Records Retention & Destruction Policy
It is the policy of the Blind Children’s Center that its records be retained only so long as they are (1) necessary to the current conduct of the Center’s business; (2) required to be retained by statute or government regulation; or (3) relevant to pending or foreseeable investigations or litigation. In furtherance of this policy, the Center has adopted the attached Record Retention Schedule and the following principles and procedures for its Record Management Program, which shall be strictly observed by the organization, its officers, Board of Directors, staff and committee members.
1. The responsibility for administering the Blind Children’s Center’s Record Management Program in accordance with this policy is designated to the Executive Director, who shall have the title Supervisor of Record Retention. In addition, the Supervisor of Record Retention, with the assistance of legal counsel, shall be responsible for an annual audit of the program.
2. Destruction of specific records shall be carried out only in accordance with the authority of the Supervisor of Record Retention.
3. All records, including those maintained on electronic data processing storage media, shall be covered by this policy.
4. Despite any retention periods specified in the attached Record Retention Schedule, all records shall be retained for at least the minimum period as stated in applicable state or federal laws or regulations. Once the period for office retention of records has passed, a determination will need to be made whether the records fall under the Archives Policy and should be transferred there.
5. The destruction of records shall be suspended immediately upon receipt of legal process or other notice of pending or foreseeable investigations or litigation, whether government or private. In addition, upon such notice, all of the Center’s records shall be secured immediately in order to prevent deliberate destruction of documents. No such suspension of the Center’s Record Management Program shall be lifted except upon the written authorization of legal counsel.
6. Requests for exemptions from the Program should be submitted to the Executive Director and legal counsel. Exemptions will be given only in accordance with the basic objectives of this Policy Statement.
7. The Executive Director, with the assistance of legal counsel, shall be responsible for interpreting this Policy Statement for application to specific situations.
|Nature of Record||Retention Period|
|Accounts payable ledgers & schedules||7 years|
|Accounts receivable ledgers & schedules||7 years|
|Audit reports of accountants||Permanently|
|Bank reconciliations||1 year|
|Charts of accounts||Permanently|
|Checks – cancelled (see exception below)||7 years|
|Checks – cancelled (for important payments such as income taxes‚ purchase of property‚ special contracts‚ retain with related records of the underlying transaction)||Permanently|
|Contracts & leases (expired)||3 years|
|Correspondence (routine) with customers or vendors||1 year|
|Correspondence (general)||3 years|
|Correspondence (legal & important matters only)||Permanently|
|Deeds‚ mortgages & bills of sale||Permanently|
|Duplicate deposit slips||1 year|
|Employment personnel records (after employee termination)||3 years|
|Employment applications||3 years|
|Expense analyses & expense distribution schedules||7 years|
|Financial statements (end of year – other months optional)||Permanently|
|General & private ledgers (& end-of-year trial balances)||Permanently|
|Insurance policies (expired)||3 years|
|Insurance records‚ current accident reports‚ claims‚ policies||Permanently|
|Internal reports (miscellaneous)||3 years|
|Inventories of products‚ materials & supplies||7 years|
|Invoices to customers||7 years|
|Invoices from vendors||7 years|
|Minute books of directors & stockholders‚ including by-laws and charter||Permanently|
|Notes receivable ledgers & schedules||7 years|
|Payroll records & summaries||7 years|
|Petty cash vouchers||3 years|
|Property appraisals by outside appraisers||Permanently|
|Property records including costs‚ depreciation‚ end of year trial balances‚ depreciation schedules‚ blueprints & plans||Permanently|
|Revenue and support records||7 years|
|Subsidiary ledgers||7 years|
|Tax returns & worksheets‚ revenue agent’s‚ reports & other documents relating to the determination of the income tax liability||Permanently|
|Time and attendance records||7 years|
|Documents for payments to vendors‚ employees‚ etc. (includes allowances and reimbursements of employees‚ officers‚ etc. for travel & entertainment expenses)||7 years|