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Issues and Legislation
Connecticut Council for
Philanthropy
Records Retention Policy
It is the policy of the Connecticut Council for Philanthropy to
retain records as required by law and to destroy them when appropriate. The
formal records retention policy of the Council is listed below.
In addition to the retention of the documents listed below, all
data that resides on the Council’s server will be backed up on a daily basis. A
week end tape is kept in a secure off-site location until it is replaced the
following week. A year end tape will be kept in a secure off-site location for
seven years.
Accident reports/claims (settled
Cases) 7 Years
Accounts payable ledgers and schedules
7 Years
Accounts receivable ledgers and
schedules 7 Years
Articles of Incorporation &
Bylaws Permanently
Audit
reports Permanently
Bank
reconciliations 7 Years
Bank
Statements 7 Years
Chart of
Accounts Permanently
Cancelled
Checks 7 Years
Contracts, notes and
leases 7 Years (after termination)
Correspondence:
General 3
Years
Grants
transmittal letter for projects 3 Years after end
Grant
reports 3 Years
Legal
and important matters only
Permanently
Personnel 7 Years
(after termination)
Routine with customers and/or
vendors 3 Years
Deeds, mortgages and bills of
sales Permanently
Depreciation
schedules 7 years (after
disposal)
Deposit slips
3 Years
Employment
Applications 3 Years
Expense Reports
(employee) 7 Years
Financial statements:
Year
end Permanently
Other 3
Years
Garnishments 3
Years (after termination)
General ledgers and Journals
Permanently
Insurance policies
3 Years (after termination)
Insurance records,
claims, etc. Permanently
Internal audit
reports
3 Years
Internal
reports 3 Years
Inventories of products, materials and
supplies 7 Years
Invoices (to customers, from
vendors) 7 Years
Minute books of trustees, bylaws and
charters Permanently
Notes receivable ledgers and
schedules 7 Years
Patents and related
papers
Permanently
Payroll records and
summaries 7 Years
Personnel records
7 Years (after termination)
Property records (incl.
depreciation schedules) Permanently
Retirement and pension
records Permanently
Tax returns and worksheets,
examination reports
and other documents
relating to determination
of income tax
liability Permanently
Time
sheets/cards 7 Years
Trademark registrations and
copyrights Permanently
Training
manuals Permanently
Withholding tax
statements
7 Years
Approved by the Board of
Directors March 28, 2006
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