Policy on Document Retention and Destruction
This Policy on Document Retention and Destruction (this “Policy”) provides for the systematic review, retention and destruction of documents, whether in electronic or paper form, received or created by Nevada Research & Innovation Corporation (the “Corporation”).
Governmental Investigation and Private Litigation
It is a crime to alter, cover up, falsify or destroy any document with the intent of impeding or obstructing any official proceeding. Moreover, there is a duty to preserve evidence if private litigation is anticipated or ongoing. Accordingly, if there is reason to believe that any of the Corporation’s documents are relevant to anticipated or ongoing governmental investigation or private litigation, those documents must be preserved until legal counsel for the Corporation states in writing that such documents are no longer needed. This directive supersedes any and all other directives, whether contained in this Policy or not.
Document Retention Schedule
The following table provides minimum requirements for retention of documents. If applicable laws are changed to require a different retention period, such law or regulations shall take precedence.
|Annual Reports to Secretary of State/Attorney General||Permanent|
|Articles of Incorporation||Permanent|
|Board Meeting and Board Committee Minutes||Permanent|
|Fixed Asset Records||Permanent|
|IRS Application for Recognition of Tax-Exempt Status||Permanent|
|IRS Determination Letter||Permanent|
|State Sales Tax Exemption Letter||Permanent|
|Contracts (after expiration)||7 years|
|Correspondence (general)||3 years|
|Accounting and Corporate Tax Records|
|Annual Audits and Financial Statements||Permanent|
|IRS 990 Tax Returns||Permanent|
|Business Expense Records||7 years|
|IRS Forms 1099||7 years|
|Journal Entries||7 years|
|Sales Records (box office, concessions, gift shop)||5 years|
|Petty Cash Vouchers||3 years|
|Cash Receipts||3 years|
|Credit Card Receipts||3 years|
|Bank Deposit Slips||7 years|
|Bank Statements and Reconciliation||7 years|
|Electronic Fund Transfer Documents||7 years|
|Payroll and Employment Tax Records|
|State Unemployment Tax Records||Permanent|
|Earnings Records||7 years|
|Garnishment Records||7 years|
|Payroll Tax returns||7 years|
|W-2 Statements||7 years|
|Employment and Termination Agreements||Permanent|
|Retirement and Pension Plan Documents||Permanent|
|Records Relating to Promotion, Demotion or Discharge||7 years after termination|
|Accident Reports and Worker’s Compensation Records||5 years|
|Salary Schedules||5 years|
|Employment Applications||3 years|
|I-9 Forms||3 years after termination|
|Time Cards||2 years|
|Donor and Grant Records|
|Donor Records and Acknowledgement Letters||7 years|
|Grant Applications and Contracts||5 years after completion|
|Legal, Insurance and Safety Records|
|Real Estate Documents||Permanent|
|Stock and Bond Records||Permanent|
|Leases||6 years after expiration|
|OSHA Documents||5 years|
|General Contracts||3 years after termination|
Electronic Documents and Records
Electronic documents will be retained as if they were paper documents. Therefore, any electronic files, including records of donations made online, that fall into one of the document types on the above schedule will be maintained for the appropriate amount of time. If there is sufficient reason to keep an email message, it should be printed in hard copy and kept in the appropriate file or moved to an “archive” computer file folder.
Each person whose job description includes the custody and/or maintenance of the above documents is responsible for the ongoing process of identifying records which have met the required retention period and overseeing the destruction of such documents.
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.
Failure to follow this policy can result in possible civil and criminal sanctions against the Corporation and its employees and possible disciplinary action against responsible individuals. The President of the Corporation will periodically review this policy with legal counsel to ensure that it is in compliance with current applicable law.
Approved by Board of Directors 17 January 2017