Appendix B – Record Retention

All USB records will be retained pursuant to the applicable Retention Period identified in the table below. 

  1. Definition: “Record(s)” means any document, whether in physical or electronic form, that is generated or received by USB in connection with its operations.
  2. Records Screening Process
    1. Records relevant to any pending litigation and/or legal action shall not be destroyed. Any questions regarding those Records shall be forwarded to USB’s Senior Vice President of Governance and Compliance. 
    2. Records shall be immediately disposed of that: 
      1. do not fall within a Record Classification
      2. are no longer required 
      3. have satisfied their required Retention Period
    3. Email and other electronic Records may fall into various Record Classifications and should be treated accordingly (i.e., subject to the longest retention period when multiple Record Classifications are applicable). 
    4. Drafts and duplicates of any Record shall be disposed of once the final Record is retained. 
    5. Templates used to create any Record may be maintained indefinitely but shall be disposed of once a new template is created. 
  3. Storage: Records shall be stored in a safe, secure location and protected from environmental and other potential harm. 
  4. Disposal: Record review and disposal shall be conducted in March of each year. 


Retention Period Record Classification
Permanent (electronic only after 5 years)
  • Bylaws and Articles of Incorporation
  • Final Reports of Research/Programs/Projects (including research results and attachments)
  • Patent, Trademark and Copyright Files
  • Long-Range Strategic Plans, Strategies and Action Plans
  • Legal Research
  • Board Minutes
  • Financial Audit Reports of USB
18 Months
  • Email (system enforced subject to any legal holds)
3 Years
  • Research/Program/Project Working Files
  • Employment Records (duration of employment plus 3 years)
5 Years
  • Contracts (from the date of termination and/or expiration)
7 Fiscal Years (after the fiscal year the Record was originated or acquired)
  • Financial Records (including travel expenses)
  • Tax Records
  • Agreed Upon Procedures (AUPs) reports
  • Insurance Policies, Certificates and Claim Files