Collapse to view only § 1220.5 - Waiver of requirements of these regulations.
- § 1220.0 - Applicability.
- § 1220.1 - Records required to be retained.
- § 1220.2 - Protection and storage of records.
- § 1220.3 - Preservation of records.
- § 1220.4 - Companies going out of business.
- § 1220.5 - Waiver of requirements of these regulations.
- § 1220.6 - Schedule of records and periods of retention.
§ 1220.0 - Applicability.
The preservation of record rules contained in this part shall apply to the following:
Railroad companies Electric railway companies Express companies Persons furnishing cars to railroads Ratemaking organizations This part applies also to the preservation of accounts, records and memoranda of traffic associations, demurrage and car service bureaus, weighing and inspection bureaus, and other joint activities maintained by or on behalf of companies listed in the above paragraph of this subpart.§ 1220.1 - Records required to be retained.
Companies subject to this part shall retain records for the minimum retention periods required by § 1220.6, Schedule of records and periods of retention. After the required retention periods, the records may be destroyed at the discretion of each company's management. It shall be the obligation of the subject company to maintain records that adequately support financial and operational data required by the Board. The company may request a ruling from the Board on the retention of any record. The provisions of this part shall not be construed as excusing compliance with the lawful requirements of any other governmental body prescribing longer retention periods for any category of records.
§ 1220.2 - Protection and storage of records.
(a) The company shall protect records subject to this part from fires, floods, and other hazards, and safeguard the records from unnecessary exposure to deterioration from excessive humidity, dryness, or lack of ventilation.
(b) The company shall notify the Board if prescribed records are substantially destroyed or damaged before the term of the prescribed retention periods.
§ 1220.3 - Preservation of records.
(a) All records may be preserved by any technology that is immune to alteration, modification, or erasure of the underlying data and will enable production of an accurate and unaltered paper copy.
(b) Records not originally preserved on hard copy shall be accompanied by a statement executed by a person having personal knowledge of the facts indicating the type of data included within the records. One comprehensive statement may be executed in lieu of individual statements for multiple records if the type of data included in the multiple records is common to all such records. The records shall be indexed and retained in such a manner as will render them readily accessible. The company shall have facilities available to locate, identify and produce legible paper copies of the records.
(c) Any significant characteristic, feature or other attribute that a particular medium will not preserve shall be clearly indicated at the beginning of the applicable records as appropriate.
(d) The printed side of forms, such as instructions, need not be preserved for each record as long as the printed matter is common to all such forms and an identified specimen of the form is maintained on the medium for reference.
§ 1220.4 - Companies going out of business.
The records referred to in these regulations may be destroyed after business is discontinued and the company is completely liquidated. The records may not be destroyed until dissolution is final and all pending transactions and claims are completed. When a company is merged with another company under jurisdiction of the Board, the successor company shall preserve records of the merged company in accordance with these regulations.
§ 1220.5 - Waiver of requirements of these regulations.
A waiver from any provision of these regulations may be made by the Board upon its own initiative or upon submission of a written request by the company. Each request for waiver shall demonstrate that unusual circumstances warrant a departure from prescribed retention periods, procedures, or techniques, or that compliance with such prescribed requirements would impose an unreasonable burden on the company.
§ 1220.6 - 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 what the records are called in individual companies and regardless of the record media. The retention periods represent the prescribed number of years from the date of the document and not calendar years. Records not listed below shall be retained as determined by the management of each company.
Schedule of Records and Periods of Retention
| Item and category of records | Retention period | 1. Incorporation and reorganization: | (a) Charter or certificate of incorporation and amendments | Note A. | (b) Legal documents related to mergers, consolidations, reorganization, receiverships and similar actions which affect the identity or organization of the company | Do. | 2. Minutes of Directors, Executive Committees, Stockholders and other corporate meetings | Do. | 3. Titles, franchises and authorities: | (a) Certificates of public convenience and necessity issued by regulating bodies | Until expiration or cancellation. | (b) Operating authorizations and exemptions to operate | Do. | (c) Copies of formal orders of regulatory bodies served upon the company | Note A. | (d) Deeds, charters, and other title papers | Until disposition of property. | (e) Patents and patent records | Note A. | 4. Annual reports or statements to stockholders | 3 years. | 5. Contracts and agreements: | (a) Service contracts, such as for operational management, accounting, financial or legal services, and agreements with agents | Until expiration or termination plus 3 years. | (b) Contracts and other agreements relating to the construction, acquisition or sale of real property and equipment except as otherwise provided in (a) above | Do. | (c) Contracts for the purchase or sale of material and supplies except as provided in (a) above | Until expiration. | (d) Shipping contracts for transportation or caretakers of freight | Do. | (e) Contracts with employees and employee bargaining groups | Until expiration. | (f) Contracts, leases and agreements, not specifically provided for in this section | Until expiration or termination plus 1 year. | 6. Accountant's auditor's, and inspector's reports: | (a) Certifications and reports of examinations and audits conducted by public accountants | 3 years | (b) Reports of examinations and audits conducted by internal auditors, time inspectors, and others | Do. | 7. Other: (See Note A) | 1. Capital stock records: | (a) Capital stock ledger | Note A. | (b) Capital stock certificates, records of or stubs of | Do. | (c) Stock transfer register | Do. | 2. Long-term debt records: | (a) Bond indentures, underwritings, mortgages, and other long-term credit agreements | Until redemption plus 3 years. | (b) Registered bonds and debenture ledgers | Do. | (c) Stubs or similar records of bonds or other long-term debt issued | Note A. | 3. Authorizations from regulatory bodies for issuance of securities including applications, reports, and supporting papers | Do. | 4. Records of securities owned, in treasury, or held by custodians, detailed ledgers and journals, or their equivalent | Until the securities are sold, redeemed or otherwise disposed of. | 5. Other: (See Note A) | 1. Ledgers: | (a) General and subsidiary ledgers with indexes | Until discontinuance of use plus 3 years. | (b) Balance sheets and trial balance sheets of general and subsidiary ledgers | 3 years. | 2. Journals: | (a) General journals | Until discontinuance of use plus 3 years. | (b) Subsidiary journals and any supporting data, except as otherwise provided for, necessary to explain journal entries | 3 years. | 3. Cash books: | (a) General cash books | Until discontinuance of use plus 3 years. | (b) Subsidiary cash books | 3 years. | 4. Vouchers: | (a) Voucher registers, indexes, or equivalent | Do. | (b) Paid and canceled vouchers, expenditure authorizations, detailed distribution sheets and other supporting data including original bills and invoices, if not provided for elsewhere | Do. | (c) Paid drafts, paid checks, and receipts for cash paid out | 3 years. | 5. Accounts receivable: | (a) Record or register of accounts receivable, indexes thereto, and summaries of distribution | 3 years after settlement. | (b) Bills issued for collection and supporting data | Do. | (c) Authorization for writing off receivables | 1 year. | (d) Reports and statements showing age and status of receivables | Do. | 6. Records of accounting codes and instructions | 3 years after discontinuance. | 7. Other: (Note A) | 1. Property records: | (a) Records which maintain complete information on cost or other value of all real and personal property or equipment | 3 years after disposition of property. | (b) Records of additions and betterments made to property and equipment | Do. | (c) Records pertaining to retirements and replacements of property and equipment | Do. | (d) Records pertaining to depreciation | Do. | (e) Records of equipment number changes | Do. | (f) Records of motor and engine changes | Do. | (g) Records of equipment lightweighed and stenciled | Only current or latest records. | 2. Engineering records of property changes actually made | 3 years after disposition of property. | 3. Other: (Note A) | 1. Personnel and payroll records | 1 year (Note A). | 1. Insurance records: | (a) Schedules of insurance against fire, storms, and other hazards and records of premium payments | Until expiration plus 1 year. | (b) Records of losses and recoveries from insurance companies and supporting papers | 1 year after settlement. | (c) Insurance policies | Until expiration of coverage plus 1 year. | 2. Claims records: | (a) Claim registers, card or book indexes, and other records which record personal injury, fire and other claims against the company, together with all supporting data | 1 year after settlement. | (b) Claims registers, card or book indexes, and other records which record overcharges, damages, and other claims filed by the company against others, together with all supporting data | Do. | (c) Records giving the details of authorities issued to agents, carriers, and others for participation in freight claims | 3 years. | (d) Reports, statements and other data pertaining to personal injuries or damage to property when not necessary to support claims or vouchers | Do. | (e) Reports, statements, tracers, and other data pertaining to unclaimed, over, short, damaged, and refused freight, when not necessary to support claims or vouchers | 1 year. | (f) Authorities for disposal of unclaimed, damaged, and refused freight | 3 years. | 3. Other: (See Note A) | 1. Taxes. (Note A) | 1. Purchases and stores. (Note A) | 1. Bills of lading and releases: | (a) Consignors' shipping orders, consignors' shipping tickets, and copies of bills of lading freight bills from other carriers and other similar documents furnished the carrier for movement of freight | 1 year. | (b) Shippers' order-to-notify bills of lading taken up and cancelled | Do. | 2. Freight waybills: | (a) Local waybills | Do. | (b) Interline waybills received from and made to other carriers | Do. | (c) Company freight waybills | Do. | (d) Express waybills | Do. | 3. Freight bills and settlements: | (a) Paid copy of freight bill retained to support receipt of freight charges: | (1) Bus express freight bills provided no claim has been filed | Do. | (2) All other freight bills | Do. | (b) Paid copy of freight bill retained to support payment of freight charges to other carriers: | (1) Bus express freight bills provided no claim has been filed | Do. | (2) All other freight bills | Do. | (c) Records of unsettled freight bills and supporting papers | 1 year after disposition. | (d) Records and reports of correction notices | 1 year. | 4. Other freight records: | (a) Records of freight received, forwarded, and delivered | Do. | (b) Notice to consignees of arrival of freight; tender of delivery | Do. | 5. Agency records (to include conductors, pursers, stewards, and others): | (a) Cash books | Do. | (b) Remittance records, bank deposit slips and supporting papers | Do. | (c) Balance sheets and supporting papers | Do. | (d) Statements of corrections in agents' accounts | Do. | (e) Other records and reports pertaining to ticket sales, baggage handled, miscellaneous collections, refunds, adjustments, etc | Do. | J. Transportation | 1. Records pertaining to transportation of household goods: | (a) Estimate of charges | 1 year. | (b) Order for service | Do. | (c) Vehicle-load manifest | Do. | (d) Descriptive inventory | Do. | 2. Records and reports pertaining to operation of marine and floating equipment: | (a) Ship log | 3 years. | (b) Ship articles | Do. | (c) Passenger and room list | Do. | (d) Floatmen's barge, lighter, and escrow captain's reports, demurrage records, towing reports and checks sheets | 2 years. | 3. Car distribution and movement-railroads only: | (a) Records of car allotment and distribution | Do. | (b) Records of cars ordered, furnished and loaded | Do. | (c) Records showing dates and numbers of trains, initials and number of cars, movement of cars, and mileage of cars and trains | Do. | (d) Report of cars interchanged with connecting lines | Do. | (e) Reports of unfilled car orders | 1 year. | (f) Per diem and mileage reports made and received, including reclaims and discrepancy and adjustment reports | 2 years. | (g) Demurrage and storage records | Do. | 4. Dispatchers' sheets, registers, and other records pertaining to movement of transportation equipment | 3 years | 5. Import and export records including bonded freight and steamship engagements | 2 years. | 6. Records, reports, orders and tickets pertaining to weighting of freight | 3 years. | 7. Records of loading and unloading of transportation equipment | 2 years. | 8. Records pertaining to the diversion or reconsignment of freight, including requests, tracers, and correspondence | Do. | 9. Other: (See Note A) | 1. Official file copies of tariffs, classifications, division sheets, and circulars relative to the transportation of persons or property | 3 years after expiration or cancellation. | 2. Authorities and supporting papers for transportation of property or passengers free or at reduced rates | 3 years. | 3. Records and documents required by provisions of § 1253.20 to be maintained | 2 years. | 1. Supporting data for reports filed with the Surface Transportation Board and regulatory bodies: | (a) Supporting data for annual financial, operating and statistical reports | 3 years. | (b) Supporting data for periodical reports of operating revenues, expenses, and income | Do. | (c) Supporting data for reports detailing use of proceeds from issuance or sale of company securities | Do. | (d) Supporting data for valuation inventory reports and records. This includes 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 Surface Transportation Board or other regulatory body | 3 years after disposition of the property. | 2. Supporting data for periodical reports of accidents, inspections, tests, hours of service, repairs, freight car locations, etc | 3 years. | 3. Supporting data for periodical statistical of operating results or performance by tonnage, mileage, passengers carried, piggyback traffic, commodities, costs, analyses of increases and decreases, or otherwise | Do. | 1. Index of records | Until revised as record structure changes. | 2. Statement listing records prematurely destroyed or lost | For the remainder of the period as prescribed for records destroyed. |
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Note A: Records referenced to this note shall be maintained as determined by the designated records supervisory official. Companies should be mindful of the record retention requirements of the Internal Revenue Service, Securities and Exchange Commission, state and local jurisdictions and other regulatory agencies. Companies shall exercise reasonable care in choosing retention periods, and the choice of retention periods shall reflect past experiences, company needs, pending litigation, and regulatory requirements.