Our Record Retention Policy
PURPOSE
The purpose of this Policy is to ensure that the Walnut Cove Members Association Inc. (WCMA) retains its records in accordance with the requirements of all applicable laws and to allow records no longer needed to be discarded. This Policy provides guidelines as to the length of time certain records should be retained under ordinary business circumstances.
COVERED RECORDS
This Policy applies to all official records generated in the normal course of the WCMA operations, including, but not limited to:
- Typed or printed hard copy documents
- Electronic records and documents (e.g. email, Web, PDF, text files)
- Video or digital images
- Electronically stored information
RETENTION TIMELINES
PERMANENT -
- Articles of Incorporation, Corporate Bylaws, and all Corporate minutes.
- All filings with any governmental agency, whether Federal or State
- End of year financial statements and reports
- Insurance policies
SEVEN YEARS - Financial records, including expenses and receipts
- Contracts
- Bank records
- Donation records
FOUR YEARS - Miscellaneous correspondence
OTHER--- Except for the above noted documents, the WCMA may discard any other records after giving due consideration to the relevance of the documents for business purposes and for the preservation of a record of the charitable works and achievements of the organization.
ADMINISTRATION
The WCMA Board of Directors and/or its Officers shall be responsible for compliance with this Policy. Said Board shall have the discretion to modify this Policy as they shall deem appropriate, however if the WCMA reasonably anticipates or becomes aware of a governmental investigation, audit, or commencement of any litigation against or concerning the WCMA all record destruction shall cease until legal counsel advises otherwise.