Document Retention Policy

Sage Circle Alliance (SCA) Document Retention and Destruction Policy

Effective Date: 8/22/2024

Approved by: [Board of Directors]

• 1. Purpose
• 
  The purpose of this Document Retention and Destruction Policy is to provide guidelines for the proper retention and destruction of documents and records of Sage Circle Alliance (SCA) in compliance with legal, regulatory, and organizational requirements. This policy ensures that SCA maintains necessary records for operational, legal, and historical purposes and disposes of outdated or unnecessary documents in an appropriate manner.

• 2. Scope
• 
  This policy applies to all physical and electronic documents generated, received, or maintained by SCA, including those by employees, volunteers, board members, and contractors. It includes all records regardless of format, including paper, digital files, emails, audio recordings, and other forms of documentation.

• 3. General Guidelines
• 
  a. Storage of Documents:
  Documents should be stored in a secure location that is protected from unauthorized access, loss, damage, or theft. Electronic documents should be backed up regularly and stored securely.
  b. Access to Documents:
  Access to sensitive or confidential documents should be limited to individuals who require it for legitimate business purposes. Permissions should be managed to prevent unauthorized access.
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• 4. Retention Schedule
• 
  SCA will retain documents according to the following schedule, which is consistent with legal requirements and best practices:
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  Corporate Records:
• 
  Articles of Incorporation: Permanent
  Bylaws and Amendments: Permanent
  Meeting Minutes of the Board and Committees: Permanent
  Annual Reports to the Secretary of State/Attorney General: Permanent
  Corporate Resolutions: Permanent
  IRS Application for Tax-Exempt Status (Form 1023): Permanent
  IRS Determination Letter: Permanent
  State Sales Tax Exemption Letter: Permanent
• 
  Financial Records:
• 
  Audited Financial Statements: Permanent
  General Ledgers and Journals: 7 Years
  Bank Statements and Reconciliations: 7 Years
  Expense Records: 7 Years
  Invoices: 7 Years
  Investment Records: 7 Years after Disposal
  Payroll Records: 7 Years
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  Tax Records:
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  Tax Returns (Federal, State, and Local): Permanent
  Tax-Exemption Documents and Related Correspondence: Permanent
  IRS 990 Filings and Related Documents: Permanent
• 
  Grant Records:
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  Original Grant Proposals: 7 Years after Completion
  Grant Agreements and Reports: 7 Years after Completion
• 
  Human Resources Records:
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  Employee Personnel Files: 7 Years after Termination
  Employment Contracts: 7 Years after Termination
  Payroll Records and Summaries: 7 Years
  Employee Benefit Plan Documents: Permanent
  Volunteer Records: 7 Years after Involvement
• 
  Legal and Contracts:
• 
  Contracts and Agreements: 7 Years after Termination
  Legal Correspondence: Permanent
  Litigation Files: 7 Years after Settlement
• 
  Donor Records:
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  Donor Acknowledgment Letters: 7 Years
  Donor Records and Correspondence: 7 Years
• 
  Electronic Records:
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  Emails Related to Business Matters: 3 Years
  Electronic Documents (Word, Excel, PDFs): Follow retention schedule for equivalent paper documents

• 5. Destruction of Documents
• 
  a. Regular Destruction:
  Documents that have reached the end of their retention period should be destroyed in a manner that ensures the confidentiality of sensitive information. Paper documents should be shredded, and electronic documents should be deleted and overwritten where possible.
  b. Litigation Hold:
  If SCA is involved in litigation or government investigation, all relevant documents (including those scheduled for destruction) must be retained until the matter is resolved and the hold is lifted.
  c. Documentation of Destruction:
  A log of destroyed documents should be maintained, detailing the type of document, date of destruction, and method used.

• 6. Responsibility
• 
  The Executive Director or a designated staff member is responsible for implementing this policy and ensuring that document retention and destruction practices are carried out in compliance with this policy. They are also responsible for educating employees, volunteers, and board members about the policy.

• 7. Policy Review
• 
  This policy will be reviewed annually by the Board of Directors to ensure compliance with changing legal requirements and best practices. Updates or modifications to the policy will be made as necessary.