Maryland Financial Record Storage Chart is a comprehensive and organized documentation system used for managing and storing various financial records in the state of Maryland. It is designed to assist individuals, businesses, and organizations in maintaining their financial information securely and efficiently. This chart serves as a framework for categorizing and classifying financial documents based on specific criteria and guidelines. The Maryland Financial Record Storage Chart encompasses different types of financial records, each serving a unique purpose. These types include: 1. Tax Records: This category includes income tax returns, property tax records, sales tax records, and other tax-related documents required by the state of Maryland. 2. Financial Statements: Financial statements such as balance sheets, profit and loss statements, cash flow statements, and budgets are vital in assessing an individual's or organization's financial position and performance. 3. Banking Records: This section includes bank statements, canceled checks, deposit slips, loan agreements, and any other documents related to banking transactions. 4. Investment Records: Investment records encompass documents related to stocks, bonds, mutual funds, and any other investment vehicles held by individuals or organizations. 5. Insurance Policies: This category consists of insurance policies, premium payments, claims, and other relevant documentation for various types of insurance coverage, including health, life, home, and auto insurance. 6. Contracts and Agreements: Records of contracts, lease agreements, purchase agreements, and any legally binding documents fall under this category, ensuring easy access and reference when needed. 7. Payroll and Employee Records: This section comprises employee tax forms (W-2, W-4), payroll records, timesheets, benefit documents, and any other records related to employee compensation. 8. Receipts and Invoices: Receipts and invoices for purchases made, either for personal or business purposes, are essential for tracking expenses, tax deductions, and reimbursement. 9. Legal and Licensing Documents: This category includes licenses, permits, registrations, legal notices, and any other legally required documents. 10. Retirement and Pension Records: Documents related to retirement savings, pension plans, and Social Security records should be retained for future reference and potential benefit claims. The Maryland Financial Record Storage Chart provides an organized framework for managing these types of financial records, ensuring easy retrieval, compliance with legal requirements, and efficient financial management. It promotes transparency, accuracy, and security, helping individuals and organizations stay organized and prepared for any financial challenges or audits.
Maryland Financial Record Storage Chart
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Retaining of Medical Records HIPAA regulations require that patient documents must be kept a minimum of six (6) years. The Medical Records Act states that unless a patient is a minor, medical records, laboratory and X-ray reports must be kept at least five years (see §4-403 below).
Maryland Health General Article, Section 4-301 et seq, and HIPAA regulations require that patient records be retained for six (6) years.
Archives of Maryland Online. The ongoing Maryland State Archives publication series, Archives of Maryland Online, currently provides access to over 471,000 historical documents that form the constitutional, legal, legislative, judicial, and administrative basis of Maryland's government.
State archives means the official state repository or any other repository approved.
Records retention is a practice by which organizations maintain confidential records for set lengths of time, and then employ a system of actions to either redirect, store or dispose of them.
Hours: The research room at the National Archives in College Park, MD, is open by appointment only, MondayFriday, a.m. p.m. Please email Textual Consultation at archives2reference@nara.gov for a virtual consultation appointment prior to requesting a research visit.
For example, if financial records have a retention period of five years, and the records were created during the 1995-1996 fiscal year (July 1, 1995 - June 30, 1996), the five-year retention period begins on July 1, 1996 and ends five years later on July 1, 2001.
The General Rule Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least seven years. As a rule of thumb, seven years is sufficient time for defending tax audits, lawsuits and potential claims.
A record retention policy states your business's process for managing documents from creation to retention or disposal. Good policies help businesses retrieve documents for easy reference. They also help employees understand how to dispose of documents properly to protect information.
Records retention is important because it helps organizations save storage and operating expenses when dealing with paper records, reduce litigation risks by adhering to various rules and regulations, and increase record security by preventing unauthorized access.
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