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TexLaw
TexLaw, Attorney
Category: Legal
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Experience:  Lead trial/International commercial attorney licensed 11 yrs
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what is the document retention requirements for a nonprofit family services organization i

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what is the document retention requirements for a nonprofit family services organization incorporated in NJ but operating homes for homeless (including minor children) in NY and NJ?

Zachary D. Norris :

Hi

Zachary D. Norris :

Thank you for asking this question.

Zachary D. Norris :

Are you there?

Customer:

yes

Zachary D. Norris :

You are correct that there is not a single regulation which governs retention policies for non-profits in NJ and NY...or for that part throughout the US

Zachary D. Norris :

I have served as general counsel for several non-profit organizations.

I don't know if you saw my last attempt to message you. Some kind of computer glitch just happened with the system.

There is no overarching document retention policy applicable to non-profits. However, Sarbanes-Oaxley does apply to non-profits, and because you are working interstate, you need to comply with the highest stanadard, which is generally 10 years on sensitive documents.

I recommend following the policy set forth below:
DOCUMENT MANAGEMENT POLICY

For each document, add its location or where it is stored.

Accounts payable ledgers and schedules: 10 years

Accounts receivable ledgers and schedules: 10 years

Audit reports of accountants: Permanently

Bank statements: 10 years

Capital stock and bond records:Â ledgers, transfer payments, stubs showing issues, record of interest coupon, options, etc.: Permanently

Cash books: 10 years

Checks (canceled, with exception below): 10 years

Checks (canceled, for important payments; i.e., taxes, purchase of property, special contracts, etc. [checks should be filed with the papers pertaining to the underlying
transaction]): Permanently

Contracts and leases (expired): 10 years

Contracts and leases still in effect: Permanently

Correspondence, general: 4 years

Correspondence (legal and important matters): Permanently

Depreciation schedules: 10 years

Donation records of endowment funds and of significant restricted funds: Permanently

Donation records, other: 10 years

[Note: Donation records include a written agreement between the donor and the charity with regard to any contribution, an email communication or notes of or recordings of an oral discussion between the charity and the donor where the representative of the charity made representations to the donor with regard to the contribution on which the donor may have relied in making the gift.]

Duplicate deposit slips: 10 years

Employee personnel records (after termination): 7 years

Employment applications: 3 years

Expense analyses and expense distribution schedules (includes allowance and reimbursement of employees, officers, etc., for travel and other expenses: 10 years

Financial statements (end-of-year): Permanently

General ledgers and end-of-year statements: Permanently

Insurance policies (expired): Permanently

Insurance records, current accident reports, claims, policies, etc.: Permanently

Internal reports, miscellaneous: 3 years

Inventories of products, materials, supplies: 10 years

Invoices to customers: 10 years

Invoices from vendors: 10 years

Journals: 10 years

Minute books of Board of Directors, including Bylaws and Articles of Incorporation: Permanently

Payroll records and summaries, including payments to pensioners: 10 years

Purchase orders: 3 years

Sales records: 10 years

Scrap and salvage records: 10 years

Subsidiary ledgers: 10 years

Tax returns and worksheets, revenue agents’ reports, and other documents relating to determination of tax liability: Permanently

Time sheets and cards: 10 years

Voucher register and schedules: 10 years

Volunteer records: 3 years
TexLaw and other Legal Specialists are ready to help you
Customer: replied 5 years ago.
Relist: Answer quality.
That was woefully unacceptable. That answer was NOT Worth the $48. Either a better answer, or I want my money back.
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I'm not sure we are communicating correctly. did you see my last post with a full document retention policy laid out?