Records Retention

In accordance with sound records retention policies, this policy provides guidance for the systemic review, retention, and destruction of documents received or created by The Fund in connection with the transaction of organizational business. This policy includes all electronic and physical records and documents, regardless of physical form. This policy contains guidelines for how long certain documents should be kept, and how records should be destroyed. 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 the Fund’s operations by promoting efficiency and freeing up valuable storage space.

Document Retention

The Fund follows the following document retention procedures outlined 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.

DOCUMENT RETENTION SCHEDULE

Category of
Records

Description of
Records
Manner of Record KeepingRetention PeriodDisposition
Grantee DocumentationRegistration documentation, articles of incorporation, tax questionnaire, board and staff list, proposal, original and signed grantee letter, reports, and payment form. Compile and file records as grants are made. Saved in electronic and paper format. Permanent.
Store with grant records.
Not applicable.
FinancialAccounts payable, ledgers and schedulesCompile and file records on an annual basis.Seven Years. Store with financial records.Archive with financial records and shred after three years of storage.
Accounts receivable, ledgers and schedulesCompile and file records on an annual basis.Seven Years. Store with financial records.Archive with financial records and shred after three years of storage.
Annual information returns (IRS Forms 990)Kept in the organization headquarters and be made available for public inspection.Permanent. Store with financial records.Not applicable.
Banking statements and reconciliationsCompile and file records on an annual basis.Three Years. Store with financial records.Shred at the end of the retention period.
Cancelled checksFor important payments, checks should be filed with the papers pertaining to the underlying transaction. Otherwise, compile and file records on an annual basis.Seven Years. Store with financial records.Shred at the end of the retention period.
Financial statements (year-end, other optional)Compile and file records on an annual basis.Permanent. Store with financial records.Shred at the end of the retention period.
Journal entriesCompile and file records on an annual basis.Seven Years. Store with financial records.Shred at the end of the retention period.
Payroll records and summariesCompile and file records on an annual basis.Seven Years. Store with financial records.Shred at the end of the retention period.
Petty cash vouchersCompile and file records on an annual basis.Seven Years. Store with financial records.Shred at the end of the retention period.
Vouchers (invoices) for payments to vendors, employees, etc. (includes allowances and reimbursements of employees, officers and consultants for travel and entertainment expenses)Compile and file records on an annual basis.Seven Years. Store with financial records.Shred at the end of the retention period.
Withholding tax statementsCompile and file records on an annual basis.Seven Years. Store with financial records.Shred at the end of the retention period.
GovernanceBoard of Directors minutes, notes and reports from all yearsCompile and file records on an annual basis.Permanent. Store with other corporate records.Not applicable.
Human ResourcesEmployment applicationsCompile and file records on an annual basis.Three Years. Store with other human resources records.Shred at the end of the retention period.
Personnel files (from date of termination)Compile and file records on an annual basis.Seven Years. Store with other human resources records.Shred at the end of the retention period.
Retirement and pension recordsCompile and file records on an annual basis.Permanent. Store with other human resources records.Not applicable.
Insurance policies (expired)Compile and file records on an annual basis.Three Years. Store with other human resources records.Shred at the end of the retention period.
Insurance records, current accident reports, claimsCompile and file records on an annual basis.Permanent. Store with other human resources records.Not applicable
PublicationsAnnual reportsCompile and file records on an annual basis.Permanent (digital)Not applicable.
FundraisingGrant Files: Applications, Correspondence, Compliance ReportsFile by donorPermanent
(hard copy and digital)
Not applicable
Individual Donor Files (Donation & Donor Details, Tax Letters, Correspondence)File by donorSeven Years
after the last gift
Shred
Solicitation Letters File by donor3 YearsRecycle