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.
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
- 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