Document Retention and Destruction Policy
Preamble
Miles2Smile’s document retention and destruction policy aims to systematically document, review, retain, and destroy documents received or created by Miles2Smile in connection with the transactions of Miles2Smile’s non-profit activities. It lays down procedures for destruction and retention in addition to the stipulated time period for which the documents need to be retained. This policy is designed to ensure compliance with federal and state laws and regulations, to eliminate accidental or innocent destruction of records and to facilitate Miles2Smile’s operations by promoting efficiency and freeing up valuable storage space.
Document Retention
The following table indicates the minimum requirements(time period) for which the following documents would be retained by the organisation.
Type of Document | Minimum Requirement |
Articles of Incorporation | Permanently |
Memorandum of Association | Permanently |
Constitution | Permanently |
Bylaws | Permanently |
Board meeting minutes | Permanently |
Email communication | 3 years |
Accounting and Tax Records
Type of Document | Minimum Requirement |
Annual Audits and Financial Statements | Permanently |
Donation Receipts (cash, check, credit card) | 5 years |
Fund raising expense records | 5 years |
Investment Statements | 5 years |
Bank Records
Type of Document | Minimum Requirement |
Bank Statements and Reconciliation | 5 years |
Electronic funds transfer Documents | 5 years |
Donor and Grant Records
Type of Document | Minimum Requirement |
Grant Application and Contracts | 5 years |
Legal, Insurance, and Safety Records
Type of Document | Minimum Requirement |
Copyright Registrations | Permanently |
Insurance policies | Permanently |
Trademark Registrations | Permanently |
General Contracts with third parties | 2 years after termination |
Document Destruction
- Paper or electronic documents indicated under the terms for retention in the above section will be transferred and maintained by the administration and management of the organisation.
- All other paper documents will be destroyed after the given time period.
- All other electronic documents will be deleted from all individual computers, data bases, networks, and back-up storage after 1 year;
- No paper or electronic documents will be destroyed or deleted if pertinent to any ongoing or anticipated government investigation or proceeding or private litigation.
- No paper or electronic documents will be destroyed or deleted as required to comply with government auditing standards.
Failure
Failure to comply with the policy regarding destruction and retention of documents would result in legal action according to the State laws. The higher management would ensure that all documents are in compliance with new or revised regulations.
