Document Retention Policy
RAHA takes seriously it obligations to preserve information relating to litigation, audits and investigations.
The information listed in the retention schedule below is intended as a guideline and may not contain all the records RAHA may be required to keep in the future. Questions regarding the retention of documents not listed on this chart should be directed to the RAHA President.
From time to time, the RAHA President may issue a notice known as a “legal hold” suspending the destruction of records due to pending, threatened or otherwise reasonably foreseeable litigation, audits, government investigations or similar proceedings. No records specified in any legal hold may be destroyed, even if the scheduled destruction date has passed, until the legal hold is withdrawn in writing by the RAHA President.
Bylaws and Articles of Incorporation - Permanent
Corporate Resolutions - Permanent
Board meeting agenda & minutes - Permanent
Finance & Administration
Financial Statements - 7 years
Tax Accountant notes - 7 years
Check register & check copies - 7 years
Bank deposits & statements - 7 years
Chart of accounts - 7 years
General ledgers & journals (bank reconciliations) - 7 years
Equipment files & maintenance records - 7 years after disposition
Contracts & agreements - 7 years after all obligations end
Correspondence – general - 3 years
Policies (occurrence type) - Permanent
Policies (claims-made type) - Permanent
Accident reports - 7 years
IRS exemption determination & related correspondence - Permanent
IRS form 990s - 7 years
Software licenses & support agreements - 7 years after all obligations end
Electronic Documents and Records
Electronic documents will be retained as if they were documents. Therefore, any electronic files 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 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.
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 at least every week and maintained off-site.
The RAHA President 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.
Failure on the part of employees to follow this policy can result in possible civil and criminal sanctions against the organization and its employees and possible disciplinary action against responsible individuals. The RAHA President will periodically review these procedures with legal counsel or the organization’s certified public accountant to ensure they are in compliance with new or revised regulations.