497691Document Retention Policy

8/13/2019 497691Document Retention Policy

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***This sample is provided solely for informational purposes. Nothing in this

document constitutes legal advice***

DOCUMENT RETENTION AND DESTRUCTION POLICY

OF

EAST HARLEM ARTS

ARTICLE I

Purpose

East Harlem Arts (the Corporation) acknowledges its responsibility to preserveinformation relating to litigation, audits and investigations, and to remain in compliance

with federal and state reporting laws. The Sarbanes-Oxley Act of 2002makes it a crimeto alter, cover up, falsify, or destroy any document to prevent its use in an investigation

or official proceeding. Failure on the part of directors, officers, or employees of theCorporation to retain certain corporate records can result in civil and criminal sanctions

against the Corporation and its directors, officers, members or employees and

disciplinary action against responsible individuals.

The purpose of this Document Retention and Destruction Policy (the Policy) is

to:

(a) ensure that all non-critical records are retained for no longer than theminimum period required by law (see Schedule B, Records RetentionSchedule), thereby eliminating storage space problems and

minimizing expense;

(b) ensure that all critical records, are retained either permanently or forthe required period (see Schedule B, Records Retention Schedule);

and

(c) ensure that records are destroyed pursuant to a standard policy that hasbeen developed for business reasons.

ARTICLE II

Corporate Records

The corporate records of the Corporation (the Corporate Records) include all

records produced by directors, officers, members or employees, whether in paper or

electronic form. The Corporate Records include memoranda, e-mail, contracts, minutes,

voicemail, reports, receipts and revenue filings regardless of where the document is

stored, including network servers, desktop or laptop computers and handheld computers

and other wireless devices with text messaging capabilities.


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ARTICLE III

Document Retention and Destruction

a. Length of Retention. The Corporate Records should be retained for therelevant period set forth on Schedule B. The categories listed on Schedule B are intended

to be general and should be interpreted as including all types of records relating to thatcategory, including correspondence, notes, and reports. Documents sent to storageshould be identified by category and should specify a scheduled destruction date in

accordance with Schedule B.

b. Scheduled Destruction. The elected secretary of the board of directors ofthe Corporation (the Secretary) shall be responsible for ensuring that any scheduleddestruction of the Corporate Records is carried out in accordance with Schedule B and

this Policy.

c. Prohibited Destruction. Destruction of records relating to litigation orgovernmental investigations may constitute a criminal offense. The Secretary shall be

responsible for suspending destruction of any Corporate Records as soon as anylitigation, governmental investigation or audit, civil action or enforcement proceeding issuspected, reasonably anticipated or commenced against the Corporation, its officers,

directors, members or employees.

d. Reporting Requirement. A director, officer, member, or employee withknowledge of potential or actual litigation, an external audit, investigation or similarproceeding involving the Corporation, must report this information to the Board of

Directors as soon as possible.

e. Electronic Records. This Policy shall apply to all records regardless ofwhether the records are stored on paper or on computer hard drives, floppy disks or other

electronic media. See Schedule A, Guidelines for the Disposition of Electronic MailMessages.

From time to time the Corporation may establish additional retention or

destruction policies or schedules. Notwithstanding the foregoing, if any member oremployee believes or is informed by the Corporation that certain records are relevant to

litigation or potential litigation, then those records must be preserved until the board ofdirectors determines the records are no longer needed.

ARTICLE IV

Administration and Oversight

The Secretary is responsible for the administration and enforcement of this Policy.Either the Secretary or another responsible person must monitor compliance with the

retention periods. That person is specifically charged with overseeing periodic reviewsof records in accordance with the policy.


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ARTICLE V

Adoption of Policy

This policy was adopted on ______ __, 2008 by resolution of the board ofdirectors.


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ANNEX A

EAST HARLEM ARTS

DOCUMENT RETENTION AND DESTRUCTION POLICY

ACKNOWLEDGEMENT

I, ____________________, the undersigned

check one[ ] Member

[ ] Officer and/or Director

[ ] Employee

oftheEast Harlem Arts (the Corporation) affirm that:

a. I have received a copy of the Corporations Document Retention and DestructionPolicy;b. I have read and understand the policy; andc. I agree to comply with the policy.

______________________________

Name:Title:


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Schedule A

Guidelines for Disposition of Electronic Mail Messages

East Harlem Arts-related e-mail messages are corporate records and must be

managed according to this Policy. As per Schedule B, general e-mail correspondence

should be deleted after one year. E-mail that contains or attaches other records should beretained for the period relevant for the contained or attached record. An e-mail messagethat does not meet the definition of a record (i.e., personal e-mail or junk e-mail) should

be deleted immediately from the system.

East Harlem Arts e-mail servers are NOT intended for long-term record

retention. E-mail messages and any associated attachment(s) with retention periodsgreater than three (3) years should be kept in similar fashion to paper records or

electronically stored in an appropriate file on the network drive. The printed or electroniccopy of the e-mail message must contain the following header information:

who sent the message; who the message was sent to; date and time the message was sent; and the subject of the message.

An e-mail message can be deleted once a paper copy has been printed or the e-mail message has been stored electronically. The paper copy or the electronic copy must

be retained for the appropriate time period per this record retention policy.


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Schedule B

Records Retention Schedule

Category of File Item Retention Period

Articles of Incorporation, Bylaws, Minute books Permanent

Board meeting agendas & materials 7 yearsCorporate

RecordsConflict of interest disclosure forms 7 years

Accounts payable ledgers and schedules 7 years

Auditor management letters, audit reports Permanent

Bank deposits & statements 3 years

Bank reconciliations 2 years

Charitable organization registration statements (filedwith New York State Attorney General)

7 years

Checks (for important payments and purchases) PermanentContracts, notes & agreements 7 years after all obligations e

Correspondence general (including e-mail) 1 year

Correspondence legal and important matters Permanent

Depreciation Schedules Permanent

Expense analyses/expense distribution schedules 7 years

Financial statements (audited) Permanent

Correspondence,Finance &

Administration

IRS Form I-9 (store separate from personnel file) Greater of 1 year after end service, or 3 years

Policies occurrence type and claims-made types Permanent

Accident reports, Claims (after settlement), Fireinspection reports

7 years

Group disability records 7 years after end of benefit

Insurance

Safety (OSHA) reports Permanent

Deeds, Mortgages, and Bills of Sale PermanentReal Estate

Leases (expired) 7 years after all obligations e

Correspondence with legal counsel or accountants, nototherwise listed

7 years after return is filed

IRS exemption determination & relatedcorrespondence Permanent

Tax audit closing letters and Tax returns Permanent

Timecards 3 years

Tax

Withholding tax statements 10 years

Fund agreements (signed) and correspondence PermanentDevelopment

Gift acknowledgments Permanent


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Category of File Item Retention Period

Trust agreements and correspondence 7 years after termination otrust

Approved grant applications, acknowledgement letters7 years after completion o

funded programCommunity

PhilanthropyDeclined/withdrawn grant applications

7 years after application is

declined or withdrawn

Consultant contracts/files 7 years after all obligations e

Employment applications and resumes non-employees

1 year

Employee handbooks, orientation & training materials Permanent

Employee personnel files, payroll records and

timesheets

7 years from date of

termination

Human Resources

Workers compensation claims (after settlement) 10 years

Technology Software licenses & support agreements 7 years after all obligations e

Trademark registrations and copyrights Permanent

497691Document Retention Policy

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