American Association of Community Theatres

RECORDRETENTIONPOLICY

Adopted by the American Association of Community Theatre February 2012

AACTtakesseriouslyitsobligationstopreserveinformationrelatingtolitigation,audits,and investigations.State and Federal regulationsmakeitacrimetoalter,coverup,falsify,ordestroyany documenttopreventitsuseinanofficialproceeding.Failureonthepartofemployeestofollowthis policycanresultinpossiblecivilandcriminalsanctionsagainstAACTanditsemployeesandpossible disciplinaryactionagainstresponsibleindividuals(uptoandincludingterminationofemployment).Each employeehasanobligationtocontacttheExecutive DirectororPresidentofapotentialoractual litigation,externalaudit,investigation,orsimilarproceedinginvolvingAACT.Theinformationlistedinthe retentionschedulebelowisintendedasaguidelineandmaynotcontainalltherecordsAACTmaybe requiredtokeepinthefuture.Questionsregardingtheretentionofdocumentsnotlistedinthischart shouldbedirectedtotheExecutive Director.

Fromtimetotime,theExecutive Directormayissueanotice,knownasa“legalhold,”suspendingthe destructionofrecordsduetopending,threatened,orotherwisereasonablyforeseeablelitigation,audits, governmentinvestigations,orsimilarproceedings.Norecordsspecifiedinanylegalholdmaybe destroyed,evenifthescheduleddestructiondatehaspassed,untilthelegalholdiswithdrawninwriting bytheExecutive Director. Note the 7 year period for records that support a tax return would be extended until the tax period is considered closed.

The policy also applies to records stored in an electronic format. The key provision for this procedure is that a system that can process (access) the records needs to be maintained.

See IRS Revenue Procedure 98-25

Note: this policy applies to AACT, but may be used as a sample for other organizations; therefore some types of documents included may not be applicable to AACT.

FileCategory / Item / RetentionPeriod
CorporateRecords / BylawsandArticlesofIncorporation / Permanent
Corporateresolutions / Permanent
Board, Membership, and Endowment Trustees meetingagendas andminutes / Permanent
Conflict of interestdisclosureforms / 4years
Archives / At University Of Wisconsin / Permanent
Financeand
Administration / Financialstatements(audited) / Permanent
Auditormanagementletters / Permanent
Payrollrecords / Permanent
Journalentries / 7 years
Checkregisterandchecks / 7 years
Bankdepositsandstatements / 7 years
Charitableorganizationsregistration statements(filedwith[State]Attorney General) / 7 years
Chartofaccounts / 7 years
Expensereports / 7 years
Generalledgersandjournals(includes bankreconciliations,fundaccountingby month,payoutsallocations,securities lending,singlefundallocation,trust statements / 7 years
Accounts payable ledger / 7 years
Investment performance reports / 7 years
Investment consultant reports / 7 years
Investment manager correspondence / 7 years
Depreciation Schedule and supporting documents / 7 years after disposition
Equipment safety records / 7 years after disposition
Contracts and agreements / 7 years after all obligations end
Investment manager contracts / 7 years after all obligations end
Correspondence-general / 3 years
InsuranceRecords / Policies—occurrencetype / Permanent
Policies—claims-madetype / Permanent
Accidentreports / 7 years
Fireinspectionrecords / 7 years
Safety(OSHA)reports / 7 years
Claims(aftersettlement) / 7 years
Groupdisabilityrecords / 7 years after end of benefits
RealEstate / Deeds / Permanent
Leases / 7 years after all obligations end
Mortgages,securityagreements / 7 years after all obligations end
Purchaseagreements / 7 years after disposition requirements
Tax / IRSexemptiondeterminationandrelated correspondence / Permanent
IRSForm990s / Permanent
Withholdingtaxstatements / 7 years
Correspondencewithlegalcounselor accountants,nototherwiselisted / 7 years after return is filed
Employee Timecards / 3 years
Communications / Pressreleases / Permanent
Annualreports / Permanent
Otherpublications / 7years
Photos / 7years
Pressclippings / 7years
DonorServices / Fundagreements / Permanent
Correspondence—acknowledgmentof giftsandgrantrequests / Permanent
Donorfundstatements / Permanent
Community
Philanthropy / Records from advisory or familyfundmeetings,includingminutes, ifany,andlistsofgrantsrecommended forapproval / 7years
Scholarshipgrantrecords,including applicationsiffoundationstaff participatesinselectiondecisions / 7years
Approvedgrants—alldocumentation supportinggrantpayment,including application/recommendation,due diligence,grantagreementletters,grant transmittalletters,andpost-grant reportinginformation,ifany / 7 years after completion of funded program, or date of grant if operating grant
Foundationfundingrequests, correspondence,andreports(funding received) / 7 years after completion of program
Declined/withdrawngrantapplications / 3 years
Foundationfundingrequests(denied) / 3 years
ConsultingServices / Consultingcontracts/files / 7 years after all obligations end
HumanResources / Employeepersonnelfiles / Permanent
Retirementplanbenefits(plan descriptions,plandocuments) / Permanent
Employeemedicalrecords / Permanent
Employeehandbooks / Permanent
Workerscompclaims / 7years aftersettlement
Employee (volunteer) orientationandtraining materials / 7 years after use ends
Employmentofferletter / 7 years after all obligations end
Employmentapplications / 3 years
IRSFormI-9(storeseparatefrom personnelfile) / Greater of 1 year after end of service or three years
Résumés / 1 year
National Festival / Host application & Contract / 11 years
Host Reports / 11 years
Other Applications / 4 years
National Results / Permanent
Awards / AACT National Awards / Permanent
Spotlight Awards / Permanent
Education Credits / Permanent
Technology / Softwarelicensesandsupport agreements / 7 years after all obligations end
General
Administration / Correspondence—Executive Director / 7years
Appointmentcalendars—Executive Director / 7years

By:______

Executive Director