THE BUNKER LABS
RECORD RETENTION POLICY
I.
PURPOSE
A document retention policy, consistently monitored over time, is essential for protecting
governance and administrative records as well as business records required to demonstrate legal
compliance of Bunker Labs NFP Inc., an Illinois not for profit corporation (the “Bunker”). The
Sarbanes-Oxley Act also makes it a federal crime knowingly to alter, destroy, mutilate, conceal cover
up, falsify or make a false entry in any document, record or tangible object with the intent to impede,
obstruct or influence the investigation or proper administration of any matter within the jurisdiction of
any department or agency of the United States or any bankruptcy proceeding. Not for profit
organizations, like the Bunker, are also required to maintain certain records permanently.
Accordingly, this record retention policy (this “Record Retention Policy”) provides for the
systematic review, retention and destruction of documents received or created by the Bunker. This
policy covers all records and documents, regardless of form, and contains guidelines for how long
certain documents should be kept and how records should be destroyed. This policy is designed to
ensure compliance with federal and state laws and regulations, to eliminate accidental or innocent
destruction of records and to facilitate the Bunker’s operations by promoting efficiency and freeing up
valuable storage space.
Any questions regarding this policy should be referred to [______________] at
[______________].
II.
DOCUMENT RETENTION
The Bunker follows the document retention procedures outlined below. Documents that are not
listed, but are substantially similar to those listed in Section III will be retained for the appropriate
length of time. All documents listed in Section III and any substantially similar documents are
considered “Records.” The retention periods described below are guidelines. There may be
circumstances under which a record or document may have to be maintained longer than the
guidelines. This decision will be made by [_______________].
III.
RETENTION PERIODS
In order to eliminate accidental or innocent destruction, the Bunker has the following document
retention policy:
EAST\117810344.2
Organizational and Governance
Articles of Incorporation and all Amendments
By-laws and all Amendments
Board of Directors Meeting Minutes and Consents
Board Committee Meeting Minutes and Consents
Board Policies
Committee Reports
Board Briefing Books and Agendas
Conflict of Interest Disclosure Forms
Determinations Regarding Related-Party Transactions
Correspondence with Directors
Annual Reports to Secretary of State of Illinois
Compensation Surveys, Studies and Consultant Reports
Determinations Relating to Compensation of Key
Employees
Taxpayer and Similar Identification Numbers
Tax Exemption, Charitable Status and Compliance
Application for Recognition of Exemption (Form 1023)
IRS Determination Letters (advance and final)
Form 990 and Supporting Documentation
Form 990-T and Supporting Documentation
IL Charitable Registration (Form CO-1 and CO-2)
Form AG990-IL and Supporting Documentation
Sales Tax Exemption
Correspondence with Federal and State Tax Authorities
Fundraising and General Operations1
Donor Records and Acknowledgement Letters
Grant Applications and Contracts
Grant Reports
Rejected Grants (proposals and rejection letters)
Restricted Gift Agreements (non-endowment)
Endowment Gift Solicitation Materials, Gift
Agreements and Pledges
Capital Campaign Solicitation Materials, Gift
Agreements and Pledges
Professional Fundraiser or Fundraising Counsel Contracts
Exhibit and Cast Sale and Rental Contracts
Vendor Contracts
Service Contracts
Joint Venture Agreements
Affiliation Agreements
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Permanent
Permanent
Permanent
Permanent
Permanent
Permanent
Permanent
7 years
7 years
7 years
Permanent
7 years
7 years
Permanent
Permanent
Permanent
Permanent
Permanent
Permanent
Permanent
Permanent
Permanent
7 years
5 years after completion
5 years from date of final report
1 year from date of rejection
5 years after completion
Permanent
Permanent
5 years after completion
5 years after completion
5 years after completion
5 years after completion
Permanent
Permanent
NTD: Include any other types of operational contracts or agreements you may enter into and DLA will determine a
retention period.
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Affiliates’ Organizational Documents
Affiliate Related Documents (other)
Fundraising Event Contracts
Program Evaluations, Reports and Studies
Other Documentation of Exempt Function Activities
Website Archive
Student, Teacher and Other Participant Records
Volunteer Records
Press Releases
Promotional and Sponsorship Materials
Bank or Other Loan Documents
Contracts (not described elsewhere)
Correspondence (general)
Employee Handbooks
Permanent
7 years after termination of affiliation
5 years after event
Permanent
5 years
Permanent
Permanent
5 years
5 years
5 years
7 years after final payment
7 years after completion
5 years
Permanent
Fixed Assets, Intangible Assets and Rights, Leases and Construction
Real Estate Documents
Permanent
Deeds, Title Insurance Policies
Permanent
Office or Building Leases
7 years after termination
Architect, Design, Planning and Construction Documents Permanent
Appraisals
Permanent
Consultant Reports
Permanent
Fixed Asset Records
Permanent
Equipment Leases
7 years after termination
Copyright Registrations
Permanent
Trademark Registrations
Permanent
Records of Efforts not to Infringe any Patent, Trademark,
Copyright or Trade Secret
Permanent
Domain Name Registrations (permanent)
Permanent
Domain Name Registrations (temporary)
5 years after expiration
Computer Software Licenses
5 years after termination
Other License Agreements
Permanent
Confidentiality and Nondisclosure Agreements
Permanent
Copyright Permissions for Use of Third-Party Material
Permanent
Rights under Third-Party Contracts
Permanent
Accounting and Corporate Tax Records
Annual Audits and Financial Statements
Monthly Financial Statements and Reports
Depreciation Schedules
General Ledgers
Chart of Accounts
Business Expense Records
IRS Form 1099s
Journal Entries
Invoices
Permanent
3 years
Permanent
Permanent
Permanent
7 years
Permanent
7 years
7 years
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Sales Records
Petty Cash Vouchers
Cash Receipts
Credit Card Receipts
Inventory
7 years
3 years
3 years
3 years
7 years
Bank Records
Check Registers
Bank Deposit Slips
Bank Statements and Reconciliation
Electronic Fund Transfer Documents
Stop Payment Orders
Permanent
7 years
7 years
7 years
7 years
Payroll and Employment Tax Records
Payroll Registers
State Unemployment Tax Records
Earnings Records
Garnishment Records
Payroll Tax returns
W-2 Forms
Permanent
Permanent
7 years
7 years
7 years
7 years
Employee Records
Employment and Termination Agreements
Retirement and Benefit Plan Documents
Beneficiary Designations
Employment Applications and Other Recruitment and
Hiring (or Not) Records
Records Relating to Promotion, Demotion or Discharge
Job Descriptions
Executive Director Reviews
Accident Reports and Worker’s Compensation Records
Salary Schedules
I-9 Forms
Time Cards
Records Relating to Leaves of Absence
Records relating to ADA Accommodations
Legal, Insurance and Safety Records
Insurance Policies (including expired)
Loss/Damage Claims, Accident Reports, Appraisals
Personal Injury Records
Litigation Claims, Court Documents and Discovery
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Permanent
Permanent
Permanent
5 years
7 years after termination
7 years after termination
7 years after termination
5 years
5 years
3 years after termination
2 years
7 years after completion
6 years from later of record
made, personnel action taken;
if accommodation ongoing
during employment, 6 years
after termination
Permanent
5 years
8 years
5 years after close of case
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Storing records beyond the retention periods set forth in this Record Retention Policy costs the
Bunker needless storage fees, prevents the efficient retrieval and accessibility of necessary records, and
prevents the consistent application of the provisions contained herein. Therefore, exceptions to this
record Retention Policy, which may only be granted in writing by the [__________], will be granted
only in specific circumstances based on particular ongoing business needs or legal requirements.
IV.
DOCUMENTS AND RECORDS
Records can exist in two basic forms:

Hard copy documents (e.g., reports, contracts, correspondence); and

Electronic information (e.g., e-mail, word processing, databases, voicemail, images).
Employees should assume that no Records are private: any and every Record may be subject to
review by other parties, in the context of litigation or otherwise. All of the Bunker’s employees must
exercise good judgment when creating, handling and distributing Records, regardless of the method of
communication. This is particularly important when the Records are in the form of e-mail, which is
often perceived as an informal communications medium. Under no circumstances should an employee
make, or cause others to make, false, fictitious, deceptive or misleading entries in any Records.
Electronic documents and records will be retained as if they were paper documents, based on
the subject of the message or file. Therefore, any electronic files, including records of donations made
online, that fall into one of the document types on the above schedule will be maintained for the
appropriate amount of time.
If a user (whether the creator of the electronic record or the addressee or recipient of it) has
sufficient reason to keep an email message or if retention is directed in this policy, the message and its
attachments should be printed in hard copy and kept in the appropriate file or moved to an “archive”
computer file folder. The hard copy must contain the following header information: who sent the
message, to whom it was sent, the date and time it was sent, and the subject of the message. Backup
and recovery methods will be tested on a regular basis.
V.
EMERGENCY PLANNING
The Bunker’s records will be stored in a safe, secure and accessible manner. Documents and
financial files that are essential to keeping the Bunker operating in an emergency will be duplicated or
backed up at least every week and maintained off-site.
VI.
MAINTENANCE OF RECORDS
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The Bunker should include any additional records related to member veteran statuses as well as any other armed forces
information that may be required.
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The Bunker’s Records shall be maintained in a safe, secure environment that is appropriate for
each Record’s use and classification. Employees should use electronic information systems that
maintain appropriate controls and security when creating records and that will support them in the
context of business purpose or the activity performed. Records should be maintained in an accessible
environment such that they can be retrieved for the length of time required by Section III, regardless of
operating systems, software or media changes over time.
Copies: Generally, retain only one copy of a Record. Do not retain extra copies, drafts,
preliminary reports, or notes that no longer serve a legitimate business purpose, unless the retention of
such copies or drafts is otherwise required to comply with this Record Retention Policy or a “litigation
hold” directive. Only one copy of a Record, preferably the original, must be retained for the duration
stated in Section III, unless otherwise noted in this Record Retention Policy. If it is necessary to retain
duplicate copies of a Record, ensure that any such duplicate copies are disposed of in accordance with
the retention period for the corresponding Record.
Notes: A Record that contains additional notes or handwritten commentary (other than a draft,
as discussed below) may not be considered a copy of an original Record, but, rather, may be
considered a new, original Record. These types of Records should be maintained in accordance with
the retention period set forth in Section III.
Drafts: Generally, records in draft form need only be retained if they serve a useful business
purpose. A draft Record may serve a useful purpose if it has been distributed to third parties and it is
anticipated that the draft may be referenced for later clarification of the meaning or intent of the final
Record. A draft may also serve a useful business purpose if it reflects a business decision. If a draft
Record no longer serves a useful purpose, the final copy of the Record is the only version that needs to
be retained.
Scanned Records: Records may be converted from hard copy into electronic form in
accordance with the Bunker’s policies or scanning procedures that may be adopted by a business unit
or corporate function.
Non-Business Information: Records of a non-business or personal nature created or
maintained by an employee for his or her own purposes relating to activities or issues outside the work
environment should not be retained and should be removed from the Bunker’s systems and hardware
on a routine basis, unless covered by a “litigation hold” directive.
VII.
DOCUMENT DESTRUCTION; INVESTIGATIONS OR LITIGATION
[______________________] is responsible for the ongoing process of identifying its records
which have met the required retention period and overseeing their destruction. Destruction of financial
and personnel-related documents will be accomplished by shredding.
If litigation against the Bunker or its employees is filed or threatened, or if a governmental
investigation is initiated or pending, the Bunker must preserve all documents and records, including
electronic records, that pertain to the issues. As soon as the Bunker staff or its legal counsel is made
aware of pending or threatened litigation or investigation, a “litigation hold” directive will be issued by
[__________________] or such legal counsel. The “litigation hold” directive overrides this Record
Retention Policy and any other records retention schedule that may have otherwise called for the
transfer, disposal or destruction of the relevant documents, until the hold has been cleared by the
Bunker’s legal counsel. E-mail and computer accounts of separated employees that have been placed
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on a “litigation hold” will be maintained by staff responsible for information technology services until
the “litigation hold” is released. No employee who has been notified of a “litigation hold” may alter or
delete a record, including an electronic record, that falls within the scope of the “litigation hold.”
Violation of the “litigation hold” may subject the individual to disciplinary action, up to and including
dismissal, as well as personal liability for civil and/or criminal sanctions by the courts or law
enforcement agencies.
VIII. COMPLIANCE
Failure on the part of employees to follow this policy, especially (but not limited to) a
“litigation hold,” may result in possible civil and criminal sanctions against the Bunker and its
employees and possible disciplinary action against responsible individuals. [___________________]
will periodically review these procedures with legal counsel and the organization’s certified public
accountant to ensure that they are in compliance with new or revised regulations.
IX.
COMPLIANCE
Questions regarding this Record Retention Policy should be sent to [______________].
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