1. Purpose 

In accordance with 18 U.S.C. Section 1519 and 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 International OCD Foundation (IOCDF) in connection with the transaction of organization business. This policy covers all records and documents, regardless of physical form, 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 IOCDF’s operations by promoting efficiency and freeing up valuable storage space. 

2. Document Retention 

The IOCDF 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. 

Corporate Records 
Annual Reports to Secretary of State/Attorney General  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 years 
Correspondence (general)  7 years 
Accounting and Corporate Tax Records 
Annual Audits and Financial Statements  Permanent 
Depreciation Schedules  Permanent 
General Ledgers  Permanent 
IRS 990 Tax Returns  Permanent 
Business Expense Records  7 years 
IRS 1099s  7 years 
Journal Entries  7 years 
Invoices  7 years 
Sales Records (box office, concessions, gift shop)  7 years 
Petty Cash Vouchers  7 years 
Cash Receipts  7 years
Credit Card Receipts  7 years 
Bank Records 
Check Registers  Permanent 
Bank Deposit Slips  7 years 
Bank Statements and Reconciliation  7 years 
Electronic Fund Transfer Documents  7 years 
Payroll and Employment Tax Records 
Payroll Registers  Permanent 
State Unemployment Tax Records  Permanent 
Earnings Records  7 years 
Garnishment Records  7 years 
Payroll Tax returns  7 years 
W-2 Statements  7 years 
Employee Records 
Employment and Termination Agreements  Permanent 
Retirement and Pension Plan Documents  Permanent 
Records Relating to Promotion, Demotion or Discharge  7 years after termination 
Accident Reports and Worker’s Compensation Records  7 years 
Salary Schedules  7 years 
Employment Applications  3 years 
I-9 Forms  3 years after termination 
Time Cards  2 years 
Donor Records and Acknowledgement Letters  7 years 
Grant Applications and Contracts  5 years after completion 
Legal, Insurance and Safety Records 
Appraisals  Permanent 
Copyright Registrations  Permanent 
Environmental Studies  Permanent 
Insurance Policies  Permanent 
Real Estate Documents  Permanent 
Stock and Bond Records  Permanent 
Trademark Registrations  Permanent 
OSHA Documents  5 years 
General Contracts  3 years after termination 

3. Electronic Documents and Records 

Electronic documents will be retained as if they were paper documents. Therefore, any electronic files, including records of donations made online, that fall into one of 49 

the document types on the above schedule will be maintained for the appropriate amount of time. If a user has sufficient reason to keep an email message, the message should be printed in hard copy and kept in the appropriate file or moved to an “archive” computer file folder. Backup and recovery methods will be tested on a regular basis. 

4. Emergency Planning 

IOCDF’s records will be stored in a safe, secure and accessible manner. Documents and financial files that are essential to keeping IOCDF operating in an emergency will be duplicated or backed up at least every week and maintained off site. 

5. Document Destruction 

IOCDF’s Financial Manager is responsible for the ongoing process of identifying its records, which have met the required retention period and overseeing their destruction. Destruction of financial and personnel-related documents will be accomplished by shredding. 
Document destruction will be suspended immediately, upon any indication of an official investigation or when a lawsuit is filed or appears imminent. Destruction will be reinstated upon conclusion of the investigation. 

6. Compliance 

Failure on the part of employees to follow this policy can result in possible civil and criminal sanctions against IOCDF and its employees and possible disciplinary action against responsible individuals. The Financial Manager and Board Treasurer will periodically review these procedures with legal counsel or the organization’s certified public accountant to ensure that they are in compliance with new or revised regulations. 

*Adapted from the Nonprofit Insurance Alliance Group 

Approved by Board Vote July 28, 2011