Pfau Englund Nonprofit Law, P.C. - Record Retention

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Pfau Englund Nonprofit Law, P.C.

RECORD RETENTION SCHEDULE

SAMPLE

Description of record(s)	Manner of record keeping	Disposition
I. Corporate/ organizational records:
Incorporation documents including articles of incorporation, bylaws, and related documents	Store in corporate record book.	Permanent
Tax-exemption documents including application for tax exemption (IRS Form 1023), IRS determination letter, and any related documents	Store in corporate record book.	Permanent. Federal law requires copies of these documents to be held at organization’s headquarters office. These records must be made available for public inspection upon request.
Meeting/board documents including agendas, minutes and related documents	Compile & file records on yearly basis; Store in corporate record book.	Permanent. Care should be taken to include only necessary information in these documents.
II. Financial records:
Year end Treasurer’s financial report/statement	Store in corporate record book.	Permanent
Treasurer’s reports, periodic	Compile & file records on yearly basis.	Three Years. Store w/financial records. Destroy after three years.
Bank statements, canceled checks, check registers, investment statements, and related documents	Compile & file records on a yearly basis.	Seven Years. Store w/financial records. Destroy after seven years.
Annual information returns (IRS Forms 990)	Federal law requires that the three most recent years returns be kept in the organization’s headquarters office and be made available for public inspection upon request.	Seven Years. Store w/financial records. Destroy after seven years.

Description of record(s)	Manner of record keeping	Disposition
III. Educational materials:
Training materials – outdated	Electronic copy may be appropriate for reference; destroy all paper copies of outdated materials	Destroy all but 1 copy which is kept in archives permanently
Copywritten materials – including each revision to website		Permanently keep 1 copy of each copywritten material
IV. Presenter/trainer records:
Volunteer applications	Convert to electronic record	Permanent
Certification list	Save as electronic record	Permanent
Background checks; committee decisions		Permanent
V. Informal internal communications
Email		One year. Delete all unused/unaccessed records after one-year
VI. Human Resource records
Employee files		Three years after termination.

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Ms. Englund is admitted in the District of Columbia and Virginia. Ms. Hasan is admitted in the State of North Carolina. This legal practice is otherwise limited to matters and proceedings before federal agencies, such as the Internal Revenue Service.