Records Retention Policy

The purpose of this instrument is to establish a consistent record retention policy for the Society and its chapters. It will apply to all matters of Society business, including but not limited to financial statements, grants, requests for grants, taxes, chapter correspondence, Board meeting minutes, membership lists and all matters relevant to the history of the Society. The policy will apply to all written, to wit paper communications and documents, as well as electronic files.

The Executive Director and the Secretary of the Society will annually conduct a review of Society files, disposing of those documents which are deemed obsolete in accordance with this Policy, and with the approval of the Board of Directors. A report describing the actions taken will be made annually at a regularly scheduled Board meeting to this effect.

The Society’s documents are categorized as follows:

Document Description	Retention Period
Tax Documents
IRS Federal Tax returns, Form 990	Current Tax Year, plus five years
New York State Tax returns, Form CHAR500	Current Tax Year, plus five years
IRS Audit of Tax Exemption (2002)	Permanent
State of Tennessee Tax Exempt status documents	Five years, beginning 2007

History of the Society Documents
Documents pertaining to the history and founding of the Society	Permanent
The Quarter Century Fund, records/history	Permanent
Articles of Incorporation	Permanent

Society Constitution, By-Laws and Directors
Constitution documents, annual updates	Permanent
Generic Chapter By-Laws	Permanent
Board of Directors roster	Permanent

State Street Bank and Trust – Investments
General Ledger and Cash Books	Permanent
Monthly/Annual Statements of Investments	Permanent
Checking account – monthly statements	Current, plus five years
Correspondence regarding investments, transfers, etc.	Current, plus five years

Annual Reports and Minutes
Annual Board meeting, Annual Report, Budget and Financial statements	Permanent
Annual Meeting Minutes	Permanent
Quarterly Board Meeting Minutes	Current, plus two years
Instrument of Consent of Directors	Permanent

Grants to Chapters
Documents/correspondence	Current, plus five years

Chapter Files Held by Society
Enrollment Cards	Until superseded or of no value
1099 Reports	Current, plus five years
Six and Twelve Month Reports	Current, plus five years
Annual Audit Reports	Current, plus five years
Closed Chapter Files	Five years

Other Financial
Correspondence with Cash Committee	Three years
Establishment/Updating Chapter Guidelines for Grants	Until superseded
Society Audit Reports (2008)	Until superseded
Executive Director Consulting Fees	Current, plus five years
Executive Director Travel Expense	Current, plus five years

General Correspondence
Requests from Miscellaneous applicants	Two years
Correspondence with Chapters	Three years

“The Bulletin” Newsletter	Three years

Promulgated, September 24, 2009 Board meeting; reflects the policy of The Quarter-Century Society since reorganization in April 2007.