Record Retention Policy
Description of record(s)
Accounting and Finance
Accounts receivable and accounts payable
ledgers and schedules
Annual audits reports and financial statements
Annual audit work papers and other documents
related to the audit
Annual plans and budgets
Bank statements and canceled checks
Credit card records
Employee expense reports
General ledger
Investment records
Contracts
Vendor and consultant contracts and related
correspondence including the proposal that
resulted in the contract and all other supportive
documents.
Corporate Records
Incorporation documents including articles of
incorporation, bylaws and annual reports
Board and board committee meeting material
including agenda, meeting minutes of full board
Record Retention Policy
Page 1 of 4
Physical Location and/or Manner of
record keeping
Retention
Schedule
Store with financial records.
7 years
Store with financial records.
Store with financial records.
Permanent
Permanent
Store with financial records.
Store with financial records.
Store with financial records.
7 years
Permanent
4 years
Store with financial records.
Store with financial records.
Store with financial records.
7 years
Permanent
7 years after
sale of
investment
Store with financial records.
7 years after
expiration or
termination
Store in corporate record book.
Permanent
Store in board record binder.
Permanent
Remarks
All records showing credit card
number must be locked in a desk
drawer or a file cabinet when not
in immediate use by staff.
and board committees, board committee
charters, board roster and terms, and all other
board meeting related materials
Property records including original purchase,
sale,or lease agreement
Electronic Documents
Email
Fiscal Sponsorship Records
Sponsorship agreement
Fixed Assets
Depreciation schedule and inventory Records
Grant Records
Original grant proposal
Store in corporate record book.
Permanent
Computer network.
12 months
Store with financial records.
Permanent.
Store with financial records.
Permanent
Store in grant binder.
7 years after
completion
of grant
period.
7 years after
completion
of grant
period.
7 years after
completion
of grant
period.
Grant agreement and subsequent modifications, Store in grant binder.
if applicable
Final grantee reports, both financial and
narrative
Record Retention Policy
Page 2 of 4
Store in grant binder.
All email from internal and
external sources is to be deleted
after 12 months. The email will be
archived for 6 months after which
time it will be permanently
deleted. All business related email
and email deemed vital to the
performance of the job should be
copied to a network file.
Grant work product produced with the grant
funds
Store in grant binder.
Indirect cost or cost allocation plans
Store in grant binder.
Sub-grant records
Store in grant binder.
Contribution records of gifts
Insurance Records
Commercial insurance policies
Claim files
Group insurance plans including life and health
insurance plans
Store in binder.
Property insurance policies
Legal Files
Legal correspondence
Payroll Documents
Employee payroll deduction authorization
Store in insurance binder.
7 years
Permanent
Until plan is
amended or
terminated
Permanent
Store in binder.
Permanent
Store with HR records.
Payroll register
Time cards/sheets
W-2 and W-4 Forms
Store with HR records.
Store with HR records.
Store with HR records.
7 years after
termination
7 years
2 years
7 Years after
termination
Personnel Records
Employee Handbook
Store with HR records.
Record Retention Policy
Page 3 of 4
Store in insurance binder.
Store in insurance binder.
Store in benefits binder.
7 years after
completion
of grant
period.
7 years after
completion
of grant
period.
7 years after
completion
of grant
period.
Permanent.
1 copy kept
permanently
Employee personnel records (including
application forms, job or status change reports,
performance evaluations, workers
compensation claims)
Tax Records
Tax-exemption documents including application
for tax exemption (IRS Form 1023) and IRS
determination letter
Store with HR records.
7 years after
termination
Store in corporate binder.
Permanent
Annual information returns (IRS Form 990)
Store with financial records.
Permanent
Payroll tax records
Store with financial records.
7 years
Record Retention Policy
Page 4 of 4
Federal law requires copies of
these documents to be held at
organization’s headquarters office.
These records must be made
available for public inspection
upon request.
Federal law requires that the three
most recent years returns be kept
in the organization’s headquarters
office and be made available for
public inspection upon request.