SCHEDULE OF RECORDS AND PERIODS OF RETENTION-Continued Description Retention period (b) [Reserved] 4. [Reserved] 5. [Reserved] 6. Organizational documents: (a) Minute books of stockholders', directors', and directors' committee 50 years or termination of the corporation's existmeetings. (b) Titles, franchises, and licenses: (1)-(4) [Reserved] ence, whichever occurs first. (5) Copies of formal orders of regulatory commissions served 6 years after final non-appealable order. (g) Memoranda essential to clarifying or explaining provisions of con- For the same periods as contracts to which they retracts listed above. (h) Card or book records of contracts, leases, and agreements made, showing dates of expirations and of renewals, memoranda of receipts and payments under such contracts, etc. 8. Accountants' and auditors' reports: (a) Reports of examinations and audits by accountants and auditors not in the regular employ of the utility (such as reports of public accounting firms and regulatory commission accountants). (b) Internal audit reports and work papers AUTOMATIC DATA PROCESSING 9. Automatic data processing records (retain original source data used as input for data processing and data processing report printouts for the applicable periods prescribed elsewhere in the schedule): (a) [Reserved] (b) Program documentation and revisions thereto late. Do. 7 years after date of report or Commission audit, whichever comes last. Do. Retain as long as it represents an active viable program or for periods prescribed for related output data, whichever is shorter. (a) Voucher registers or similar records when used as a source docu- | 6 years. See § 125.2(j). ment. (a) Records of insurance policies in force, showing coverage, pre- Destroy at option after expiration of such policies. miums paid, and expiration dates. (b) [Reserved] (c) Records of amounts recovered from insurance companies in con- 6 years. See § 125.2(j). nection with losses and of claims against insurance companies, in cluding reports of losses and supporting papers. (a) Ledgers of utility plant accounts including land and other detailed 50 years. ledgers showing the cost of utility plant by classes. (b) Continuing plant inventory ledger, book or card records showing 6 years after plant is retired, provided mortality data description, location, quantities, cost, etc., of physical units (or are retained.5 items) of utility plant owned. SCHEDULE OF RECORDS AND PERIODS OF RETENTION-Continued (c) Authorizations for expenditures for additions to utility plant, includ- 10 years. (d) Requisitions and registers of authorizations for utility plant expendi- (e) Completion or performance reports showing comparison between authorized estimates and actual expenditures for utility plant additions. (f) Analysis or cost reports showing quantities of materials used, unit costs, number of man-hours, etc., in connection with completed construction project. (g) Records and reports pertaining to progress of construction work, the order in which jobs are to be completed, and similar records which do not form a basis of entries to the accounts. 32. Retirement work in progress ledgers, work orders, and supplemental records: Do. Do. 10 years after clearance to the plant account, pro- (a) Work order sheets to which are posted the entries for removal 10 years after plant is retired.5 (b) Authorizations for retirement of utility plant, including memoranda (c) Registers of retirement work orders 33. Summary sheets, distribution sheets, reports, statements, and papers directly supporting debits and credits to utility plant accounts not covered by construction or retirement work orders and their supporting records 34. Appraisals and valuations: Appraisals and valuations made by the company of its properties or investments or of the properties or investments of any associated companies. (Includes all records essential thereto.). 35. [Reserved] 36. The original or reproductions of engineering records, drawings and other supporting data for proposed as-constructed utility facilities: (a) Maps, diagrams, profiles, photographs, field survey notes, plot plan, detail drawings, records of engineering studies and similar records showing the location of proposed or as-constructed facilities: (1) If construction of facility results wholly, or in part 10 years after clearance to the plant account, provided continuing plant inventory records are maintained; otherwise 6 years after plant is retired.5 10 years. 10 years after clearance to the plant account, provided continuing plant inventory records are maintained; otherwise 6 years after plant is retired. 3 years after disposition, termination of lease, or write-off of property or investment. Retain until receipt of FERC audit report or two years after auditor's exit conference, whichever occurs first.5 See § 125.2(j). SCHEDULE OF RECORDS AND PERIODS OF RETENTION-Continued Description Retention period (2) [Reserved] 37. Contracts and other agreements relating to utility records: (a) Contracts relating to acquisition or sale of plant (b) Contracts and other agreements relating to services peformed in connection with construction of utility plant (including contracts for the construction of plant by others for the utility and for supervision and engineering relating to construction work). 38. Records pertaining to reclassifications of utility plant accounts to conform to prescribed systems of accounts, including supporting papers showing the bases for such reclassifications 39. Records of accumulated provisions for depreciation and depletion of utility plant and supporting computation of expense: 6 years after plant is retired. Do. (a) Detailed records or analysis sheets segregating the accumulated 25 years. depreciation according to functional classification of plant. (b) Records reflecting the service life of property and the percentage of salvage and cost of removal for property retired from each account for depreciable utility plant. 40. Procurements: PURCHASES AND STORES (a) Agreements entered into for the acquisition of goods or the per- (b) Supporting documents including accepted and unaccepted bids or (c) [Reserved] 41. Material ledgers: Do.5 6 years. See § 125.2(j). 6 years. See § 125.2(j). (a) Ledger sheets of materials and supplies received, issued, and on Retain until receipt of FERC audit report or two hand. years after auditor's exit conference, whichever occurs first. (b) [Reserved] 42. Materials and supplies received and issued: (a)-(b) [Reserved] (c) Records showing the detailed distribution of materials and supplies 6 years. See § 125.2(j). (h) Contracts for extensions of service for which contributions are Retain until receipt of FERC audit report or two made by customers or others. 46. Rate schedules: years after auditor's exit conference, whichever occurs first. (a) General files of published rate sheets and schedules of utility serv- Retain until receipt of FERC audit report or two ice. (Including schedules suspended or superseded.). (b) [Reserved] 47. [Reserved] 48. [Reserved] 49. Maximum demand, and demand meter record cards 50. Miscellaneous billing data: years after auditor's exit conference, whichever occurs first. 1 year, except where the basic chart information is transferred to another record the charts need only be retained 6 months, provided the record containing the basic data is retained 1 year. (a) Billing department's copies of contracts with customers (in addition Destroy at option. to contracts in general files). (b)-(d) [Reserved] 51. Revenue summaries: (a) Summaries of monthly operating revenues according to classes of 6 years. service for entire utility. SCHEDULE OF RECORDS AND PERIODS OF RETENTION-Continued NOTE: See subsection 59 pertaining to deposits of cash with banks. Subsection 59 applies to all bank accounts whether at general, local, or divisional offices (5) Agreements between associate companies as to allocation of 7 years after settlement. (6) Schedule of allocation of consolidated Federal income taxes (b) Summaries of taxes paid (c) Filings with taxing authorities to qualify employee benefit plans (d) Information returns and reports to taxing authorities Do. Destroy at option. 7 years after settlement of Federal return or discontinuance of plan, whichever is later. 3 years, or for the period of any extensions granted for audit. TREASURY 58. Statements of funds and deposits: (a) Summaries and periodic statements of cash balances on hand and ❘ Destroy at option. with depositories. (b) Statement of managers' and agents' cash balances on hand and with depositories. (c)-(f) [Reserved] 59. Records of deposits with banks and others: (a)-(b) [Reserved] Do. (c) Statements from depositories showing the details of funds re- Destroy at option after completion of annual audit ceived, disbursed, transferred, and balances on deposit. (d)-(e) [Reserved] (f) Check stubs, registers, or other records of checks issued (g) [Reserved] 60. [Reserved] by independent accountants. 6 years. 61. Statistics: MISCELLANEOUS (a) Annual financial, operating and statistical reports regularly pre- 10 years after date of report. pared in the course of business for internal administrative or operat ing purposes (and not used as the basis for entries to accounts of the companies concerned) to show the results of operations and the financial condition of the utility. (b) Quarterly, monthly or other periodic financial, operating and other 2 years after date of report. statistical reports as above. (c) [Reserved] 62. Budgets and other forecasts (Prepared for internal administrative or operating purposes) of estimated future income, receipts and expenditures in connection with financing, construction and operations and acquisitions or disposals of properties or investments by the company and its associate companies, including revisions of such estimates and memoranda showing reasons for revisions; also records showing comparison of actual income and receipts and expenditures with estimates. 3 years. |