Document Retention Policy
Record Retention and Destruction Policy
Assistance League of Northern Virginia – a chapter of Assistance League
Purpose
In accordance with the Sarbanes-Oxley Act, which makes it a crime to alter, cover up, falsify or destroy any document with the intent of impeding or obstructing any official proceeding, this policy provides for the systematic review, retention and destruction of documents received or created by Assistance League of Northern Virginia in connection with the transaction of corporate business. This policy covers all records and documents, regardless of physical form, contains guidelines for how long certain documents should be kept and how records should be destroyed (unless under a legal hold). The policy is designed to ensure compliance with federal and state laws and regulations, to eliminate accidental or innocent destruction of records and to facilitate Assistance League’s operations by promoting efficiency and freeing up valuable storage space.
Document Retention
Assistance League follows the document retention procedures outlines below. Documents that are not listed, but are substantially similar to those listed in the schedule, will be retained for the appropriate length of time.
(See the document below to view the Document Retention Table)
Electronic Documents and Records
Electronic documents shall be retained as if they were paper documents. 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 has sufficient reason to keep an e-mail message, the message should be printed in hard copy and kept in the appropriate file or moved to an “archive” computer file folder. Backup and recovery methods will be tested on a regular basis.
Emergency Planning
Assistance League’s records will be stored in a safe, secure and accessible manner. Documents and financial files that are essential to keeping Assistance League operating in an emergency will be duplicated or backed up at least every month and maintained off-site.
Document Destruction
The chapter Treasurer 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.
Document destruction will be suspended immediately upon any indication of an official investigation, or when a lawsuit is filed or appears imminent. Destruction will be reinstated upon conclusion of the investigation.
This Record Retention and Destruction Policy was last approved on May 9, 2012.
If further assistance is needed or for any questions, please contact the chapter as follows:
Assistance League of Northern Virginia Email: info@alnv.org
P.O. Box 209
Herndon, Virginia 20172-0209
Document Retention Schedule
RECORD RETENTION AND DESTRUCTION TABLE
File Category |
Item |
Retention Period |
Corporate Records | Bylaws and Articles of Incorporation | Permanent |
Corporate resolutions | Permanent | |
Board, regular and special meeting minutes | Permanent | |
Conflict-of-interest disclosure forms | 4 years | |
Finance and Administration | Financial statements (audited or reviewed) | Permanent |
Auditor management letters | Permanent | |
Journal entries | Permanent | |
Payroll records | 10 years | |
Check register and checks | 10 years | |
Cancelled checks for important payments: purchase of property, taxes, special contracts; attach check to pertinent papers | Permanent | |
Bank deposits and statements | 10 years | |
Charitable organizations registration statements (filed with [State] Attorney General) | 10 years | |
Chart of accounts | 10 years | |
Depreciation schedules | 10 years | |
Inventories of materials and supplies | 10 years | |
Expense reports | 10 years | |
General ledgers and end-of-year financial statements | Permanent | |
Accounts payable ledger | 10 years | |
Accounts receivable ledger | 10 years | |
Investment performance reports | 10 years | |
Investment consultant reports | 10 years | |
Equipment files and maintenance records | 10 years after disposition | |
Contracts and agreements | Expiration date plus
10 years |
|
Correspondence – general | 4 years | |
Correspondence – legal and important matters | Permanent | |
Insurance Records | Policies | Permanent |
Insurance records, current accident reports, claims, policies, etc. | Permanent | |
Fire inspection records | 10 years | |
Safety (OSHA) reports | 10 years | |
Real Estate | Deeds | Permanent |
Leases | Expiration date plus 10 years | |
Mortgages, purchase and security agreements | Expiration date plus 10 years | |
Tax | IRS exemption determination and related correspondence | Permanent |
IRS Form 990’s | Permanent | |
Withholding tax statements | 10 years | |
Correspondence with legal counsel or accountants, not otherwise listed | 10 years after return is filed | |
Communications | One set of all communication documents kept on-site and one kept off-site | |
Press releases | Permanent | |
Annual reports | Permanent (5 copies) | |
Other publications | 10 years | |
Photos/Photo releases | 10 years | |
Press clippings | 10 years | |
Donor Services | Correspondence – acknowledgment of gifts and grant requests | Permanent |
Donor fund statements | Permanent | |
Philanthropic Programs | Program selection reports | Permanent |
Scholarship grant records | 10 years | |
Agreements with other organizations | Expiration date plus 10 years | |
Human Resources | Employee personnel files | Permanent or 10 years after termination |
Retirement and pension records including Summary Plan Descriptions (ERISA) | Permanent | |
Employee medical records | Permanent | |
Employee handbooks | Permanent | |
Workers comp claims | 10 years after settlement | |
Employee time records | 10 years | |
Employee orientation and training materials | 10 years after use ends
|
|
Employment offer letter | 10 years after all obligations end | |
Employment applications | 4 years | |
IRS Form I-9 (store separate from personnel file) | Greater of 1 year after end of service, or 4 years | |
Resumes | 1 year | |
Technology | Software licenses and support agreements | 10 years after all obligations end |
Library | Other organizations’ annual reports | 2 years |
Directories and periodicals | 2 years | |
General Administration | Correspondence – general | 10 years |
Correspondence – legal and important matters | Permanent |
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