Document Retention Policy

123 Up And Adam Inc

Document Retention and Destruction Policy

Purpose

This policy provides for the systematic review, retention and destruction of documents received or created by 123 Up And Adam, Inc. in connection with the transaction of any of the organization’s business. This policy covers all records and documents, regardless of physical form, it 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 123 Up And Adam Inc’s operations by promoting efficiency and freeing up valuable storage space.

  1.    Document Retention

123 Up And Adam, Inc 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. Meaning of Compensation

Type of Document Minimum Requirement
Accident Reports and Workers  Compensation Records 7 years
Accounts Payable Ledgers and Schedules 7 years
Annual Reports to Secretary of State/Attorney General Permanently
Appraisals Permanently
Articles of Incorporation Permanently
Audit Reports Permanently
Bank Deposit Slips 7 years
Bank Statements and Reconciliation 7 years
Board Meeting and Board Committee Minutes Permanently
Board Policies/Resolutions Permanently
By-laws Permanently
Cash Receipts 3 years
Checks (for important payments and purchases) Permanently
Contracts 7 years after expiration
Construction Documents Permanently
Copyright Registrations Permanently
Correspondence (general) 3 years
Correspondence (legal and important matters) Permanently
Correspondence (with customers and vendors) 2 years

 

Type of Document Minimum Requirement
State Unemployment Tax Records Permanently
Permanently
Timesheets 7 years
Trademark Registrations Permanently
W-2 Statements 7 years
Withholding Tax Statements 7 years
  • Glossary of Terms
  1. Board and Board Committee Materials. Meeting minutes will be retained in perpetuity in 123 Up and Adam Inc.s minute book.
  2. Commercial Fundraiser. A commercial fundraiser for charitable purposes must maintain during each solicitation campaign, and for not less than 10 years following the completion of each solicitation campaign, records including any electronic records, containing information regarding:
  1. The date and amount of each contribution received as a result of the solicitation campaign and, for non-cash contributions, the name and mailing address of each contributor.
  2. The name and residence address of each Staff, Volunteer, and employee, agent or other person involved in the solicitation campaign.
  3. Records of all revenue received and expenses incurred in the course of the solicitation campaign.
  4. For each account into which the commercial fundraiser deposited revenue from the solicitation campaign, the account number and the name and location of the bank or other financial institution in which the account was maintained.
  5. If commercial fundraiser sells tickets to events and represents that they will be donated for use by another, then he or she must keep the number of tickets purchased and donated by each contributor, name address of all organization’s receiving donated tickets.

123 Up and Adam Inc. must maintain a copy of its contract with the commercial fundraiser and records of solicitations and donations according to the table above.

  1. Contracts. Final, executed copies of all contracts entered into by 123 Up and Adam Inc. will be retained for at least seven years beyond the life of the agreement, and longer in the case of publicly filed contracts.
  2. Development/Intellectual Property and Trade Secrets. Development documents are often subject to intellectual property protection in their final form (e.g., patents and copyrights). The documents detailing the development process may be of value to 123 Up and Adam Inc. and are protected as a trade secret where 123 Up and Adam Inc. too:
  3. Derive independent economic value from the secrecy of the information; and
  4. If need be take affirmative steps to keep the information confidential.
  5. In that case 123 Up and Adam Inc. will keep all documents designated as containing trade secret information for at least the life of the trade secret.
  1. Legal Files. Legal counsel should be consulted to determine the retention period of particular documents, but legal documents should generally be maintained for a period of ten years.
  2. Personnel Records. State and federal statutes require our organization to keep certain recruitment, employment and personnel information. 123 Up and Adam Inc. will also keep personnel files that reflect performance reviews and any complaints brought against our Organization or individual employees, or volunteers under applicable state and federal statutes. 123 Up and Adam Inc. will also keep all final memoranda and correspondence reflecting performance reviews and actions taken by or against personnel in the employees or volunteers personnel file. Personnel records will be retained for seven years.
  3. Press Releases/Public Filings. 123 Up and Adam Inc. will retain permanent copies of all press releases and publicly filed documents under the theory that 123 Up and Adam Inc. should have its own copy to test the accuracy of any document a member of the public can theoretically produce against 123 Up and Adam Inc.
  4. Tax Records. Tax records include, but may not be limited to, documents concerning payroll, expenses, proof of deductions, business costs, accounting procedures, and other documents concerning 123 Up and Adam Inc.’s revenues. Tax records should be retained permanently. Payroll tax returns can be retained for only seven years.

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.

Emergency Planning

123 Up and Adam Inc.’s records will be stored in a safe, secure and accessible manner. Documents and financial files that are essential to keeping our organization operating in an emergency will be duplicated or backed up at least every week and maintained off site.

Document Destruction

123 Up and Adam Inc.’s  Board of Directors are 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.

Compliance

Failure on the part of the Board to follow this policy can result in possible civil and criminal sanctions against 123 Up and Adam Inc. and its Board of Directors, with possible disciplinary action against responsible individuals. The President and finance committee chair will periodically review these procedures with 123 Up and Adam Inc.’s certified public accountant to ensure that they are in compliance with new or revised regulations.

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