Document and Retention Policy

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Revision as of 02:17, 11 November 2021

Document and Retention Policy

Thousand Smiles Foundation Document Retention/Destruction Policy November 5, 2021

Document Retention Schedule

The following types of documents will be retained for the following periods of time. At least one copy of each document will be retained according to the following schedule.

Corporate Records

Article of Incorporation to apply for corporate status Permanent IRS Form 1023 (in the USA) to file for tax-exempt and/or charitable status Permanent Letter of Determination (for example, from the IRS in the USA) granting tax- exempt and/or charitable status Permanent By Laws Permanent Board policies Permanent Resolutions Permanent Board meeting minutes Permanent Sales tax exemption documents Permanent Tax or employee identification number designation Permanent Annual corporate filings Permanent

Financial Records

Chart of Accounts
Permanent
Fiscal Policies and Procedures
Permanent
Audits
Permanent
Financial statements
Permanent
General Ledger
Permanent
Check registers/books
7 years
Business expenses documents
7 years
Bank deposit slips
7 years
Cancelled checks
7 years
Invoices
7 years
Investment records (deposits, earnings, withdrawals)
7 years
Property/asset inventories
7 years
Petty cash receipts/documents
3 years
Credit card receipts
3 years

Tax Records

Annual tax filing for the organization (IRS Form 990 in the USA) Permanent Payroll registers Permanent Filings of fees paid to professionals (IRS Form 1099 in the USA) 7 years Payroll tax withholdings 7 years Earnings records 7 years Payroll tax returns 7 years W-2 statements 7 years

Personnel Records

Employee offer letters Permanent Confirmation of employment letters Permanent Benefits descriptions per employee Permanent Pension records Permanent Employee applications and resumes 7 years after termination Promotions, demotions, letter of reprimand, termination 7 years after termination Job descriptions, performance goals 7 years after termination Workers’ Compensation records 5 years Salary ranges per job description 5 years I-9 Forms 5 years after termination Time reports 3 years after termination

Insurance Records

Property Insurance policy Permanent Directors and Officers Insurance policy Permanent Workers’ Compensation Insurance policy Permanent General Liability Insurance policy Permanent Insurance claims applications Permanent Insurance dispersements / denials Permanent

Contracts

All insurance contracts Permanent Employee contracts Permanent Construction contracts Permanent Legal correspondence Permanent Loan / mortgage contracts Permanent Leases / deeds Permanent Vendor contracts 7 years Warranties 7 years

Donations / Funder Records

Grant dispersal contract Permanent Donor lists 7 years Grant applications 7 years Donor acknowledgements 7 years

Management Plans and Procedures

Strategic Plans 7 years Staffing, programs, marketing, finance, fundraising and evaluation plans 7 years Vendor contacts 7 years Disaster Recovery Plan 7 years

Email and Other Computer-Based Correspondence

This is in regard to correspondence/information that is developed and/or maintained by employees on the company’s computers, whether it is in regard to work or personal information.

Employee correspondence, e.g., emails 7 years

Document Protection

Documents (hardcopy, online or other media) will be stored in a protected environment for the duration of the Document Retention Schedule. Computer backup media will be included.

Document Destruction

Hardcopy of documents will be destroyed by shredding or fire after they have been retained until the end of the Document Retention Schedule. Copies of computer backups will be destroyed by fire or other proven means to destroy such media after they have been retained until the end of the Document Retention Schedule.

Provision of Documentation for Investigations or Litigation

Documents requested and subpoenaed by legally authorized personnel will be provided within 5 business days. The Board Chair and CEO will authorize provision. No documents will be concealed, altered or destroyed with the intent to obstruct the investigation or litigation.