Document Retention.
This Document Retention and Destruction Policy of Grandma’s Gifts identifies the record retention responsibilities of staff, volunteers, members of the Board of Directors, and outsiders for maintaining and documenting the storage and destruction of the Organization’s documents and records.
1. Rules The Organization’s staff, volunteers, members of the Board of Directors and outsiders (i.e., independent contractors via agreements with them) are required to honor these rules: (a) paper or electronic documents indicated under the terms for retention below will be transferred and maintained by the Human Resources, Legal or Administrative staffs/departments or their equivalents; (b) all other paper documents will be destroyed after three years; and (c) no paper or electronic documents will be destroyed or deleted if pertinent to any ongoing or anticipated government investigation or proceeding or private litigation.
2. Retention Term
Document Type
Accounts payable ledgers and schedules: 7 years
Audit reports: Permanently
Bank reconciliations: 2 years
Bank statements: 3 years
Checks (for important payments and purchases): Permanently
Contracts, mortgages, notes and leases (expired): Permanently
Contracts (still in effect): Permanently
Correspondence (general): 2 years
Correspondence (legal and important matters): Permanently
Correspondence (with customers and vendors): 2 years
Deeds, mortgages, and bills of sale: Permanently
Depreciation Schedules: Permanently
Duplicate deposit slips: 2 years
Employment applications: 3 years
Expense analyses/expense distribution schedules: 7 years
Year-end financial statements: Permanently
Insurance policies (expired): 3 years
Insurance records, current accident reports, claims, policies, etc.: Permanently
Intellectual property records – Copyright and trademark/service mark registrations and samples of protected works: Permanently
Internal audit reports: Permanently
Inventories of products, materials, and supplies: 7 years
Invoices (to customers, from vendors): 7 years
Minute books, bylaws, and charter: Permanently
Patents and related papers: Permanently
Payroll records and summaries: 7 years
Personnel files (terminated employees): 7 years
Retirement and pension records: Permanently
Tax returns and worksheets: Permanently
Timesheets: 7 years
Withholding tax statements: 7 years
Other electronic records, documents and files: 1 year
Other electronic/media files (television interviews, videos, photos, podcasts, radio, etc): Permanently
3. Exceptions
Exceptions to these rules and terms for retention may be granted only by vote of the Board.
1. Rules The Organization’s staff, volunteers, members of the Board of Directors and outsiders (i.e., independent contractors via agreements with them) are required to honor these rules: (a) paper or electronic documents indicated under the terms for retention below will be transferred and maintained by the Human Resources, Legal or Administrative staffs/departments or their equivalents; (b) all other paper documents will be destroyed after three years; and (c) no paper or electronic documents will be destroyed or deleted if pertinent to any ongoing or anticipated government investigation or proceeding or private litigation.
2. Retention Term
Document Type
Accounts payable ledgers and schedules: 7 years
Audit reports: Permanently
Bank reconciliations: 2 years
Bank statements: 3 years
Checks (for important payments and purchases): Permanently
Contracts, mortgages, notes and leases (expired): Permanently
Contracts (still in effect): Permanently
Correspondence (general): 2 years
Correspondence (legal and important matters): Permanently
Correspondence (with customers and vendors): 2 years
Deeds, mortgages, and bills of sale: Permanently
Depreciation Schedules: Permanently
Duplicate deposit slips: 2 years
Employment applications: 3 years
Expense analyses/expense distribution schedules: 7 years
Year-end financial statements: Permanently
Insurance policies (expired): 3 years
Insurance records, current accident reports, claims, policies, etc.: Permanently
Intellectual property records – Copyright and trademark/service mark registrations and samples of protected works: Permanently
Internal audit reports: Permanently
Inventories of products, materials, and supplies: 7 years
Invoices (to customers, from vendors): 7 years
Minute books, bylaws, and charter: Permanently
Patents and related papers: Permanently
Payroll records and summaries: 7 years
Personnel files (terminated employees): 7 years
Retirement and pension records: Permanently
Tax returns and worksheets: Permanently
Timesheets: 7 years
Withholding tax statements: 7 years
Other electronic records, documents and files: 1 year
Other electronic/media files (television interviews, videos, photos, podcasts, radio, etc): Permanently
3. Exceptions
Exceptions to these rules and terms for retention may be granted only by vote of the Board.
