§ 356.11 - Schedule of records and periods of retention.

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 where records are filed and regardless of departmental organization. Records other than those listed below may be destroyed at the option of the company: Provided, Such records used in place of those listed are preserved for the periods prescribed for the records used for substantially similar purposes.

Schedule of Records and Periods of RetentionItem number and category of recordsRetention periodcorporate and general1Incorporation and reorganization:(a) Charter or certificate of incorporation and amendmentsPermanently.(b) Legal documents related to mergers, consolidations, reorganization, receiverships and similar actions which affect the identity or organization of the companyDo.2Minutes of Directors’ Executive Committees’, Stockholders’, and other corporate meetingsDo.3Titles, franchises and authorities:(a) Certificates of public convenience and necessity issued by regulating bodiesUntil expiration or cancellation.(b) Operating authorizations and exemptions to operate issued by regulating bodiesDo.(c) Copies of formal orders of regulatory bodies served upon the company1 year after expiration or cancellation.(d) Deeds, charters, and other title papers3 years after disposition of property.4Contracts and agreements:(a) Contracts and related papers for transactions which are subject to the provisions of the Clayton Antitrust Act (15 USC 20)10 years afer expiration, provided there is no pending litigation involved, and provided the company notifies the Commission of its intended action 2 weeks prior to date the records are to be destroyed.(b) Service contracts, such as for operational management, accounting, financial or legal service, and agreements with agents3 years after expiration or termination.(c) Contracts and other agreements relating to the construction, acquisition or sale of real property and equipment except as otherwise provided in (a) aboveDo.(d) Contracts, leases and agreements, not specifically provided for in this section but excluding contracts with employees and employee bargaining groups3 years after expiration or termination.5Accountant's, auditor's, and inspector's reports:(a) Certifications and reports of examinations and audits conducted by public and certified public accountants3 years.(b) Reports of examinations and audits conducted by internal auditors, time inspectors, weight inspectors, and othersDo.treasury6Long-term debt records:(a) Bond indentures, underwriting, mortgage, and other long-term credit agreements6 years after redemption.financial and accounting7Ledgers:(a) General and subsidiary ledgers with indexes thereto (except for rate-making organizations)50 years.(b) General and subsidiary ledgers with indexes thereto (ratemaking organizations only)10 years.(c) Balance sheets and trial balance sheets of general and subsidiary ledgers5 years.8Journals:(a) General journals (except for ratemaking organizations)50 years.(b) General journals (ratemaking organizations only)10 years.(c) Subsidiary journals and any supporting data, except as otherwise provided for, necessary to explain journal entries6 years.(d) Schedules of recurring or standard journal entries with entry identificationsUntil superseded.9Vouchers:(a) Voucher registers or equivalent6 years.(b) Paid and cancelled vouchers, expenditure authorizations, detailed distribution sheets and other supporting data including original bills and invoices, except as otherwise provided hereinDo.10Accounts receivable, record, or register of accounts receivable3 years after settlement.11Records of accounting codes and instructions6 years after discontinuance.property and equipment12Property records:(a) Records which maintain complete information on cost or other value of all real and personal property or equipment3 years after disposition of property.(b) Records of additions and betterments made to property and equipmentDo.(c) Records pertaining to retirements and replacements of property and equipmentDo.(d) Records pertaining to depreciation:(1) When group method and depreciation rates are prescribed by the Commission10 years.(2) Other3 years after disposition of property.(e) Records of equipment number changesDo.(f) Records of motor and engine changesDo.(g) Files of detailed authorizations for expenditures, work or job orders showing estimated costs of additions and betterments, extensions, replacements, major repairs and dismantlements, approved by proper officials, together with all supporting data3 years.(h) Periodical inventories of property and equipment3 years after prior inventory.13Engineering records:(a) Plans and specifications3 years after disposition of property.(b) Estimates of work, engineering studies, construction bids, and similar data pertaining to property changes actually made15 years.personnel and payroll14Payroll records:(a) Registers, abstracts, or summaries showing earnings, deductions and amounts paid to each employee by pay periods3 years.(b) Records showing the detailed distribution of salaries and wages to various accountsDo.taxes15Copies of returns and schedules filed with taxing authorities, supporting work papers, records of appeals, tax bills and receipts for payments. (See Item 9(B) for vouchers evidencing disbursements):(a) Income tax returns3 years after settlement.(b) Property tax returnsDo.(c) Sales and use taxes3 years.(d) Other taxes3 years after settlement.(e) Agreements between affiliated companies as to allocation of consolidated income taxesDo.(f) Schedule of allocation of consolidated Federal income taxes among affiliated companiesDo.16Information returns and reports to taxing authorities3 years, or for the period of any extensions granted for audits.purchases and stores17Material ledger, records of material and supplies on hand at all locations2 years.18Inventories:(a) General inventories of material and supplies on hand, with record of adjustments between accounts required to bring stores records into agreement with physical inventoriesDo.transportation19Oil and other products stocks and movement-pipelines only:(a) Records of receipts, deliveries, pumpings, stocks, and over and short3 years.(b) Run tickets showing quantities by tank measurement of meter readings of oil and other products received into and delivered from company's linesDo.(c) Statements of oil and oil products consumed as fuel including quantity value, and where consumed3 years.(d) Statement of oil and other products lost by line breaks and leaks including quantity, value, and location of breaks and leaksDo.(e) Reports of power furnished by producers: monthly reports of the quantity of oil run in connection with which power was furnished by producers, and records of payment for such powerDo.(f) Records of producers’ property identifying ownership and location of producers’ tanks or wells to which carrier's lines are connected3 years after disconnection.(g) Division or other periodical inventory reports of oil and other products on hand3 years.(h) Division orders: Directions received by carrier as to the division of interest and to whose account transported oil should be credited3 years after discontinuance.(i) Directions received by the carrier for the transfer of division order interests from one interest owner to anotherDo.(j) Transfer orders for the transfer of ownership of oil or other products in carrier's custody3 years.tariffs and rates120Official file copies of tariffs, classifications, division sheets, and circulars relative to the transportation of persons or property3 years after expiration or cancellation.21Authorities and supporting papers for transportation of property or passengers free or at reduced rates3 years.22Copies of concurrences and powers of attorney filed with the Federal Energy Regulatory Commission; and other regulating bodies2 years after expiration or cancellation.23Correspondence and working papers in connection with the making of rates and compliance of tariffs, classifications, division sheets, and circulars affecting the transportation of persons or property2 years after cancellation of tariff.reports and statistics24Reports to Federal Energy Regulatory Commission and other regulatory bodies:(a) Annual financial, operating and statistical reports, file copies of, and supporting data10 years.(b) Valuation inventory reports and records together with related notes, maps, and sketches; underlying 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 Federal Energy Regulatory Commission or other regulatory body3 years after disposition of the property.1 The retention periods for records in this item begin on the date of the final Commission order determining the outcome of any tariff subject to refund and/or investigation.