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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Until superseded or of no value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.