy at option.
changes.
(g) Files of detailed 3 years after disposition of
authorizations for expenditures, property.
work or job orders showing
estimated costs of additions and
betterments, extensions,
replacements, major repairs and
dismantlements, approved by proper
officials, together with
supporting data.
(h) Periodical inventories of 3 years after prior inventory.
property and equipment.13. Engineering records:
(a) Plans and specifications....... 3 years after the disposition
of the property.
(b) Estimates of work, engineering 15 years.
studies, construction bids, and
similar data pertaining to
property changes actually made.
Personnel and Payroll
14. Payroll records:
(a) Registers, abstracts, or 3 years.
summaries showing earnings,
deductions, and amounts paid to
each employee by pay periods.
(b) Records showing the detailed 3 years.
distribution of salaries and wages
to various accounts.
Taxes
15. 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
Subsection 9(b) for vouchers
evidencing disbursements:
(a) Income tax returns............. 3 years after final tax
liability is determined.
(b) Property tax returns........... 3 years after final tax
liability is determined.
(c) Sales and other use taxes...... 3 years final tax liability is
determined.
(d) Other taxes.................... 3 years after final tax
liability is determined.
(e) Agreements between associate 3 years after final tax
companies as to allocation of liability is determined.
consolidated income taxes.
(f) Schedule of allocation of 3 years after final tax
consolidated Federal income taxes liability is determined.
among associate companies.16. Information returns and reports to 3 years, or for the period of
taxing authorities. any extensions granted for
audits.
Purchase and Stores
17. Material ledger, records of 2 years.
material and supplies on hand at all
locations.18. Inventories: General Inventories of 2 years.
material and supplies on hand, with
record of adjustments between accounts
required to bring stores records into
agreement with physical inventories.
Transportation
19. Oil and other products stocks and
movement pipelines only:
(a) Records and receipts, 3 years.
deliveries, pumpings, stocks, and
over and short.
(b) Run tickets showing quantities 3 years.
by tank measurement of meter
reading of oil and other products
received into the delivered from
company's lines.
(c) Statements of oil and oil 3 years.
products consumed as fuel
including quantity value, and
where consumed.
(d) Statement of oil and other 3 years.
products lost by line breaks and
leaks including quantity, value,
and location of breaks and leaks.
(e) Reports of power furnished by 3 years.
producers: monthly reports of the
quantity of oil run in connection
with which power was furnished by
producers, and records of payment
for such power.
(f) Records of producers' property 3 years after disconnection.
identifying ownership and location
for producers' tanks or wells to
which carrier's lines are
connected.
(g) Division or other periodical 3 years.
inventory reports of oil and other
products on hand.
(h) Division orders: Directions 3 years after discontinuance.
received by carrier as to the
division of interest and to whose
account transported oil should be
credited.
(i) Directions received by the 3 years after discontinuance.
carrier for the transfer of
division order interests from one
interest owner to another.
(j) Transfer orders for the 3 years.
transfer of ownership of oil or
other products in carrier's
custody.
Tariffs and Rates
20. Official file copies of tariffs, 3 years after expiration or
classifications, division sheets, and cancelation.
circulars relative to the
transportation of property.21. Authorities and supporting papers 3 years.
for transportation of property for
free or at reduced rates.22.Copies of concurrences and powers of 2 years after expiration or
attorney. cancelation.23. Correspondence and working papers 2 years after cancelation of
in connection with the making of rates tariff.
and compliance of tariffs,
classifications, division sheets, and
circulars affecting the transportation
of property.
Reports and Statistics
24. Reports to Federal Energy 5 years.
Regulatory Commission and other
regulatory bodies, annual financial,
operating and statistical reports,
file copies, and supporting data.------------------------------------------------------------------------