Free Download: Record Retention Policy Template
The Record Retention Policy is devised to set forth standard protocols for the retention and subsequent disposal of financial documents and other pertinent records within an organization. Primarily, this policy is tailored to ensure the preservation of accurate historical data, bolster financial reporting processes, streamline audit operations, and guarantee the organization's adherence to prevailing legal and regulatory norms.
Pertaining to its applicability, the policy encompasses a wide range of records, from financial statements and invoices to meeting minutes and contracts, essentially covering every document that chronicles the organization's activities and financial transactions. The organization commits to specific retention durations for these records, with some, like financial statements and meeting minutes, earmarked for permanent retention. Others, such as bank statements or tax returns, are subject to retention for stipulated periods or as mandated by legal, contractual, or operational requisites. When it comes to the disposal of these records, the organization emphasizes secure elimination techniques, ensuring that confidential information remains safeguarded and beyond unauthorized access. Notably, any records implicated in legal matters are retained until clearance from legal entities is secured.
If you’re interested in investing in a trained accountant to help your nonprofit ensure transparency and accountability in finances, conduct your research. Here are some additional resources you can look into for more guidance:
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