RMAUVSI takes seriously its obligations to preserve information relating to audits, investigations and litigation.
The information listed in the retention schedule below is intended as a guideline and may not contain all the records the Foundation may be required to keep in the future. Questions regarding the retention of documents not listed in this chart should be directed to the President.
From time to time, the President may issue a notice, known as a “legal hold,” suspending the destruction of records due to pending, threatened, or otherwise reasonably foreseeable litigation, audits, government investigations, or similar proceedings. No records specified in any legal hold may be destroyed, even if the scheduled destruction date has passed, until the legal hold is withdrawn in writing by the President.
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File Category
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Item
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Retention Period
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Corporate Records
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Bylaws and Articles of Incorporation
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Permanent
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Corporate resolutions
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Permanent
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Board and committee meeting agendas and minutes
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Permanent
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Conflict-of-interest disclosure forms
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4 years
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Finance and Administration
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Financial statements (audited)
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7 years
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Auditor management letters
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7 years
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Payroll records
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7 years
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Check register and checks
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7 years
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Bank deposits and statements
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7 years
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Chart of accounts
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7 years
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General ledgers and journals (includes bank reconciliations)
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7 years
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Investment performance reports
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7 years
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Equipment files and maintenance records
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7 years after disposition
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Contracts and agreements
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7 years after all obligations end
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Correspondence — general
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3 years
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Insurance Records
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Policies — occurrence type
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Permanent
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Policies — claims-made type
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Permanent
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Accident reports
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7 years
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Claims (after settlement)
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7 years
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Group disability records
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7 years after end of benefits
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Tax
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IRS exemption determination and related correspondence
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Permanent
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IRS Form 990s
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7 years
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Charitable Organizations Registration Statements (filed with Colorado Secretary of State)
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7 years
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Technology
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Software licenses and support agreements
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7 years after all obligations end
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Electronic Documents and Records.
Electronic documents will be retained as if they were paper documents. Therefore, any electronic files that fall into one of the document types on the above schedule will be maintained for the appropriate amount of time. If a user has sufficient reason to keep an e-mail message, the message should be printed in hard copy and kept in the appropriate file or moved to an “archive” computer file folder. Backup and recovery methods will be tested on a regular basis.
Emergency Planning.
RMAUVSI’s records will be stored in a safe, secure, and accessible manner. Documents and financial files that are essential to keeping the Foundation operating in an emergency will be duplicated or backed up at least every week and maintained off-site.
Document Destruction.
The President is responsible for the ongoing process of identifying its records, which have met the required retention period, and overseeing their destruction. Destruction of financial and personnel-related documents will be accomplished by shredding. Document destruction will be suspended immediately, upon any indication of an official investigation or when a lawsuit is filed or appears imminent. Destruction will be reinstated upon conclusion of the investigation.
Compliance.
Failure on the part of board members/members/volunteers to follow this policy can result in possible civil and criminal sanctions against the Foundation. The President and Executive Committee will periodically review these procedures with legal counsel or the RMAUVSI’s certified public accountant to ensure that they are in compliance with new or revised regulations.