Retention Policy
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Records which are needed to carry out the work of the organization, meet legal requirements or provide valuable historical information should be retained in accordance with the following retention schedule. (Retention periods may vary from the schedule on a case-by-case basis.)
Administrative & Financial records Accounts payable ledgers and schedules 7 years Accounts receivable ledgers and schedules 7 years Audited financial statements Permanent Bank reconciliations 1 year Bank statements and deposits slips 7 years Batches Until audit Bills of sale Permanent Budgets 10 years Cash receipts (monthly) Until audit Charts of accounts (electronic record) Permanent Checks (canceled), except as follows) 7 years Checks (canceled) for purchases of property, special contracts, etc. Permanent Contracts (expired) 7 years Contract correspondence Permanent Contracts in effect Permanent Copyrights Permanent Daily batch logs Until audit Database code table records Permanent Data base table records Permanent Depreciation schedules Until audit Endowment correspondence Permanent External audit records Permanent Internal audit records 7 years Inventories of equipment and furnishings Permanent Investment information 7 years Invoices (from vendors) 7 years Journals (financial) Permanent Leases (expired) 7 years Legal correspondence Permanent Mortgages Permanent Notes receivable 7 years Payroll records and summaries Permanent Petty cash vouchers 7 years Property appraisal reports Permanent Purchase orders 3 years Real estate records Permanent Receiving sheets 1 year Stock and bond certificates (canceled) Permanent Tax exemption records Permanent Tax returns 7 years Vendor correspondence (routine) 2 years Vouchers for payment to vendors and staff members 7 years Wills and estates correspondence (completed) 2 years Credit and Debit Card numbers of donors Destroyed after processing Awards and Grants records Institution census records 2 years Project grant applications (not funded) 3 years Project grant report records (funded and completed) Permanent Donor records Donor correspondence Until audit Donor financial records 3 years Foundation grant correspondence Permanent Internal donor financial records 7 years Major donor correspondence Permanent Executive records Approved objectives and implementation plans Permanent President’s calendar Permanent Development Board minutes Permanent Editorial Board minutes Permanent Executive correspondence Permanent Finance Board minutes Permanent Intra-agency memoranda Permanent Investment Advisory Board minutes Permanent Policies (Administrative & Financial, Investment, Personnel) Permanent Senior Executive Team meeting minutes Permanent Speeches Permanent Monthly reports Permanent Legal records Boards of Directors minutes Permanent By-Laws Permanent Certificates of incorporation Permanent Charters Permanent Deeds Permanent Legal registrations and authorizations Permanent Powers of attorney Permanent Personnel records Accident reports Permanent Affirmative Action documents 3 years Benefit plan records 6 years Employment applications (current employees) Permanent Employment applications & resumes 1 year Employee correspondence Permanent Employer’s report of injury 18 years FMLA leave information 3 years I-9 Forms after worker is hired (Immigration reform and control act) Permanent Insurance policies (expired) Permanent Insurance records (accident reports, claims, policies) Permanent Jobs advertisements 1 year On the job injury records 5 years Personnel files Permanent Position descriptions Permanent Retirement and pension records Permanent Terminated employee files 3 years Time sheets 3 years Photographs Permanent Printed Material (generated by ACIL) Annual reports Permanent Direct mail appeals Permanent Magazines Permanent Invitations to events Permanent Newsletters Permanent Other printed or published material Permanent A Chance In Life is grateful for your support. If you have any questions about our Retention Policy, the practices of our site, or your interaction with our site, please contact us at: A Chance In Life 250 E 63rd St., Suite 204 New York, NY 10065 212.980.8770 office@achanceinlife.org |
