Policy C20 - Document Retention and Destruction

I. Purpose

This policy provides for the systematic review, retention and destruction of all records and documents received or created by Ski for Light, Inc., regardless of physical form. The policy is designed to ensure compliance with federal and state laws and regulations, eliminate accidental or innocent destruction of records, and facilitate efficient operations.

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.

Corporate Records

• Articles of Incorporation Permanent
• By-laws Permanent
• Board Policies/Resolutions Permanent
• Board and Executive Committee Meeting Minutes Permanent
• Fixed Asset Records Permanent
• IRS Application for Tax-Exempt Status (Form 1023) Permanent
• IRS Determination Letter Permanent
• State Sales Tax Exemption Letter Permanent
• Annual Reports Permanent
• Contracts (after expiration) 7 years
• Correspondence (general) 3 years

Accounting and Corporate Tax Records

• Annual Audits and Financial Statements Permanent
• Annual Reports to Sec. of State/Attorney General Permanent
• IRS 990 Tax Returns Permanent
• Depreciation Schedules 7 years
• General Ledgers 7 years
• Stock, Bond and Investment Records 7 years
• Business Expense Records 7 years
• IRS 1099s 7 years
• Journal Entries 7 years
• Invoices 7 years
• Sales Records (sales room, auction, raffle) 3 years
• Petty Cash Vouchers 3 years
• Cash Receipts 3 years
• Credit Card Receipts 3 years

Bank Records

• Check Registers 7 years
• Bank Deposit Slips 7 years
• Bank Statements and Reconciliation 7 years
• Electronic Fund Transfer Documents 7 years
• Donor Records and Acknowledgement Letters 7 years
• Grant Applications and Contracts 5 years after completion

Legal, Insurance, Safety and Other Records

• Copyright Registrations Permanent
• Insurance Policies Permanent
• Trademark Registrations Permanent
• Roster of Life Members of Friends of Ski for Light Permanent
• Conflict of Interest Disclosure Statements 7 years
• Participant Event Applications 7 years
• Participant Waivers of Liability 7 years

III. Electronic Documents and Records

All records may be stored in electronic form, rather than paper form, provided that the electronic copy: (a) accurately reflects the substance of the original record in an unalterable format, (b) is accessible and (c) is in a form that is capable of being accurately reproduced for later reference, whether by transmission, printing or otherwise. 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 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 moved to an "archive" computer file folder.

IV. Emergency Planning

The Organization's records will be stored in a safe, secure and accessible manner. Documents and financial files that are essential to keeping the Organization operating in an emergency will be duplicated or backed up from time to time and maintained off site.

V. Document Destruction

The Secretary is responsible for the ongoing process of identifying records which have met the required retention period and overseeing their destruction. Destruction of confidential or financial 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.

VI. Compliance

Failure to follow this policy can result in possible civil and criminal sanctions against the Organization and its directors and volunteers. The 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.

Reviewed by Legal Counsel: June 13, 2021

Adopted by SFL Board: January 28, 2022