Record Keeping/Retention System. Incorporation documents including articles of incorporation, bylaws, and related documents, tax-exemption documents including the application for tax exemption (IRS Form 1023), the IRS determination letter, and any related documents must be kept permanently. Federal law requires copies of these documents to be held at organization’s headquarters office and be made available for public inspection upon request. Other meeting/board documents including agendas, minutes and related documents should also be kept permanently as should the year-end financial report/statement. Bank statements, canceled checks, check registers, investment statements, and related documents can be destroyed after seven years as can annual information returns (IRS Forms 990).

An organization can dispose of documents not required to be held beyond a certain period of time if the organization has a document retention policy that is applied on a regular and consistent basis (subject, of course, to a litigation suspension policy). The organization also needs to consider how to handle documents (including e-mails) stored on computer hard drives and computer-storage tapes and servers. Policies also need to cover copies of documents made by others. There are several publications put out by the Association of Record Managers and Administrators (ARMA) which provide additional information on this topic. Document retention policies should be reviewed by legal counsel with experience on the topic.