Sample Document Retention and Destruction Policy

Document Retention and Destruction Policy
University of Wisconsin. Center for Community and Economic Development
I. Purpose
In accordance with the Sarbanes-Oxley Act, 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 Organization in connection with the transaction of
organization business. This policy covers all records and documents, regardless of
physical form (including electronic documents), 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 Organization’s operations by
promoting efficiency and freeing up valuable storage space.
II. Document Retention
The Organization 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. Corporate Records
Annual Reports to Secretary of State/ At to rney Ge neral Permanent
Articles of Incorporation Permanent
Board Meeting and Board Committee Minutes Permanent
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 Permanent
State Sales Tax Exemption Letter Permanent
Contracts (after expiration) 7 yea rs
Correspondence (general) 3 yea rs
Accounting and Corporate Tax Records
Annual Audits and Financial Statements Permanent
Depreciation Schedules Permanent
Gener al Ledge rs Permanent
IRS 990 Tax Returns Permanent
Business Expense Records 7 yea rs
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