Document Retention Policy
The Equip Foundation
The Equip Foundation takes seriously its obligations to preserve information relating to litigation, audits, and investigations.
Electronic Document Storage
The Equip Foundation does not retain any documents in paper form – all documents to be retained should be digitized and stored electronically, after which the paper originals are to be promptly destroyed.
Storage and Backup
All electronic documents should be regularly backed up locally and remotely. If a user has sufficient reason to keep an e-mail message, the message should be saved as a PDF document and stored along with regular documents.
Schedule of Retention
Documents should be retained in electronic format for the duration indicated in the table below. The information listed in the retention schedule below is intended as a guideline and may not contain all the records the Organization may be required to keep in the future. Questions regarding the retention of documents not listed in this chart should be directed to the President.
Bylaws and Articles of Incorporation – Permanent
Corporate resolutions – Permanent
Board and committee meeting agendas and minutes – Permanent
Finance and Administration
Financial statements – 7 years
Auditor management letters – 7 years
Payroll records – 7 years
Check register and checks – 7 years
Bank deposits and statements – 7 years
Chart of accounts – 7 years
General ledgers and journals (includes bank reconciliations) – 7 years
Investment performance reports – 7 years
Contracts and agreements – 7 years after all obligations end
Correspondence — general – 3 years
Policies — occurrence type – Permanent
Policies — claims-made type – Permanent
Accident reports – 7 years
Safety (OSHA) reports – 7 years
Claims (after settlement) – 7 years
Group disability records – 7 years after end of benefits
Deeds – Permanent
Leases (expired) – 7 years after all obligations end
Mortgages, security agreements – 7 years after all obligations end
IRS exemption determination and related correspondence – Permanent
IRS Form 990s – 7 years
Charitable Organizations Registration Statements – 7 years
Employee personnel files – Permanent
Retirement plan benefits (plan descriptions, plan documents) – Permanent
Employee handbooks – Permanent
Workers comp claims (after settlement) – 7 years
Employee orientation and training materials – 7 years after use ends
Employment applications – 3 years
IRS Form I-9 (store separate from personnel file) – Greater of 1 year after end of service, or three years
Withholding tax statements – 7 years
Timecards – 3 years
Software licenses and support agreements – 7 years after all obligations end
Beyond the retention time indicated above, documents should be securely destroyed. The President is responsible for the ongoing process of identifying records that have met the required retention period, and overseeing their destruction. 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.
From time to time, the President may issue a notice, known as a “legal hold,” suspending the destruction of records due to pending, threatened, or otherwise reasonably foreseeable litigation, audits, government investigations, or similar proceedings. No records specified in any legal hold may be destroyed, even if the scheduled destruction date has passed, until the legal hold is withdrawn in writing by the President.
Failure on the part of employees to follow this policy can result in possible civil and criminal sanctions against the Organization and its employees and possible disciplinary action against responsible individuals. The President may periodically review these procedures with legal counsel or the organization’s certified public accountant to ensure that they are in compliance with new or revised regulations.
Approved by the Board on July 28, 2016.