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Electronic Code of Federal Regulations

e-CFR Data is current as of April 22, 2014

Title 18: Conservation of Power and Water Resources


PART 356—PRESERVATION OF RECORDS FOR OIL PIPELINE COMPANIES


Contents
§356.1   Promulgation.
§356.2   General instructions.
§356.3   Preservation of records for oil pipeline companies.

Authority: 42 U.S.C. 7101-7352; 49 U.S.C. 1-27; E.O. 12009, 3 CFR 1978 Comp. p. 142.

Source: Order 617, 65 FR 48166, Aug. 7, 2000, unless otherwise noted.

§356.1   Promulgation.

This part is prescribed and promulgated as the regulations governing the preservation of records by oil pipeline companies subject to the jurisdiction of the Commission, to the extent and in the manner set forth therein. This part is enforceable as of the date the oil pipeline company becomes subject to the jurisdiction of the Commission.

§356.2   General instructions.

(a) Scope of this part. (1) The regulations in this part apply to all books of account and other records prepared by or on behalf of the oil pipeline companies.

(2) The regulations in this part must not be construed as excusing compliance with other lawful requirements of any other governmental body, Federal or State, prescribing other record keeping requirements or for preservation of records longer than those prescribed in this part.

(3) To the extent that any Commission regulations may provide for a different retention period, the records should be retained for the longer of the retention periods.

(4) Unless otherwise specified in the schedule in §356.3, duplicate copies of records may be destroyed at any time. Provided, however, that such duplicate copies must not contain significant information not shown on the originals.

(5) Records other than those listed in the schedule may be destroyed at the option of the oil pipeline company. Provided, however, that records which are used in lieu of those listed must be preserved for the periods prescribed for the records used for substantially similar purposes and that retention of records pertaining to added services, functions, plant, etc., the establishment of which cannot be presently foreseen, must conform to the principles embodied herein.

(6) Notwithstanding the provision of the records retention schedule, the Commission may, upon request of the oil pipeline company, authorize shorter retention periods for any records listed in §356.3. The oil pipeline companies must show that the longer retention periods are no longer necessary or appropriate to protect the public interest, investors, or consumers. A waiver from any provision of these regulations may be made by the Commission upon its own initiative or upon submission of a written request by the company. Each request for waiver must 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.

(b) Designation of supervisory official. Each oil pipeline company subject to the provision of this part must designate one or more persons to supervise the oil pipeline company's program for preservation and authorized destruction of records.

(c) Protection and storage of records. Each oil pipeline company subject to these regulations must provide reasonable protection for records. The records must have protections from fire, floods, and other hazards. Storage spaces, will also prevent unnecessary exposure to deterioration from excessive humidity, dryness, or lack of proper ventilation.

(d) Record storage media. (1) Each oil pipeline company has the flexibility to select its own storage media.

(2) The storage media must have a life expectancy at least equal to the applicable record retention period provided in §356.3 unless there is a quality transfer from one media to another with no loss of data.

(3) Each oil pipeline company is required to implement internal control procedures that assure the reliability of and ready access to data stored on machine readable media. Internal control procedures must be documented by a responsible supervisory official.

(e) Destruction of records. Oil pipeline companies may use any appropriate method to destroy permitted records.

(f) Premature destruction or loss of records. When records are destroyed or lost before the expiration of the prescribed period of retention, a certified statement listing, as far as may be determined, the records destroyed, and describing the circumstances of accidental or other premature destruction or loss must be filed with the Commission within ninety (90) days from the date of discovery of such destruction.

(g) Retention periods designated “Destroy at option”. “Destroy at option” constitutes authorization for destruction of records at managements' discretion if it does not conflict with other legal retention requirements or usefulness of such records in satisfying pending regulatory action or directives.

(h) Records of services performed by associated companies. Oil pipeline companies must assure the availability of records of services performed by associated companies for the periods indicated in §356.3 as necessary to be able to readily furnish detailed information as to the nature of transaction, the involved, and the accounts used to record the transactions.

(i) Index of records. Oil pipeline companies must arrange, file, and index records so they may be readily identified and made available to Commission representatives.

(j) Rate case. The schedule of records in §356.3 shows the periods of time that designated records must be preserved. However, not withstanding the minimum retention periods provided in this regulation, if an oil pipeline company intends to reflect costs in a current, pending, or future rate case, or if an oil pipeline company has abandoned or retired plant subsequent to the test period of its last rate case, it must retain the appropriate records to support the costs, and adjustments proposed in the next or current rate case.

(k) Pending complaint litigation or governmental proceeding. Notwithstanding the minimum requirements, if an oil pipeline company is involved in pending litigation, complaint proceedings, proceedings remanded by the court, or governmental proceedings, it must retain all relevant records.

(l) 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 transactions are completed. When a company is merged with another company under jurisdiction of the Commission, the successor company must preserve records of the merged company in accordance with these regulations.

(m) Life or mortality study data. Life or mortality study data for depreciation purposes must be retained for 25 years or for 10 years after plant is retired.

§356.3   Preservation of records for oil pipeline companies.

Table of Contents

Corporate and General

1. Incorporation and reorganization.

2. Minutes to Directors, Executive Committees, and Stockholders

3. Titles, franchises, and authorities.

4. Contracts and agreements.

5. Accountants', auditors', and inspectors' reports.

Treasury

6. Long-term debt records.

Financial Accounting

7. Ledgers.

8. Journals.

9. Vouchers.

10. Accounts receivable.

11. Records of accounting codes and instructions.

Property and Equipment

12. Property records.

13. Engineering records.

Personnel and Payroll

14. Payroll records.

15. Copies of tax returns and supporting schedules.

16. Information returns, and reports to taxing authorities.

Purchase and Stores

17. Material ledger.

18. Inventories.

Transportation

19. Oil and other products stocks.

Tariffs and Rates

20. Official file copies of tariffs.

21. Authorities and supporting papers for transportation.

22. Copies of concurrences and powers of attorney.

23. Correspondence and working papers in connection with the making of rates.

Reports and Statistics

24. Reports to Federal Energy Regulatory Commission and other regulatory bodies.

Schedule of Records and Periods of Retention

Item No. and description Retention period
Corporate and General
1. Incorporation and reorganization:
(a) Charter of certificate of incorporation and amendmentsPermanently or at termination of the corporation's existence.
(b) Legal documents related to mergers, consolidations, reorganizations, receiverships, and similar actions which affect the identity or organization of the companyPermanently or at termination of the corporation's existence.
2. Minutes to Directors', Executive Committees', Stockholders', and other corporate meetings5 years.
3. Titles, 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 bodiesUntil expiration or cancellation.
(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.
4. Contracts and agreements:
(a) Contracts and related papers for transactions which are subject to the provisions of the Clayton Antitrust Act (15 U.S.C. 20)4 years after expiration, provided there is no pending litigation or governmental inquiry or proceeding involved.
(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 paragraph (a) of this item3 years after expiration or termination.
5. Accountant'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 others3 years.
Treasury
6. Long-term debt records:
(a) Bond indentures, underwriting, mortgage, and other long-term credit agreements6 years after redemption.
Financial Accounting
7. Ledgers:
(a) General and subsidiary ledgers with indexes thereto3 years.
(b) Balance sheets and trial balance sheets of general and subsidiary ledgers3 years.
8. Journals:
(a) General journals3 years.
(b) Subsidiary journals and any supporting data, except as otherwise provided for, necessary to explain journal entries3 years.
(c) Schedules of recurring or standard journal entries with entry identificationsUntil superseded.
9. Vouchers:
(a) Voucher registers or equivalent5 years.
(b) Paid and canceled vouchers, expenditure authorizations, detailed distribution sheets, and other supporting data including original bills and invoices, except as otherwise provided herein5 years.
10. Accounts receivable, record, or register of accounts receivable3 years after settlement.
11. Records of accounting codes and instructions3 years after discontinuance.
Property and Equipment
12. Property records:
(a) Records which maintain complete information on cost or other value of all real property or equipment3 years after disposition of property.
(b) Records and additions and betterments made to property and equipment3 years after disposition of property.
(c) Records pertaining to retirements and replacements of property and equipment3 years after disposition of property.
(d) Records pertaining to depreciation:
(1) When group method and depreciation rates are prescribed by the Commission3 years after disposition of property.
(2) Other3 years after disposition of property.
(e) Records of equipment number changes3 years after disposition of property.
(f) Records of motor and engine changesDestroy at option.
(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 supporting data3 years after disposition of property.
(h) Periodical inventories of property and equipment3 years after prior inventory.
13. Engineering records:
(a) Plans and specifications3 years after the disposition of the property.
(b) Estimates of work, engineering studies, construction bids, and similar data pertaining to property changes actually made15 years.
Personnel and Payroll
14. Payroll 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 accounts3 years.
Taxes
15. 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 9(b) for vouchers evidencing disbursements:
(a) Income tax returns3 years after final tax liability is determined.
(b) Property tax returns3 years after final tax liability is determined.
(c) Sales and other use taxes3 years final tax liability is determined.
(d) Other taxes3 years after final tax liability is determined.
(e) Agreements between associate companies as to allocation of consolidated income taxes3 years after final tax liability is determined.
(f) Schedule of allocation of consolidated Federal income taxes among associate companies3 years after final tax liability is determined.
16. Information returns and reports to taxing authorities3 years, or for the period of any extensions granted for audits.
Purchase and Stores
17. Material ledger, records of material and supplies on hand at all locations2 years.
18. Inventories: General Inventories of material and supplies on hand, with record of adjustments between accounts required to bring stores records into agreement with physical inventories2 years.
Transportation
19. Oil and other products stocks and movement pipelines only:
(a) Records and receipts, deliveries, pumpings, stocks, and over and short3 years.
(b) Run tickets showing quantities by tank measurement of meter reading of oil and other products received into the delivered from company's lines3 years.
(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 leaks3 years.
(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 power3 years.
(f) Records of producers' property identifying ownership and location for 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 another3 years after discontinuance.
(j) Transfer orders for the transfer of ownership of oil or other products in carrier's custody3 years.
Tariffs and Rates
20. Official file copies of tariffs, classifications, division sheets, and circulars relative to the transportation of property3 years after expiration or cancelation.
21. Authorities and supporting papers for transportation of property for free or at reduced rates3 years.
22.Copies of concurrences and powers of attorney2 years after expiration or cancelation.
23. Correspondence and working papers in connection with the making of rates and compliance of tariffs, classifications, division sheets, and circulars affecting the transportation of property2 years after cancelation of tariff.
Reports and Statistics
24. Reports to Federal Energy Regulatory Commission and other regulatory bodies, annual financial, operating and statistical reports, file copies, and supporting data5 years.


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