As you prepare for transition to your new board remember to hand over all PTA records. It is very important that certain records be retained. It helps to develop a records retention policy. Listed below are items that should be reviewed on a periodic basis and kept in a safe place. records to be retained retention period Accounts payable records ...........................7 years Annual audit reports ....................................Permanently Bank reconciliations .......................................1 year Bylaws, including all amendments ..................Permanently Cash receipt records .....................................7 years Checks (canceled) (see exception, next line) ..............7 years Checks (canceled) for important payments, i.e., taxes, special contracts, etc. (checks should be filed with the papers pertaining to the transaction) ..............................................Permanently Contracts and leases (expired) ............................7 years Contracts and leases still in effect .......................Permanently Corporation reports filed with the secretary of state ..Permanently Correspondence with customers or vendors .....................1 year Correspondence (general) ..................................3 years Correspondence (legal) .......................................Permanently Duplicate deposit slips ...............................................1 year Employee records (post-termination), if applicable ............3 years Employment applications, if applicable ......................3 years Equipment owned by PTA ...................................Permanently Financial statements (year-end) and budgets ............10 years Grant award letters of agreement .............................10 years Insurance records, accident reports, claims, policies, certificates ......................................................................Permanently Inventories (products and materials) ......................7 years Invoices ...................................................................7 years Journals ..........................................................Permanently Minute books of directors and committees ..........Permanently PTA charter .....................................................Permanently Petty cash vouchers .................................................3 years Purchase orders ..................................................7 years Record retention policy ....................................Permanently Sales records ..................................................7 years Standing rules (current) ...................................Permanently Tax-exempt status documents .........................Permanently Application for tax exemption (federal and state) Letter of determination (recognition) of tax-exempt status (federal and state) Group tax exemption documents, if applicable Letter assigning IRS Employee Identification Number (EIN) Form 990/990-EZ and Schedule A, as filed with IRS Form 990-N (e-Postcard) State tax information returns, as filed Form 990-T, if applicable, for unrelated business income Correspondence with IRS Other information returns filed with the government Charitable Solicitation Registration, if applicable Trademark registrations ........................................Permanently Vouchers for payments to vendors, officers, etc. (includes allowances and reimbursements to officers, members, etc., for travel and other expenses) ......................................7 years ****from NYSPTA Resource Guide****
Posted on: Thu, 01 May 2014 20:06:22 +0000
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