The following schedule shows periods that designated records shall be preserved. The descriptions specified under the various general headings are for convenient reference and identification, and are intended to apply to the items named regardless of what the records are called in individual companies and regardless of the record media. The retention periods represent the prescribed number of years from the date of the document and not calendar years. Records not listed below shall be retained as determined by the management of each company.
Schedule of Records and Periods of Retention------------------------------------------------------------------------
Item and category of records Retention period------------------------------------------------------------------------
A. Corporate and General1. Incorporation and reorganization:
(a) Charter or certificate of incorporation Note A.
and amendments.
(b) Legal documents related to mergers, Do.
consolidations, reorganization,
receiverships and similar actions which
affect the identity or organization of the
company.2. Minutes of Directors, Executive Committees, Do.
Stockholders and other corporate meetings.3. Titles, franchises and authorities:
(a) Certificates of public convenience and Until expiration or
necessity issued by regulating bodies. cancellation.
(b) Operating authorizations and exemptions Do.
to operate.
(c) Copies of formal orders of regulatory Note A.
bodies served upon the company.
(d) Deeds, charters, and other title papers. Until disposition of
property.
(e) Patents and patent records.............. Note A.4. Annual reports or statements to stockholders. 3 years.5. Contracts and agreements:
(a) Service contracts, such as for Until expiration or
operational management, accounting, termination plus 3
financial or legal services, and agreements years.
with agents.
(b) Contracts and other agreements relating Do.
to the construction, acquisition or sale of
real property and equipment except as
otherwise provided in (a) above.
(c) Contracts for the purchase or sale of Until expiration.
material and supplies except as provided in
(a) above.
(d) Shipping contracts for transportation or Do.
caretakers of freight.
(e) Contracts with employees and employee Until expiration.
bargaining groups.
(f) Contracts, leases and agreements, not Until expiration or
specifically provided for in this section. termination plus 1
year.6. Accountant's auditor's, and inspector's
reports:
(a) Certifications and reports of 3 years
examinations and audits conducted by public
accountants.
(b) Reports of examinations and audits Do.
conducted by internal auditors, time
inspectors, and others.7. Other: (See Note A)
B. Treasury1. Capital stock records:
(a) Capital stock ledger.................... Note A.
(b) Capital stock certificates, records of Do.
or stubs of.
(c) Stock transfer register................. Do.2. Long-term debt records:
(a) Bond indentures, underwritings, Until redemption plus
mortgages, and other long-term credit 3 years.
agreements.
(b) Registered bonds and debenture ledgers.. Do.
(c) Stubs or similar records of bonds or Note A.
other long-term debt issued.3. Authorizations from regulatory bodies for Do.
issuance of securities including applications,
reports, and supporting papers.4. Records of securities owned, in treasury, or Until the securities
held by custodians, detailed ledgers and are sold, redeemed or
journals, or their equivalent. otherwise disposed
of.5. Other: (See Note A)
C. Financial and Accounting1. Ledgers:
(a) General and subsidiary ledgers with Until discontinuance
indexes. of use plus 3 years.
(b) Balance sheets and trial balance sheets 3 years.
of general and subsidiary ledgers.2. Journals:
(a) General journals........................ Until discontinuance
of use plus 3 years.
(b) Subsidiary journals and any supporting 3 years.
data, except as otherwise provided for,
necessary to explain journal entries.3. Cash books:
(a) General cash books...................... Until discontinuance
of use plus 3 years.
(b) Subsidiary cash books................... 3 years.4. Vouchers:
(a) Voucher registers, indexes, or Do.
equivalent.
(b) Paid and canceled vouchers, expenditure Do.
authorizations, detailed distribution
sheets and other supporting data including
original bills and invoices, if not
provided for elsewhere.
(c) Paid drafts, paid checks, and receipts 3 years.
for cash paid out.5. Accounts receivable:
(a) Record or register of accounts 3 years after
receivable, indexes thereto, and summaries settlement.
of distribution.
(b) Bills issued for collection and Do.
supporting data.
(c) Authorization for writing off 1 year.
receivables.
(d) Reports and statements showing age and Do.
status of receivables.6. Records of accounting codes and instructions. 3 years after
discontinuance.
7. Other: (Note A)
D. Property and EquipmentNote.--All accounts, records, and memoranda necessary for making a
complete analysis of the cost or value of property shall be retained
for the periods shown. If any of the records elsewhere provided for in
this schedule are of this character, they shall be retained for the
periods shown below, regardless of any lesser retention period assigned1. Property records:
(a) Records which maintain complete 3 years after
information on cost or other value of all disposition of
real and personal property or equipment. property.
(b) Records of additions and betterments Do.
made to property and equipment.
(c) Records pertaining to retirements and Do.
replacements of property and equipment.
(d) Records pertaining to depreciation...... Do.
(e) Records of equipment number changes..... Do.
(f) Records of motor and engine changes..... Do.
(g) Records of equipment lightweighed and Only current or latest
stenciled. records.2. Engineering records of property changes 3 years after
actually made. disposition of
property.3. Other: (Note A)
E. Personnel and Payroll1. Personnel and payroll records................ 1 year (Note A).
F. Insurance and Claims1. Insurance records:
(a) Schedules of insurance against fire, Until expiration plus
storms, and other hazards and records of 1 year.
premium payments.
(b) Records of losses and recoveries from 1 year after
insurance companies and supporting papers. settlement.
(c) Insurance policies...................... Until expiration of
coverage plus 1 year.2. Claims records:
(a) Claim registers, card or book indexes, 1 year after
and other records which record personal settlement.
injury, fire and other claims against the
company, together with all supporting data.
(b) Claims registers, card or book indexes, Do.
and other records which record overcharges,
damages, and other claims filed by the
company against others, together with all
supporting data.
(c) Records giving the details of 3 years.
authorities issued to agents, carriers, and
others for participation in freight claims.
(d) Reports, statements and other data Do.
pertaining to personal injuries or damage
to property when not necessary to support
claims or vouchers.
(e) Reports, statements, tracers, and other 1 year.
data pertaining to unclaimed, over, short,
damaged, and refused freight, when not
necessary to support claims or vouchers.
(f) Authorities for disposal of unclaimed, 3 years.
damaged, and refused freight.3. Other: (See Note A)
G. Taxes1. Taxes. (Note A)
H. Purchases and Stores1. Purchases and stores. (Note A)
I. Shipping and Agency Documents1. Bills of lading and releases:
(a) Consignors' shipping orders, consignors' 1 year.
shipping tickets, and copies of bills of
lading freight bills from other carriers
and other similar documents furnished the
carrier for movement of freight.
(b) Shippers' order-to-notify bills of Do.
lading taken up and cancelled.2. Freight waybills:
(a) Local waybills.......................... Do.
(b) Interline waybills received from and Do.
made to other carriers.
(c) Company freight waybills................ Do.
(d) Express waybills........................ Do.3. Freight bills and settlements:
(a) Paid copy of freight bill retained to
support receipt of freight charges:
(1) Bus express freight bills provided no Do.
claim has been filed.
(2) All other freight bills................. Do.
(b) Paid copy of freight bill retained to
support payment of freight charges to other
carriers:
(1) Bus express freight bills provided no Do.
claim has been filed.
(2) All other freight bills................. Do.
(c) Records of unsettled freight bills and 1 year after
supporting papers. disposition.
(d) Records and reports of correction notices. 1 year.4. Other freight records:
(a) Records of freight received, forwarded, Do.
and delivered.
(b) Notice to consignees of arrival of Do.
freight; tender of delivery.5. Agency records (to include conductors,
pursers, stewards, and others):
(a) Cash books.............................. Do.
(b) Remittance records, bank deposit slips Do.
and supporting papers.
(c) Balance sheets and supporting papers.... Do.
(d) Statements of corrections in agents' Do.
accounts.
(e) Other records and reports pertaining to Do.
ticket sales, baggage handled,
miscellaneous collections, refunds,
adjustments, etc.
J. Transportation1. Records pertaining to transportation of
household goods:
(a) Estimate of charges..................... 1 year.
(b) Order for service....................... Do.
(c) Vehicle-load manifest................... Do.
(d) Descriptive inventory................... Do.2. Records and reports pertaining to operation
of marine and floating equipment:
(a) Ship log................................ 3 years.
(b) Ship articles........................... Do.
(c) Passenger and room list................. Do.
(d) Floatmen's barge, lighter, and escrow 2 years.
captain's reports, demurrage records,
towing reports and checks sheets.3. Car distribution and movement-railroads only:
(a) Records of car allotment and Do.
distribution.
(b) Records of cars ordered, furnished and Do.
loaded.
(c) Records showing dates and numbers of Do.
trains, initials and number of cars,
movement of cars, and mileage of cars and
trains.
(d) Report of cars interchanged with Do.
connecting lines.
(e) Reports of unfilled car orders.......... 1 year.
(f) Per diem and mileage reports made and 2 years.
received, including reclaims and
discrepancy and adjustment reports.
(g) Demurrage and storage records........... Do.4. Dispatchers' sheets, registers, and other 3 years
records pertaining to movement of
transportation equipment.5. Import and export records including bonded 2 years.
freight and steamship engagements.6. Records, reports, orders and tickets 3 years.
pertaining to weighting of freight.7. Records of loading and unloading of 2 years.
transportation equipment.8. Records pertaining to the diversion or Do.
reconsignment of freight, including requests,
tracers, and correspondence.9. Other: (See Note A)
K. Tariffs and Rates1. Official file copies of tariffs, 3 years after
classifications, division sheets, and circulars expiration or
relative to the transportation of persons or cancellation.
property.2. Authorities and supporting papers for 3 years.
transportation of property or passengers free
or at reduced rates.3. Records and documents required by provisions 2 years.
of Sec. 1253.20 to be maintained.
L. Supporting Data for Reports and Statistics1. Supporting data for reports filed with the
Surface Transportation Board and regulatory
bodies:
(a) Supporting data for annual financial, 3 years.
operating and statistical reports.
(b) Supporting data for periodical reports Do.
of operating revenues, expenses, and income.
(c) Supporting data for reports detailing Do.
use of proceeds from issuance or sale of
company securities.
(d) Supporting data for valuation inventory 3 years after
reports and records. This includes related disposition of the
notes, maps and sketches, underlying property.
engineering, land, and accounting reports,
pricing schedules, summary or collection
sheets, yearly reports of changes and other
miscellaneous data, all relating to the
valuation of the company's property by the
Surface Transportation Board or other
regulatory body.2. Supporting data for periodical reports of 3 years.
accidents, inspections, tests, hours of
service, repairs, freight car locations, etc.3. Supporting data for periodical statistical of Do.
operating results or performance by tonnage,
mileage, passengers carried, piggyback traffic,
commodities, costs, analyses of increases and
decreases, or otherwise.
M. Miscellaneous1. Index of records............................. Until revised as
record structure
changes.2. Statement listing records prematurely For the remainder of
destroyed or lost. the period as
prescribed for
records destroyed.------------------------------------------------------------------------Note A: Records referenced to this note shall be maintained as
determined by the designated records supervisory official. Companies
should be mindful of the record retention requirements of the Internal
Revenue Service, Securities and Exchange Commission, state and local
jurisdictions and other regulatory agencies. Companies shall exercise
reasonable care in choosing retention periods, and the choice of
retention periods shall reflect past experiences, company needs,
pending litigation, and regulatory requirements. [50 FR 10775, Mar. 18, 1985, as amended at 51 FR 22083, June 18, 1986] PARTS 1240 1259_REPORTS--Table of Contents
Note: The report forms prescribed by parts 1241-1259 are available upon request from the Office of Economics, Environmental Analysis, and Administration, Surface Transportation Board, Washington, DC 20423-0001.