18 CFR 125.3 - Schedule of records and periods of retention.

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§ 125.3 Schedule of records and periods of retention.
Table of Contents
Corporate and General
1. Reports to stockholders.
2. Organizational documents.
3. Contracts including amendments and agreements.
4. Accountants' and auditors' reports.
Information Technology Management
5. Automatic data processing records.
General Accounting Records
6. General and subsidiary ledgers.
7. Journals: General and subsidiary.
8. Journal vouchers and entries.
9. Cash books.
10. Voucher registers.
11. Vouchers.
Insurance
12. Insurance records.
Operations and Maintenance
13.1. Production—Public utilities and licensees (less nuclear).
13.2 Production—Nuclear.
14. Transmission and distribution—Public utilities and licensees.
15. Maintenance work orders and job orders.
Plant and Depreciation
16. Plant ledgers.
17. Construction work in progress ledgers.
18. Retirement work in progress ledgers.
19. Summary sheets.
20. Appraisals and valuations.
21. Engineering records.
22. Contracts relating to utility plant.
23. Reclassification of utility plant account records.
24. Accumulated depreciation and depletion of utility plant account records.
Purchase and Stores
25. Procurement.
26. Material ledgers.
27. Materials and supplies received and issued.
28. Records of sales of scrap and materials and supplies.
Revenue Accounting and Collection
29. Customers' service applications and contracts.
30. Rate schedules.
31. Maximum demand and demand meter record cards.
32. Miscellaneous billing data.
33. Revenue summaries.
Tax
34. Tax records.
Treasury
35. Statements of funds and deposits.
36. Records of deposits with banks and others.
Miscellaneous
37. [Reserved.]
38. Statistics.
39. Budgets and other forecasts.
40. Records of predecessors companies.
41. Reports to Federal and State regulatory commissions.
42. Advertising.
Schedule of Records and Periods of Retention
Item No. and description Retention period
Corporate and General
1. Reports to stockholders: Annual reports or statements to stockholders 5 years.
2. Organizational documents:
(a) Minute books of stockholders', directors', and directors' committee meetings 5 years or termination of the corporation's existence, whichever occurs first.
(b) Titles, franchises, and licenses: Copies of formal orders of regulatory commissions served upon the utility 6 years after final non-appealable order.
3. Contracts, including amendments and agreements (except contracts provided for elsewhere):
(a) Service contracts, such as for management, accounting, and financial services All contracts, related memoranda, and revisions should be retained for 4 years after expiration or until the conclusion of any contract disputes pertaining to such contracts, whichever is later.
(b) Contracts with others for transmission or the purchase, sale or interchange of product All contracts, related memoranda, and revisions should be retained for 4 years after expiration or until the conclusion of any contract disputes or governmental proceedings pertaining to such contracts, whichever is later.
(c) Memoranda essential to clarifying or explaining provisions of contracts listed above, including requests for discounts For the same periods as contracts to which they relate.
(d) 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 For the same periods as contracts to which they relate.
4. 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 commission accountants) 5 years after the date of the report.
(b) Internal audit reports and working papers 5 years after the date of the report.
Information Technology Management
5. 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): Software program documentation and revisions thereto Retain as long as it represents an active viable program or for periods prescribed for related output data, whichever is shorter.
General Accounting Records
6. General and subsidiary ledgers:
(a) Ledgers:
(1) General ledgers 10 years.
(2) Ledgers subsidiary or auxiliary to general ledgers except ledgers provided for elsewhere 10 years.
(b) Indexes:
(1) Indexes to general ledgers 10 years.
(2) Indexes to subsidiary ledgers except ledgers provided for elsewhere 10 years.
(c) Trial balance sheets of general and subsidiary ledgers 2 years.
7. Journals: General and subsidiary 10 years.
8. Journal vouchers and journal entries including supporting detail:
(a) Journal vouchers and journal entries 10 years.
(b) Analyses, summarization, distributions, and other computations which support journal vouchers and journal entries:
(1) Charging plant accounts 25 years. See § 125.2(g).
(2) Charging all other accounts 6 years.
9. Cash books: General and subsidiary or auxiliary books 5 years after close of fiscal year.
10. Voucher registers: Voucher registers or similar records when used as a source document 5 years. See § 125.2(g).
11. Vouchers:
(a) Paid and canceled vouchers (one copy-analysis sheets showing detailed distribution of charges on individual vouchers and other supporting papers) 5 years. See § 125.2(g).
(b) Original bills and invoices for materials, services, etc., paid by vouchers 5 years. See § 125.2(g).
(c) Paid checks and receipts for payments of specific vouchers 5 years.
(d) Authorization for the payment of specific vouchers 5 years. See § 125.2(g).
(e) Lists of unaudited bills (accounts payable), list of vouchers transmitted, and memoranda regarding changes in audited bills Destroy at option.
(f) Voucher indexes Destroy at option.
Insurance
12. Insurance records:
(a) Records of insurance policies in force, showing coverage, premiums paid, and expiration dates Destroy at option after expiration of such policies.
(b) Records of amounts recovered from insurance companies in connection with losses and of claims against insurance companies, including reports of losses, and supporting papers 6 years. See § 125.2(g).
Operations and Maintenance
13.1 Production—Public utilities and licensees (less Nuclear):
(a) Boiler-tube failure report 3 years.
(b) Generation and output logs with supporting data: 3 years.
(c) Station and system generation reports and clearance logs:
(1) Hydro-electric 25 years. See § 125.2(g).
(2) Steam and others 6 years. See § 125.2(g).
(d) Generating high-tension and low-tension load records 3 years.
(e) Load curves, temperature logs, coal, and water logs 3 years.
(f) Gauge-reading reports 2 years, except river flow data collected in connection with hydro operation must be retained for life of corporation.
(g) Recording instrumentation charts 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.
13.2 Production—Nuclear:
For informational purposes, refer to the document retention requirements of the Nuclear Regulatory Commission.
14. Transmission and distribution—Public utilities and licensees.
(a) Substation and transmission line logs 3 years.
(b) System operator's daily logs and reports of operation 3 years.
(c) Transformer history records For life of transformer.
(d) Records of transformer inspections, oil tests, etc Destroy at option.
15. Maintenance work orders and job orders:
(a) Authorizations for expenditures for maintenance work to be covered by work orders, including memoranda showing the estimates of costs to be incurred 5 years.
(b) Work order sheets to which are posted in detail the entries for labor, material, and other charges in connection with maintenance, and other work pertaining to utility operations 5 years.
(c) Summaries of expenditures on maintenance and job orders and clearances to operating other accounts (exclusive of plant accounts) 5 years.
Plant and Depreciation
16. Plant ledgers:
(a) Ledgers of utility plant accounts including land and other detailed ledgers showing the cost of utility plant by classes 25 years. See § 125.2(g).
(b) Continuing plant inventory ledger, book or card records showing description, location, quantities, cost, etc., of physical units (or items) of utility plant owned 25 years. See § 125.2(g).
17. Construction work in progress ledgers, work orders, and supplemental records:
(a) Construction work in progress ledgers 5 years after clearance to plant account, provided continuing plant inventory records are maintained; otherwise 5 years after plant is retired.
(b) Work orders sheets to which are posted in summary form or in detail the entries for labor, materials, and other charges for utility plant additions and the entries closing the work orders to utility plant in service at completion 5 years after clearance to plant account, provided continuing plant inventory records are maintained; otherwise 5 years after plant is retired.
(c) Authorizations for expenditures for additions to utility plant, including memoranda showing the detailed estimates of cost, and the bases therefor (including original and revised or subsequent authorizations) 5 years after clearance to plant account except where there are ongoing Commission proceedings.
(d) Requisitions and registers of authorizations for utility plant expenditures 5 years after clearance to plant account except where there are ongoing Commission proceedings.
(e) Completion or performance reports showing comparison between authorized estimates and actual expenditures for utility plant additions 5 years after clearance to plant account except where there are ongoing Commission proceedings.
(f) Analysis or cost reports showing quantities of materials used, unit costs, number of man-hours etc., in connection with completed construction project 5 years after clearance to plant account except where there are ongoing Commission proceedings.
(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 Destroy at option.
18. Retirement work in progress ledgers, work orders, and supplemental records:
(a) Work order sheets to which are posted the entries for removal costs, materials recovered, and credits to utility plant accounts for cost of plant retirement 5 years after plant is retired.
(b) Authorizations for retirement of utility plant, including memoranda showing the basis for determination to be retired and estimates of salvage and removal costs 5 years after plant is retired.
(c) Registers of retirement work 5 years.
19. 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 5 years.
20. Appraisals and valuations:
(a) 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.) 3 years after appraisal.
(b) Determinations of amounts by which properties or investments of the company or any of its associated companies will be either written up or written down as a result of:
(1) Mergers or acquisitions 10 years after completion of transaction or as ordered by the Commission.
(2) Asset impairments 10 years after recognition of asset impairment.
(3) Other bases 10 years after the asset was written up or down.
21. The original or reproduction of engineering records, drawings, and other supporting data for proposed or as-constructed utility facilities: 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 Retain until retired.
22. Contracts relating to utility plant:
(a) Contracts relating to acquisition or sale of plant 6 years after plant is retired or sold.
(b) Contracts and other agreements relating to services performed 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) 6 years after plant is retired or sold.
23. Records pertaining to reclassification of utility plant accounts to conform to prescribed systems of accounts including supporting papers showing the bases for such reclassifications 6 years.
24. Records of accumulated provisions for depreciation and depletion of utility plant and supporting computation of expense:
(a) Detailed records or analysis sheets segregating the accumulated depreciation according to functional classification of plant 25 years.
(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 25 years.
Purchase and Stores
25. Procurement:
(a) Agreements entered into for the acquisition of goods or the performance of services. Includes all forms of agreements not specifically set forth in Subsection 7 such as but not limited to: Letters of intent, exchange of correspondence, master agreements, term contracts, rental agreements, and the various types of purchase orders:
(1) For goods or services relating to plant construction 6 years. See § 125.2(g).
(2) For other goods or services 6 years.
(b) Supporting documents including accepted and unaccepted bids or proposals (summaries of unaccepted bids or proposals may be kept in lieu of originals) evidencing all relevant elements of the procurement 6 years. See § 125.2(g).
26. Material ledgers: Ledger sheets of materials and supplies received, issued, and on hand 6 years after the date the records/ledgers were created.
27. Materials and supplies received and issued: Records showing the detailed distribution of materials and supplies issued during accounting periods 6 years. See § 125.2(g).
28. Records of sales of scrap and materials and supplies:
(a) Authorization for sale of scrap and materials and supplies 3 years.
(b) Contracts for sale of scrap materials and supplies 3 years.
Revenue Accounting and Collecting
29. Customers' service applications and contracts: Contracts, including amendments for extensions of service, for which contributions are made by customers and others 4 years after expiration.
30. Rate schedules: General files of published rate sheets and schedules of utility service. Including schedules suspended or superseded 6 years after published rate sheets and schedules are superseded or no longer used to charge for utility service.
31. Maximum demand, and demand meter record cards 1 year, except where the basic chart information is transferred to another record the charts need only be retained 6 months, provided the basic data is retained 1 year.
32. Miscellaneous billing data: Billing department's copies of contracts with customers (other than contracts in general files) Destroy at option.
33. Revenue summaries: Summaries of monthly operating revenues according to classes of service. Including summaries of forfeited discounts and penalties 5 years.
Tax
34. Tax records:
(a) Copies of tax returns and supporting schedules filed with taxing authorities, supporting working papers, records of appeals of tax bills, and receipts for payment. See Subsection 11(b) for vouchers evidencing disbursements:
(1) Income tax returns 2 years after final tax liability is determined.
(2) Property tax returns 2 years after final tax liability is determined.
(3) Sales and other use taxes 2 years.
(4) Other taxes 2 years after final tax liability is determined.
(5) Agreements between associate companies as to allocation of consolidated income taxes 2 years after final tax liability is determined.
(6) Schedule of allocation of consolidated Federal income taxes among associate companies 2 years after final tax liability is determined.
(b) Filings with taxing authorities to qualify employee benefit plans 5 years after discontinuance of plan.
(c) Information returns and reports to taxing authorities 3 years after final tax liability is determined.
Treasury
35. Statements of funds and deposits For nuclear decommissioning funds, retain records for all items listed for 3 years after final decommissioning is completed.If amortization reserve funds related to licensed projects are maintained, retain until the Commission makes a final determination of the disposition of amortization reserves.
(a) Statements of periodic deposits with fund administrators or trustees Retain records for the most recent 3 years.
(b) Statements of periodic withdrawals from fund Retain records for the most recent 3 years.
(c) Statements prepared by fund administrator or trustees of fund activity including: Retain records until the fund is dissolved or terminated.
(1) Beginning of the year balance of fund;
(2) Deposits with the fund;
(3) Acquisition of investments held by the fund;
(4) Disposition of investments held by the fund;
(5) Disbursements from the fund, including party to whom disbursement was made;
(6) End of year balance of fund.
36. Records of deposits with banks and others:
(a) Statements from depositories showing the details of funds received, disbursed, transferred, and balances on deposit Destroy at option after completion of audit by independent accountants.
(b) Check stubs, registers, or other records of checks issued 3 years.
Miscellaneous
37. [Reserved]
38. Statistics: Financial, operating and statistical reports used for internal administrative or operating purposes 5 years.
39. 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, including acquisitions and disposals of properties or investments 3 years.
40. Records of predecessor companies Retain consistent with the requirements for the same types of records of the utility.
41. Reports to Federal and State regulatory commissions including annual financial, operating and statistical reports 5 years.
42. Advertising: Copies of advertisements by or for the company on behalf of itself or any associate company in newspapers, magazines, and other publications, including costs and other records relevant thereto (excluding advertising of appliances, employment opportunities, routine notices, and invitations for bids all of which may be destroyed at option) 2 years.
[Order 617, 65 FR 48156, Aug. 7, 2000; 65 FR 50638, Aug. 21, 2000]

Title 18 published on 2014-04-01

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