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Attny Tom Silk-CompassPoint Nonprofit Document Retention policy

 Model Document Retention Policy for Nonprofits
 
Nationally recognized nonprofit attorney Tom Silk wrote this Model Document Retention Policy on a pro bono basis for CompassPoint Nonprofit Services to use and to make available for all nonprofits.http://www.blueavocado.org/content/model-document-retention-policy-nonprofits
 
(For each document, add its location or where it is stored)
 
Accounts payable ledgers and schedules: 10 years
 
Accounts receivable ledgers and schedules: 10 years
 
Audit reports of accountants: Permanently
 
Bank statements: 10 years
 
Capital stock and bond records: A ledgers, transfer payments, stubs showing issues, record of interest coupon,options, etc.: Permanently
 
Cash books: 10 years
 
Checks (canceled, with exception below): 10 years
 
Checks (canceled, for important payments; i.e., taxes, purchase of property, special contracts, etc. [checks should be filed with the papers pertaining to the underlying
transaction]): Permanently
 
Contracts and leases (expired): 10 years
 
Contracts and leases still in effect: Permanently
 
Correspondence, general: 4 years
 
Correspondence (legal and important matters): Permanently
 
Depreciation schedules: 10 years
 
Donation records of endowment funds and of significant restricted funds: Permanently
 
Donation records, other: 10 years
 
Note: Donation records include a written agreement between the donor and the charity with regard to any contribution, an email communication or notes of or recordings of an oral discussion between the charity and the donor where the representative of the charity made representations to the donor with regard to the contribution on which the donor may have relied in making the gift.
 
Duplicate deposit slips: 10 years
 
Employee personnel records (after termination): 7 years
 
Employment applications: 3 years
 
Expense analysis and expense distribution schedules (includes allowance and reimbursement of employees, officers, etc.,for travel and other expenses: 10 years
 
Financial statements(end-of-year): Permanently
 
General ledgers and end-of-year statements: Permanently
 
Insurance policies (expired): Permanently
 
Insurance records, current accident reports, claims, policies, etc.: Permanently
 
Internal reports, miscellaneous: 3 years
 
Inventories of products,materials, supplies: 10 years
 
Invoices to customers: 10 years
 
Invoices from vendors: 10 years
 
Journals: 10 years
 
Minute books of Board of directors, including Bylaws and Articles of Incorporation: Permanently
 
Payroll records and summaries,including payments to pensioners: 10years
 
Purchase orders: 3 years
 
Sales records: 10 years
 
Scrap and salvage records: 10 years
 
Subsidiary ledgers: 10 years
 
Tax returns and worksheets,revenue agent reports, and other documents relating to determination of tax liability: Permanently
 
Time sheets and cards: 10 years
 
Voucher register and schedules: 10 years
 
Volunteer records: 3 years
 
 Please note: If you are under investigation the above guidelines do not apply.

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11 Comments to Attny Tom Silk-CompassPoint Nonprofit Document Retention policy:

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