Records Retention Policy
The purpose of this instrument is to establish a consistent record retention policy for the Society and its chapters. It will apply to all matters of Society business, including but not limited to financial statements, grants, requests for grants, taxes, chapter correspondence, Board meeting minutes, membership lists and all matters relevant to the history of the Society. The policy will apply to all written, to wit paper communications and documents, as well as electronic files.
The Executive Director and the Secretary of the Society will annually conduct a review of Society files, disposing of those documents which are deemed obsolete in accordance with this Policy, and with the approval of the Board of Directors. A report describing the actions taken will be made annually at a regularly scheduled Board meeting to this effect.
The Society’s documents are categorized as follows:
Document Description | Retention Period |
Tax Documents |
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IRS Federal Tax returns, Form 990 | Current Tax Year, plus five years |
New York State Tax returns, Form CHAR500 | Current Tax Year, plus five years |
IRS Audit of Tax Exemption (2002) | Permanent |
State of Tennessee Tax Exempt status documents | Five years, beginning 2007 |
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History of the Society Documents |
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Documents pertaining to the history and founding of the Society | Permanent |
The Quarter Century Fund, records/history | Permanent |
Articles of Incorporation | Permanent |
|
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Society Constitution, By-Laws and Directors |
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Constitution documents, annual updates | Permanent |
Generic Chapter By-Laws | Permanent |
Board of Directors roster | Permanent |
|
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State Street Bank and Trust – Investments |
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General Ledger and Cash Books | Permanent |
Monthly/Annual Statements of Investments | Permanent |
Checking account – monthly statements | Current, plus five years |
Correspondence regarding investments, transfers, etc. | Current, plus five years |
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Annual Reports and Minutes |
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Annual Board meeting, Annual Report, Budget and Financial statements | Permanent |
Annual Meeting Minutes | Permanent |
Quarterly Board Meeting Minutes | Current, plus two years |
Instrument of Consent of Directors | Permanent |
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Grants to Chapters |
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Documents/correspondence | Current, plus five years |
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Chapter Files Held by Society |
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Enrollment Cards | Until superseded or of no value |
1099 Reports | Current, plus five years |
Six and Twelve Month Reports | Current, plus five years |
Annual Audit Reports | Current, plus five years |
Closed Chapter Files | Five years |
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Other Financial |
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Correspondence with Cash Committee | Three years |
Establishment/Updating Chapter Guidelines for Grants | Until superseded |
Society Audit Reports (2008) | Until superseded |
Executive Director Consulting Fees | Current, plus five years |
Executive Director Travel Expense | Current, plus five years |
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General Correspondence |
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Requests from Miscellaneous applicants | Two years |
Correspondence with Chapters | Three years |
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“The Bulletin” Newsletter | Three years |
Promulgated, September 24, 2009 Board meeting; reflects the policy of The Quarter-Century Society since reorganization in April 2007.