Document Retention and Destruction Policy
Applies To: All Board members, officers, employees, volunteers, contractors, and agents of Greater Lakes Region Charitable Fund for Children, Inc.
Effective Date: 1/12/2026 updated
Approved by: Board of Directors on 1/12/2026
Purpose
The purpose of this Document Retention and Destruction Policy is to establish consistent and lawful standards for the creation, maintenance, retention, and destruction of records of Greater Lakes Region Charitable Fund for Children, Inc. (“GLRCFC”). This policy is intended to ensure compliance with applicable federal and state laws and regulations, including the Sarbanes-Oxley Act.
Scope
This policy applies to all records and documents created, received, or maintained by GLRCFC in the course of its operations, regardless of format, including paper records, electronic files, emails, cloud-based records, and backup media.
Policy Statement
GLRCFC is committed to responsible records management that supports transparency, accountability, operational efficiency, and legal compliance. Records shall be retained for the periods specified in this policy and destroyed only in accordance with approved procedures once retention requirements have been satisfied.
Definitions
• Records and Documents: All records and documents created, received, or maintained by GLRCFC in the course of its operations, regardless of format, including paper records, electronic files, emails, cloud-based records, and backup media.
Responsibilities
• Board of Directors: Adopts and oversees this policy.
• Executive Director: Implements and administers this policy and authorizes document destruction.
• Treasurer: Periodically reviews compliance with legal counsel or the organization’s CPA.
• All Covered Individuals: Comply with this policy; report concerns in good faith.
Document & Record Retention Schedule
GLRCFC follows the document retention schedule outlined below. Documents and Records that are not listed, but are substantially similar to those listed in the schedule will be retained for the appropriate length of time as set forth in this schedule.
Corporate Records
Annual Reports to Secretary of State/Attorney General Permanent
Articles of Incorporation Permanent
Board Meeting and Board Committee Minutes Permanent
Board Policies/Resolutions Permanent
By-laws Permanent Construction Documents Permanent
Fixed Asset Records Permanent
IRS Application for Tax-Exempt Status (Form 1023) Permanent
IRS Determination Letter Permanent
State Sales Tax Exemption Letter Permanent
Contracts (after expiration) 7 years
Correspondence (general) 3 years
Accounting and Corporate Tax Records
Annual Audits and Financial Statements Permanent
Depreciation Schedules Permanent
General Ledgers Permanent
IRS 990 Tax Returns Permanent
Business Expense Records 7 years
IRS 1099s 7 years
Journal Entries 7 years
Invoices 7 years
Sales Records (donations, gifts in kind, sponsorships) 5 years
Petty Cash Vouchers 3 years
Cash Receipts 3 years
Credit Card Receipts 3 years
Bank Records
Check Registers Permanent
Bank Deposit Slips 7 years
Bank Statements and Reconciliation 7 years
Electronic Fund Transfer Documents 7 years
Payroll and Employment Tax Records
Payroll Registers Permanent
State Unemployment Tax Records Permanent
Earnings Records 7 years
Garnishment Records 7 years
Payroll Tax returns 7 years
W-2 Statements 7 years
Employee Records
Employment and Termination Agreements Permanent
Retirement and Pension Plan Documents Permanent
Records Relating to Promotion, Demotion or Discharge 7 years after termination
Accident Reports and Worker’s Compensation Records 5 years
Salary Schedules 5 years
Employment Applications 3 years
I-9 Forms 3 years after termination
Time Cards 2 years
Donor Records Permanent
Donor Acknowledgement Letters 7 years
Grant Applications and Contracts 7 years after completion
Legal, Insurance and Safety Records
Appraisals Permanent
Copyright Registrations Permanent
Environmental Studies Permanent
Insurance Policies Permanent
Real Estate Documents Permanent
Stock and Bond Records Permanent
Trademark Registrations Permanent
Leases 6 years after expiration
OSHA Documents 5 years
General Contracts 3 years after termination
Electronic Documents and Records
Electronic documents will be retained as if they were paper documents and 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. Emails constituting official records must be archived appropriately and, 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.
Backups and Emergency Planning
GLRCFC’s paper and electronic records and documents will be stored in a safe, secure and accessible manner. Electronic documents and financial files that are essential to maintain operations in an emergency will be duplicated or backed up at least every week and maintained off site. The Executive Director shall be responsible for ensuring that backup and recovery methods for electronic documents are tested on a regular basis.
Document Destruction
Records may be destroyed only with authorization from the Executive Director after the applicable retention period has expired. Destruction shall be secure, including shredding or permanent electronic deletion.
Legal Hold
All document destruction shall be suspended immediately upon notice of or reasonable anticipation of litigation, audit, investigation, subpoena, or government inquiry. Records shall be preserved until the legal hold is formally lifted.
Compliance
Failure on the part of employees or contract staff to follow this policy can result in possible civil and criminal sanctions against GLRCFC and its employees or contract staff and possible disciplinary action against responsible individuals.
Policy Review
The Treasurer is responsible for periodically reviewing these procedures with legal counsel and/or the organization’s certified public accountant to ensure that they are in compliance with new or revised regulations.
Training & Communication
GLRCFC will periodically communicate this policy and provide training appropriate to roles (e.g., Board, staff, volunteers) to support awareness and compliance.
Contact Information & Organizational Details
Greater Lakes Region Charitable Fund for Children, Inc. (GLRCFC)
383 South Main Street, Laconia, NH 03246-6328
Greater Lakes Region Charitable Fund for Children, Inc. is a 501(c)(3) nonprofit organization. Federal Tax ID # 47-381588
Last updated: 1/12/2026