18 Cfr 368

Federal Energy Regulatory Commission
the cost of providing service, the associate utility company’s efforts to improve the quality of service, the company’s efforts to improve and protect
the environment, and other similar
forms of advertisement. Entries relating to advertising included in this account must contain or refer to supporting documents which identify the
specific advertising message. If references are used, copies of the advertising message must be readily available.
(e) Exclude from this account and include in account 426.4, Expenditures for
certain civic, political and related activities (§ 367.4264), expenses for advertising activities that are designed to
solicit public support or the support of
public officials in matters of a political
nature.

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§ 367.9302 Account
930.2,
neous general expenses.

Miscella-

(a) This account must include the
cost of expenses incurred in connection
with the general management of the
service company not provided for elsewhere.
(b) This account must include labor
items including miscellaneous labor
not elsewhere provided for.
(c) This account must include the following expenses items:
(1) Industry association dues for company memberships.
(2) Contributions for conventions and
meetings of the industry.
(3) Research, development, and demonstration expenses not charged to
other operation and maintenance expense accounts on a functional basis.
(4)
Communication
service
not
chargeable to other accounts.
(5) Trustee, registrar, and transfer
agent fees and expenses.
(6) Stockholders meeting expenses.
(7) Dividend and other financial notices.
(8) Printing and mailing dividend
checks.
(9) Directors’ fees and expenses.
(10) Publishing and distributing annual reports to stockholders.
(11) Public notices of financial, operating and other data required by regulatory statutes, not including, however, notices required in connection

§ 368.1
with security issues or acquisitions of
property.
(d) Records must be maintained so as
to permit ready analysis by item showing the nature of the expense and identity of the person furnishing the service.
§ 367.9310

Account 931, Rents.

This account must include rents, including taxes, paid for the property of
others used, occupied or operated in
connection with service company functions. Provide subaccounts for major
groupings such as office space, warehouses, other structure, office furniture, fixtures, computers, data processing equipment, microwave and telecommunication equipment, airplanes,
automobiles,
and
other
similar
groupings of property. The cost, when
incurred by the lessee, of operating and
maintaining leased property, must be
charged to the accounts appropriate for
the expense as if the property were
owned.
§ 367.9350 Account 935, Maintenance of
structures and equipment.
This account must include materials
used and expenses incurred in the
maintenance of property owned, the
cost of which is included in accounts
390 through 399 (§§ 367.3900 through
367.3990), and of property leased from
others. Provide subaccounts by major
classes of structures and equipment,
owned and leased.

PART
368—PRESERVATION
OF
RECORDS OF HOLDING COMPANIES AND SERVICE COMPANIES
Sec.
368.1 Promulgation.
368.2 General instructions.
368.3 Schedule of records and periods of retention.
AUTHORITY: 42 U.S.C. 16451–16463.
SOURCE: Order 684, 71 FR 65262, Nov. 7, 2006,
unless otherwise noted.

§ 368.1

Promulgation.

This part is prescribed and promulgated as the regulations governing the
preservation of records by any holding
company and by any service company

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§ 368.2

18 CFR Ch. I (4–1–18 Edition)

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within a holding company system subject to the jurisdiction of the Commission under the Public Utility Holding
Company Act of 2005 (42 U.S.C. §§ 16451
et seq.).
§ 368.2 General instructions.
(a) Scope of this part. (1) The regulations in this part apply to all books of
account and other records prepared,
maintained or held by any agent or employee on behalf of the company. The
specification in the schedule in § 368.3
of a record related to a type of transaction includes all documents and correspondence, not redundant or duplicative of other records retained, needed
to explain or verify the transaction.
(2) Company means a service company or a holding company as defined
in § 367.1 of this chapter. Public utilities, licensees, and natural gas companies must continue to use parts 125 and
225 of this chapter.
(3) Any company subject to this regulation, that, as agent, operator, lessor
or otherwise, maintains or has possession of any records relating to the operation, property or obligations of a
public utility, licensee, or natural gas
company, as defined in the Federal
Power Act (16 U.S.C. §§ 824 et seq.), the
Natural Gas Act (15 U.S.C. §§ 717 et seq.),
or the laws of any state within which
the public utility, licensee, or natural
gas company operates, must comply
with the laws or regulations as to
record retention and destruction which
would apply to the records if they were
records of the public utility, licensee,
or natural gas company as codified in
parts 125 and 225 of this chapter.
(4) The regulations in this part
should 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.
(5) To the extent that any Commission regulations may provide for a different record retention period, the
records must be retained for the longer
of the retention periods.
(6) Records, other than those listed in
the schedule, may be destroyed at the
option of the company. However,
records that are used in lieu of those

listed must be preserved for the periods
prescribed for the records used for substantially similar purposes. Additionally, retention of records pertaining to
added services, functions, plant, and
other similar service, the establishment of which cannot be presently
foreseen, must conform to the principles embodied in this section.
(7) Notwithstanding the provisions of
the records retention schedule in this
section, the Commission may, upon the
request of the company, authorize a
shorter period of retention for any
record listed in the schedule upon a
showing by the company that preservation of the record for a longer period is
not necessary or appropriate, in the
public interest or for the protection of
investors or consumers.
(b) Designation of supervisory official.
Each company subject to these record
retention regulations must designate
one or more officials to supervise the
preservation or authorized destruction
of its records.
(c) Protection and storage of records.
The company must provide reasonable
protection from damage by fire, flood,
and other hazards for records required
by these record retention regulations
to be preserved and, in the selection of
storage space, safeguard such records
from unnecessary exposure to deterioration from excessive humidity, dryness, or lack of proper ventilation.
(d) Index of records. At each site or location where company records are kept
or stored, the records must be arranged, filed, and currently indexed so
that records may be readily identified
and made available for inspection by
authorized representatives of any regulatory agency concerned, including the
Commission.
(e) Record storage media. Each company has the flexibility to select its
own storage media subject to the following conditions.
(1) The storage media must have a
life expectancy at least equal to the
applicable record retention period provided in § 368.3 of this chapter unless
there is a quality transfer from one
media to another with no loss of data.
(2) Each company is required to implement internal control procedures
that assure the reliability of, and ready

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Federal Energy Regulatory Commission
access to, data stored on machine readable media. Internal control procedures
must be documented by a responsible
supervisory official.
(3) Each transfer of data from one
media to another must be verified for
accuracy and documented. Software
and hardware required to produce readable records must be retained for the
same period the media format is used.
(f) Destruction of records. At the expiration of the retention period, the company may use any appropriate method
to destroy records. Precautions should
be taken, however, to macerate or otherwise destroy the legibility of records,
the content of which is forbidden by
law to be divulged to unauthorized persons.
(g) 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 90 days from the date of
discovery of the destruction.
(h) Schedule of records and periods of
retention. The schedule of records retention periods constitutes a part of
these records retention regulations.
The schedule prescribes the periods of
time that designated records must be
preserved. Plant records related to public utilities and licensees and natural
gas companies must be retained in accordance with §§ 125.3 and 225.3 of this
chapter.
(i) Retention periods designated ‘‘Destroy at option.’’ ‘‘Destroy at option’’
constitutes authorization for destruction of records at managements’ discre§ 368.3

§ 368.3
tion if the destruction does not conflict
with other legal retention requirements or usefulness of the records in
satisfying pending regulatory actions
or directives. ‘‘Destroy at option after
audit’’ requires retention until the
company has received an opinion from
its independent accountants with respect to the financial statements including the transactions to which the
records relate.
(j) Records of services performed by associate companies. Holding companies
and service companies must assure the
availability of records of services performed by and for public utilities and
licensees and natural gas companies
with supporting cost information for
the periods indicated in §§ 125.3 and
225.3 of this chapter as necessary to be
able to readily furnish detailed information as to the nature of the transaction, the amounts involved, and the
accounts used to record the transactions.
(k) Rate case. Notwithstanding the
minimum retention periods provided in
these regulations, the company must
retain the appropriate records to support the costs and adjustments proposed in any rate case.
(l) Pending complaint litigation or governmental proceedings. Notwithstanding
the minimum requirements, if a company is involved in pending litigation,
complaint procedures, proceedings remanded by the court, or governmental
proceedings, it must retain all relevant
records.
(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 property is
retired, whichever is longer.

Schedule of records and periods of retention.
SCHEDULE OF RECORDS AND PERIODS OF RETENTION
Item No. and description

Retention period

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Corporate and General
1. Reports to stockholders: Annual reports or statements to
stockholders.
2. Organizational documents:
(a) Minute books of stockholders, directors’ and directors’ committee meetings.

5 years.

5 years or termination of the corporation’s existence, whichever occurs first.

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§ 368.3

18 CFR Ch. I (4–1–18 Edition)
SCHEDULE OF RECORDS AND PERIODS OF RETENTION—Continued
Item No. and description

Retention period

(b) Title, franchises, and licenses: Copies of formal orders of regulatory commissions served upon the
company.
(1) Certificates of incorporation, or equivalent
agreements and amendments thereto.
(2) Deeds, leases and other title papers (including abstracts of title and supporting
data), and contracts and agreements related to the acquisition or disposition of
property or investments.
3. Contracts and agreements: Contracts, including amendments and agreements (except contracts provided for elsewhere):
(a) Service contracts, such as for management, consulting, accounting, legal, financial or engineering
services.
(b) Memoranda essential to clarify or explain provisions of contracts and agreements.
(c) 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.
(d) Contracts and other agreements relating to services performed in connection with construction of
property (including contracts for the construction of
property by others for the company and for supervision and engineering relating to construction work).
4. Accountants’ and auditors’ reports:
(a) Reports of examinations and audits by accountants and auditors not in the regular employ of the
company (such as reports of public accounting firms
and commission accountants).
(b) Internal audit reports and working papers ..............

6 years after final non-appealable order.

Life of corporation.
6 years after property or investment is disposed of unless delivered to transferee.

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.
For same period as contract to which they relate.
For the same periods as contracts to which they relate.

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.

5 years after the date of the report.

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

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6. General and subsidiary ledgers:
(a) Ledgers:
(1) General ledgers .........................................
(2) Ledgers subsidiary or auxiliary to general
ledgers except ledgers provided for elsewhere.
(b) Indexes:
(1) Indexes to general ledgers .......................
(2) Indexes to subsidiary ledgers except
ledgers provided for elsewhere.
(c) Trial balance sheets of general and subsidiary
ledgers.
7. Journals: General and subsidiary ...........................................
8. Journal vouchers and journal entries including supporting
detail:
(a) Journal vouchers and journal entries ......................
(b) Analyses, summarization, distributions, and other
computations which support journal vouchers and
journal entries:
(1) Charging property accounts ......................
(2) Charging all other accounts ......................
9. Cash books: General and subsidiary or auxiliary books ........
10. Voucher registers: Voucher registers or similar records
when used as a source document.
11. Vouchers:

10 years.
10 years.

10 years.
10 years.
2 years
10 years.

10 years.

25 years. See §§ 125.2(g) and 225.2(g) of this chapter for public utilities and licensees and natural gas companies.
6 years.
5 years after close of fiscal year.
5 years. See §§ 125.2(g) and 225.2(g) of this chapter for public
utilities and licensees and natural gas companies.

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Federal Energy Regulatory Commission

§ 368.3

SCHEDULE OF RECORDS AND PERIODS OF RETENTION—Continued
Item No. and description

Retention period

(a) Paid and canceled vouchers (one copy-analysis
sheets showing detailed distribution of charges on
individual vouchers and other supporting papers.
(b) Original bills and invoices for materials, services,
etc., paid by vouchers.
(c) Paid checks and receipts for payments of specific
vouchers.
(d) Authorization for the payment of specific vouchers
(e) Lists of unaudited bills (accounts payable), list of
vouchers transmitted, and memoranda regarding
changes in audited bills.
(f) Voucher indexes .......................................................
(g) Purchases and stores records related to disbursement vouchers.

5 years. See §§ 125.2(g) and 225.2(g) of this chapter for public
utilities and licensees and natural gas companies.
5 years. See §§ 125.2(g) and 225.2(g) of this chapter for public
utilities and licensees and natural gas companies.
5 years.
5 years. See §§ 125.2(g) and 225.2(g) of this chapter for public
utilities and licensees and natural gas companies.
Destroy at option.

Destroy at option.
5 years.

Insurance
12. Insurance records:
(a) Records of insurance policies in force, showing
coverage, premiums paid, and expiration dates.
(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.
(c) Records of self-insurance against:
(1) losses from fire and casualty, ...................
(2) damage to property of others, and ...........
(3) personal injuries ........................................
(d) Inspectors’ reports and reports of condition of
property.

Destroy at option after expiration of such policies.
6 years. See §§ 125.2(g) and 225.2(g) of this chapter for public
utilities and licensees and natural gas companies.

6 years after date of last accounting entry with respect thereto.
6 years after date of last accounting entry with respect thereto.
6 years after date of last accounting entry with respect thereto.
Destroy when superseded.

Maintenance
13. Maintenance project and work orders:
(a) Authorizations for expenditures for maintenance
work to be covered by project or work orders, including memoranda showing the estimates of costs
to be incurred.
(b) Project or 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 company operations.
(c) Summaries of expenditures on maintenance and
job orders and clearances to operating other accounts (exclusive of property accounts).

5 years.

5 years.

5 years.

Property, Depreciation and Investments
14. Property records, excluding documents included in Item
2(a)(2):
(a) Ledgers of property accounts including land and
other detailed ledgers showing the cost of property
by classes.
(b) Continuing property inventory ledger, book or card
records showing description, location, quantities,
cost, etc., of physical units (or items) of property
owned.
(c) Operating equipment records ..................................
(d) Office furniture and equipment records ...................

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(e) Automobiles, other vehicles and related garage
equipment records.
(f) Aircraft and airport equipment records .....................
(g) Other property records not defined elsewhere .......

25 years. See §§ 125.2(g) and 225.2(g) of this chapter for public utilities and licensees and natural gas companies.
25 years. See §§ 125.2(g) and 225.2(g) of this chapter for public utilities and licensees and natural gas companies.

3 years after disposition,
property or investment.
3 years after disposition,
property or investment.
3 years after disposition,
property or investment.
3 years after disposition,
property or investment.
3 years after disposition,
property or investment.

termination of lease, or write-off of
termination of lease or write-off of
termination of lease or write-off of
termination of lease or write-off of
termination of lease or write-off of

15. Construction work in progress ledgers, project or work orders, and supplemental records:

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§ 368.3

18 CFR Ch. I (4–1–18 Edition)
SCHEDULE OF RECORDS AND PERIODS OF RETENTION—Continued
Item No. and description

Retention period

(a) Construction work in progress ledgers ....................

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(b) Project or work orders sheets to which are posted
in summary form or in detail the entries for labor,
materials, and other charges for property additions
and the entries closing the project or work orders to
property records at completion.
(c) Authorizations for expenditures for additions to
property, including memoranda showing the detailed
estimates of cost, and the bases therefore (including original and revised or subsequent authorizations).
(d) Requisitions and registers of authorizations for
property expenditures.
(e) Completion or performance reports showing comparison between authorized estimates and actual
expenditures for property additions.
(f) Analysis or cost reports showing quantities of materials used, unit costs, number of man-hours etc.,
in connection with completed construction project.
(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.
16. Retirement work in progress ledgers, project or work orders, and supplemental records:
(a) Project or work order sheets to which are posted
the entries for removal costs, materials recovered,
and credits to property accounts for cost of property
retirement.
(b) Authorizations for retirement of property, including
memoranda showing the basis for determination to
be retired and estimates of salvage and removal
costs.
(c) Registers of retirement work ...................................
17. Summary sheets, distribution sheets, reports, statements,
and papers directly supporting debits and credits to property
accounts not covered by construction or retirement project or
work orders and their supporting records.
18. 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.).
(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 .............................
(2) Asset impairments .....................................
(3) Other bases ...............................................
19. Production maps, geological maps, reproductions, including
aerial photographs, showing the location of all facilities the
subject matter of which falls within the project or work orders
of the company.
20. Engineering records, drawings, supporting data to include
diagrams, profiles, photographs, field-survey notes, plot
plans, detail drawings, and records of engineering studies
that are part of or performed by the company within the
project or work order system.
21. Records of building space occupied by various departments of the company.
22. Contracts relating to property:
(a) Contracts relating to acquisition or sale of property
(b) Contracts and other agreements relating to services performed in connection with construction of
property (including contracts for the construction of
property by others for the company and for supervision and engineering relating to construction work).

5 years after clearance to property account, provided continuing inventory records are maintained; otherwise 5 years
after property is retired.
5 years after clearance to property account, provided continuing inventory records are maintained; otherwise 5 years
after property is retired.

5 years after clearance to property account.

5 years after clearance to property account.
5 years after clearance to property account.

5 years after clearance to property account.

Destroy at option.

5 years after the property is retired.

5 years after the property is retired.

5 years.
5 years.

3 years after appraisal.

10 years after completion of transaction or as ordered by the
Commission.
10 years after recognition of asset impairment.
10 years after the asset was written up or down.
6 years after completion of project or work order.

6 years after completion of project or work order.

6 years.

6 years after property is retired or sold
6 years after property is retired or sold.

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Federal Energy Regulatory Commission

§ 368.3

SCHEDULE OF RECORDS AND PERIODS OF RETENTION—Continued
Item No. and description

Retention period

23. Records pertaining to reclassification of property accounts
to conform to prescribed systems of accounts including supporting papers showing the bases for such reclassifications.
24. Records of accumulated provisions for depreciation and
depletion of property and amortization of intangible property
and supporting computation of expense:
(a) Detailed records or analysis sheets segregating
the accumulated depreciation according to the classification of property.
(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
company property.
25. Investment records:
(a) Records of investment in associate companies ......
(b) Records of other investments, including temporary
investments of cash.

6 years.

3 years after retirement or disposition of property

3 years after retirement or disposition of property

3 years after disposition of investment.
3 years after disposition of investment.

Purchase and Stores
26. Procurement:
(a) Agreements entered into for the acquisition of
goods or the performance of services. Includes all
forms of agreements 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 property
construction.
(2) For other goods or services ......................
(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.
27. Material ledgers: Ledger sheets of materials and supplies
received, issued, and on hand.
28. 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) and 225.2(g) of this chapter for public
utilities and licensees and natural gas companies.
6 years.
6 years. See §§ 125.2(g) and 225.2(g) of this chapter for public
utilities and licensees and natural gas companies.

6 years after the date the records/ledgers were created.
6 years. See §§ 125.2(g) and 225.2(g) of this chapter for public
utilities and licensees and natural gas companies).

Revenue Accounting
29. Miscellaneous billing data: Billing department’s copies of
contracts with customers (other than contracts in general
files).
30. Revenue summaries: Summaries of monthly revenues according to classes of service. Including summaries of forfeited discounts and penalties.

5 years.

5 years.

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Tax
31. 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 Item 11 for vouchers evidencing disbursements:
(1) Income tax returns ....................................
(2) Agreements between and schedule of allocation by associate companies of consolidated Federal income taxes.
(b) Other taxes, including State or local property or income taxes.
(1) Property tax returns ..................................
(2) Sales and other use taxes ........................
(3) Other Taxes ..............................................
(c) Filings with taxing authorities to qualify employee
benefit plans.
(d) Information returns and reports to taxing authorities.

2 years after final tax liability is determined.
2 years after final tax liability is determined.

2
2
2
5

years after final tax liability is determined.
years.
years after final tax liability is determined.
years after discontinuance of plan.

3 years after final tax liability is determined.

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Pt. 369

18 CFR Ch. I (4–1–18 Edition)
SCHEDULE OF RECORDS AND PERIODS OF RETENTION—Continued
Item No. and description

Retention period
Treasury

32. Statements of funds and deposits:
(a) Summaries and periodic statements of cash balances on hand and with depositories for company
or associate.
(b) Requisitions and receipts for funds furnished associates and others.
(c) Statements of periodic deposits with external fund
administrators or trustees.
(d) Statements of periodic withdrawals from external
fund.
33. Records of deposits with banks and others:
(a) Statements from depositories showing the details
of funds received, disbursed, transferred, and balances on deposit, bank reconcilement papers and
statements of interest credits.
(b) Check stubs, registers, or other records of checks
issued.

Destroy at option after completion of audit by independent accountants.
Destroy at option after funds have been returned or accounted
for.
Retain records for the most recent 3 years.
Retain records for the most recent 3 years.

Destroy at option after completion of audit by independent accountants.

6 years.

Payroll Records
34. Payroll records:
(a) Payroll sheets or registers of payments of salaries
and wages, pensions and annuities paid by company or by contractors of its account.
(b) Records showing the distribution of salaries and
wages paid for each payroll period and summaries
or recapitulations of such distribution.

6 years.

6 years.

Miscellaneous
35. Financial, operating and statistical annual reports regularly
prepared in the course of business for internal administrative
or operating purposes.
36. 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.
37. Periodic or special reports filed by the company on its own
behalf with the Commission or with any other Federal or
State rate-regulatory agency, including exhibits or amendments to such reports:
(a) Reports to Federal and State regulatory commissions including annual financial, operating and statistical reports.
(b) Monthly and quarterly reports of operating revenues, expenses, and statistics.
38. 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).

PART 369—STATEMENTS AND
REPORTS (SCHEDULES)

3 years.

5 years.

5 years.
2 years.

§ 369.1 FERC Form No. 60, Annual report of centralized service company.

AUTHORITY: 42 U.S.C. 16451–16463.
SOURCE: Order 684, 71 FR 65267, Nov. 7, 2006,
unless otherwise noted.
kpayne on DSK54DXVN1OFR with $$_JOB

5 years.

(a) Prescription. The form of annual
report for centralized service companies, designated as FERC Form No. 60,
is prescribed for the reporting year 2008
and each subsequent year.

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