FLAME Records Retention and Destruction Policy

Documents to Retain Permanently

• Articles of Incorporation
  • Bylaws
  • Other Incorporation Documents
  • Form 1023 and/or 1024
  • Employer Identification Number Determination Letter
  • The IRS/State Determination Letter and the Related Documents
  • Contracts and Leases Still in Effect
  • Retirement and Pension Records
  • Staff Personnel Records
  • Tax Returns and Worksheets, Revenue Agent Reports, and Other IRS, State or Local Governmental Determinations
  • Trademark Registrations and Copyrights
  • Patents and Related Papers
  • Audit Reports
  • Deeds, Mortgages, and Bills of Sale
  • Depreciation Schedules
  • Year-End Financial Statements with a copy of the General Ledger for the year
  • Insurance Records, Current Accident Reports, Claims, Policies, and so on
  • Legal and Important Matters Correspondence
  • Donation Records of Endowment Funds and/or Significant Restricted Funds

Documents to Retain for 10 Years

• Bank Statements & Reconciliations
  • Accounts Payable Ledgers and Schedules including bills from Vendors
  • Contracts, Mortgages, Notes, and Leases (Expired) from the date of Expiration
  • Inventory Records
  • Accounts Receivable Ledgers and Schedules including Invoices (To Customers)
  • Payroll Records
  • Personnel Files for Terminated Employees
  • Timesheets
  • Withholding Tax Statements (example IRS Form 940 and 941)
  • Expense Analyses/Expense Distribution Schedules
  • Cancelled checks for those items not listed under “Documents To Retain Permanently”
  • Donation Records
  • Duplicate Deposit Slips
  • Journals
  • Sales Records

Documents to Retain for 4 Years

• Correspondence – General

Documents to Retain for 3 Years

• Internal Reports – Miscellaneous
  • Employment Applications
  • Purchase Orders
  • Volunteer Records