The purpose of this Records Retention Policy is to ensure that necessary records and documents are adequately protected and maintained and to ensure that records that are no longer needed are discarded at the appropriate time.
The organization will maintain electronic or paper copies of the following types of documents for the periods specified:
- Financial records: including, but not limited to, bank statements, canceled checks, and payroll records. These records must be retained for a minimum of seven (7) years.
- Tax records: all tax-related records, including those used to support tax filings, such as Forms 1099 and 990, must be retained for a minimum of seven (7) years after the filing deadline for the tax return in question.
- Employment records: employee personnel files, including performance appraisals, employment contracts, and documentation of disciplinary actions, must be retained for a minimum of seven (7) years after the end of the employee’s employment.
- Corporate documents: including governing documents, board meeting minutes, and other legal documents, must be retained permanently.
- Grant Agreements or Contracts: Grant agreements, contracts and all related documentation pertaining to the awarding, reporting and retention of funding will be retained by the organization for a minimum of seven (7) years after grant ending date.
The organization will dispose of documents that are no longer needed according to the following schedule:
- Financial and tax records that are no longer needed will be destroyed after a minimum of seven (7) years.
- Employment records that are no longer needed will be destroyed after a minimum of seven (7) years.
- Corporate documents that are no longer needed will not be destroyed and will be retained permanently.
- Agreements and contracts with state or federal governmental entities will not be destroyed without the authorized and express permission of all parties to the agreement.
The organization will comply with all applicable federal and state laws and regulations related to records retention and destruction.
This policy will be reviewed annually to ensure that it remains current with any changes in applicable laws and regulations.
The State Director is responsible for the administration of this policy, at the direction of the Secretary and Board of Directors.