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• Retention Policy

Records which are needed to carry out the work of the organization, meet legal requirements or provide valuable historical information should be retained in accordance with the following retention schedule. (Retention periods may vary from the schedule on a case-by-case basis.)

• Records not flagged for permanent retention should remain with and be disposed of by their creators upon the conclusion of the retention period. 
• Records flagged for permanent retention should be sent to the Office Manager after five years or when they are no longer active. The Office Manager will appraise all records flagged for permanent retention to determine whether permanent retention is appropriate.

Administrative & Financial records

Accounts payable ledgers and schedules
7 years

Accounts receivable ledgers and schedules
7 years

Audited financial statements
Permanent

Bank reconciliations
1 year

Bank statements and deposits slips
7 years

Batches
Until audit

Bills of sale
Permanent

Budgets
10 years

Cash receipts (monthly)
Until audit

Charts of accounts (electronic record)
Permanent

Checks (canceled), except as follows)
7 years

Checks (canceled) for purchases of property, special contracts, etc.
Permanent

Contracts (expired)
7 years

Contract correspondence
Permanent

Contracts in effect
Permanent

Copyrights
Permanent

Daily batch logs
Until audit

Database code table records
Permanent

Data base table records
Permanent

Depreciation schedules
Until audit

Endowment correspondence
Permanent

External audit records
Permanent

Internal audit records
7 years

Inventories of equipment and furnishings
Permanent

Investment information
7 years

Invoices (from vendors)
7 years

Journals (financial)
Permanent

Leases (expired)
7 years

Legal correspondence
Permanent

Mortgages
Permanent

Notes receivable
7 years

Payroll records and summaries
Permanent

Petty cash vouchers
7 years

Property appraisal reports
Permanent

Purchase orders
3 years

Real estate records
Permanent

Receiving sheets
1 year

Stock and bond certificates (canceled)
Permanent

Tax exemption records
Permanent

Tax returns
7 years

Vendor correspondence (routine)
2 years

Vouchers for payment to vendors and staff members
7 years

Wills and estates correspondence (completed)
2 years

Credit and Debit Card numbers of donors
Destroyed after processing

Awards and Grants records

Institution census records
2 years

Project grant applications (not funded)
3 years

Project grant report records (funded and completed)
Permanent

Donor records

Donor correspondence
Until audit

Donor financial records 
3 years

Foundation grant correspondence
Permanent

Internal donor financial records
7 years

Major donor correspondence
Permanent

Executive records

Approved objectives and implementation plans
Permanent

President’s calendar
Permanent

Development Board minutes
Permanent

Editorial Board minutes
Permanent

Executive correspondence
Permanent

Finance Board minutes
Permanent

Intra-agency memoranda
Permanent

Investment Advisory Board minutes
Permanent

Policies (Administrative & Financial, Investment, Personnel)
Permanent

Senior Executive Team meeting minutes
Permanent

Speeches
Permanent

Monthly reports
Permanent

Legal records

Boards of Directors minutes
Permanent

By-Laws
Permanent

Certificates of incorporation
Permanent

Charters
Permanent

Deeds
Permanent

Legal registrations and authorizations
Permanent

Powers of attorney
Permanent

Personnel records

Accident reports
Permanent

Affirmative Action documents
3 years

Benefit plan records
6 years

Employment applications (current employees)
Permanent

Employment applications & resumes
1 year

Employee correspondence
Permanent

Employer’s report of injury
18 years

FMLA leave information
3 years

I-9 Forms after worker is hired (Immigration reform and control act)
Permanent

Insurance policies (expired)
Permanent

Insurance records (accident reports, claims, policies)
Permanent

Jobs advertisements
1 year

On the job injury records
5 years

Personnel files
Permanent

Position descriptions
Permanent

Retirement and pension records
Permanent

Terminated employee files
3 years

Time sheets
3 years

Photographs
Permanent

Printed Material (generated by ACIL)

Annual reports
Permanent

Direct mail appeals
Permanent

Magazines
Permanent

Invitations to events
Permanent

Newsletters
Permanent

Other printed or published material
Permanent

A Chance In Life is grateful for your support. If you have any questions about our Retention Policy, the practices of our site, or your interaction with our site, please contact us at:
​
A Chance In Life
250 E 63rd St., Suite 204
New York, NY 10065

212.980.8770
office@achanceinlife.org/