Records Retention Schedule

It is very important that certain records be retained. It helps to develop a records retention policy. Listed on this page 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

Articles of Incorporation…………………………………………..… 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 

IRS documents to retain:    

•  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