Under current market rates the storage of one cubic foot of record material in working office space costs approximately $15 per year. The cost of maintaining one cubic foot of record material with The File Center is $4.56 per year.
These figures are based on the following calculations:
File cabinet cost, $11/year
(four-drawer file cabinet at $220, amortized over 20 years)
Space rental cost for file cabinet, $56/year
(rental figures of $7/sq. ft. averaged from office space rates available from area businesses; each file cabinet requires 8 sq. ft.)
Equipment and space cost per cubic foot of records and storage, $8.40/year
($11 plus $56 divided by 8 cu. ft. storage in one four-drawer legal-size file cabinet)
Clerical service cost per cubic foot, $6.50/year
(File clerk’s average annual salary $10,500. A clerk will spend approximately 1/2% of his/her time in servicing one file cabinet [8 cu. ft.]. $10,500 x .005 divided by 8 = $6.50)
All cost factors (equipment/space cost, clerical service cost) totaled equal $15 cu. ft./year.
The cost of maintaining 1 cu. ft. of hard copy records in The File Center is $2.63 per year. There is a cost savings of $12.37 per cu.ft./year by storing hard copy documents in The File Center. This is an 83 percent savings per cubic foot that is transferred to The File Center versus the storage of the same cubic foot in prime office space in file cabinets.
Taking these factors into consideration The File Center gives agency records officers their most direct and practical justification for developing a records management program for their agency’s records.