The Canadian Association of Research Administrators - Retention and Destruction of Records Policy

1.0 Purpose

The Canadian Association of Research Administrators’ (CARA) has many documents and records. In addition to following legal requirements for certain types of documents, CARA will follow this policy to prevent the destruction of necessary records while also ensuring efficient use of storage space. 

2.0 Policy Statement

  
2.1      CARA's record retention schedule is set forth in Appendix A. The treasurer and executive director shall administrate this policy. They shall annually review the record retention and destruction schedule and CARA’s compliance with the policy.
2.2      Both electronic and paper documents will be maintained in accordance with Appendix A. 
  
2.3      CARA will not destroy, dispose of, conceal or alter any record or document while knowing it may be or is relevant to an anticipated or ongoing legal proceeding conducted by a federal, provincial or local government, including tax and regulatory agencies or an anticipated or ongoing internal investigation, audit or review.

APPENDIX A – RECORD RETENTION SCHEDULE 

A. Accounting and Finance Record Type Retention Period

Accounts Payable ledgers and schedules 7 years

Accounts Receivable ledgers and schedules 7 years

Annual Audit Reports and Financial Statements - Permanent

Annual Audit Records, including work papers and other documents that relate to the audit

7 years after completion of audit

Bank Statements and Canceled Checks 7 years

Expense Records 7 years

General Ledgers Permanent

Electronic Payment Records 7 years

Notes Receivable ledgers and schedules 7 years

Investment Records 7 years after sale of investment

B. Corporate Records Record Type Retention Period

Annual General Meeting minutes - Permanent

Annual Reports - Permanent

Articles of Incorporation - Permanent

By-laws - Permanent

Board Meeting and Board Committee agendas and minutes - Permanent

Board Policies/Resolutions - Permanent

Contracts (after expiration) – 7 years

C. Employee Documents Record Type Retention Period

Employee Files Termination - 7 years

Employment Taxes - 7 years

Payroll Registers (gross and net) - 7 years

Unclaimed Wage Records - 6 years

Retirement and Pension Records - Permanent

D. Tax Records Record Type Retention Period

Tax-Exemption Documents - Permanent

Tax Bills, Receipts, Statements 7 years

EArchival information Record Type Retention Period

Awards Winners – permanent on CARA website and/or in resource library

CARA Connection newsletters - permanent on CARA website and/or in resource library

Conference Agendas - permanent on CARA website and/or in resource library

    

Approved by the CARA Executive Board: 5 April 2016 and 11 July 2017

   

In the event of inconsistency between the French and English version, the English language version shall prevail.