Schools/Search
Hawes Elementary School » Our School » Hawes HSA » Document Retention Policy
Document Retention Policy

Hawes School and Home Association

 

I. Purpose

Ridgewood Federated Home and School Association Document Retention and Destruction Policy

In accordance with Federal Regulations, which makes it a crime to alter, cover up, falsify, or destroy any document with the intent of impeding or obstructing any official proceeding, this policy provides for the systematic review, retention and destruction of documents received or created by the Ridgewood Federated Home and School Association, (hereinafter referred to as "the Foundation") in connection with the transaction of organization business. This policy covers all records and documents, regardless of physical form, 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 Foundation's operations by promoting efficiency and freeing up valuable storage space.

II. Document Retention

The Foundation follows the 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.

III. Foundation's Records

 

Annual Reports to Secretary of State/Attorney General

page1image13088

Permanent

Articles of Incorporation

Permanent

Board Meeting and Board Committee Minutes

 

Board Policies/Resolutions

Permanent

By-laws

Permanent

Construction Documents

Permanent

Fixed Asset Records

Permanent

IRS Application for Tax-Exempt Status (Form 1023)

Permanent

IRS Determination Letter Exemption Letter

Permanent

State Sales Tax

Permanent

Contracts (still in effect)

7 years after expiration

Contracts (after expiration)

7 years

Correspondence (general)

3 years

   

Accounting and Corporate Tax Records

Permanent

Annual Audits and Financial Statements

Permanent

Depreciation Schedules

Permanent

General Ledgers

Permanent

IRS 990 Tax Returns

Permanent

Business Expense Records

7 years

IRS 1099s

7 years

Journal Entries

7 years

Invoices

7 years

Sales Records (Receipts)

5 years

Petty Cash Vouchers

3 years

Cash Receipts

7 years

Credit Card Receipts

7 years

   

Bank Records

7 years

Check Registers

7 years

Bank Deposit Slips

7 years

Bank Statements and Reconciliation

7 years

Electronic Fund Transfer Documents

7 years

   

Payroll and Employment Tax Records

7 years

Payroll Registers

7 years

State Unemployment Tax Records

7 years

Earnings Records

7 years

Garnishment Records

7 years

Payroll Tax returns

7 years

W-2 Statements

7 years

   

Employee Records

 

Employment and Termination Agreements

Permanent

Retirement and Pension Plan Documents

Permanent

Records Relating to Promotion, Demotion or Discharge

7 years after termination

Accident Reports and Worker's Compensation Records

5 years

Salary Schedules

5 years

Employment Applications

3 years

1-9 Forms

3 years after termination

Time Cards

2 years

   

Donor Records and Acknowledgement Letters

7 years

Grant Applications and Contracts

5 years after completion

   

Legal, Insurance and Safety Records

Permanent

Appraisals

Permanent

Copyright Registrations

Permanent

Environmental Studies

Permanent

Insurance Policies

Permanent

Real Estate Documents

Permanent

Stock and Bond Records

Permanent

Trademark Registrations

Permanent

Leases

6 years after expiration

OSHA Documents

5 years


 

 

IV. Electronic Documents and Records

Electronic documents will be retained as if they were paper documents. Therefore, any electronic files, including records of donations made online, that fall into one of the document types on the above schedule will be maintained for the appropriate amount of time. If a user has sufficient reason to keep an email message, the message should be printed in hard copy and kept in the appropriate file or moved to an "archive" computer file folder. Backup and recovery methods will be tested on a regular basis.

V. Emergency Planning

The Foundation's records will be stored in a safe, secure and accessible manner. Back-up records including site maps, insurance policies, bank account records and computer backups will be stored offsite.

VI. Document Destruction

The Foundation's Executive Director is responsible for the ongoing process of identifying its records, which have met the required retention period and overseeing their destruction. Destruction of financial and personnel-related documents will be accomplished by shredding.
Document destruction will be suspended immediately, upon any indication of an official investigation or when a lawsuit is filed or appears imminent. Destruction will be reinstated upon conclusion of the investigation.

VII. Compliance

Failure on the part of employees to follow this policy can result in possible civil and criminal sanctions against the Foundation and its employees and possible disciplinary action against responsible individuals. The Foundation's Chair of the Audit Committee and the Treasurer of the Board of Trustees will periodically review these procedures with legal counselor the organization's certified public accountant to ensure that they are in compliance with new or revised regulations.

Revised: December 2009