Record Retention and Destruction Policy
This Record Retention and Destruction Policy of the Human Resources Association of Southern Maine (“HRASM”) sets forth the record retention responsibilities of the staff, members of the Board of Directors, committee members, volunteers, and others for the maintenance and destruction of HRASM’s records.
1. Record Retention and Destruction. It is HRASM’s policy to maintain complete and accurate records. Members of the Board of Directors, committee members, volunteers, and others contracting with HRASM shall transfer to the appropriate party for maintenance all paper and electronic records of HRASM. The records shall be maintained in accordance with the attached schedule. All other records may be destroyed after three years.
2. Conversion of Records to Electronic Form. Paper records may be converted to electronic form for ease of access and storage.
3. Exceptions to Policy. Exceptions to the rules and terms for retention may be made only by the HRASM’s President or by vote of the Board of Directors.
4. Responsibility for Administration of Policy. The President shall be responsible for administering this Policy. The Chapter Secretary shall retain the Chapter’s historical documents, including meeting minutes. The Chapter Treasurer shall retain financial documents.
Type of Record Retention Period
Annual audited financial statements Permanent records
Articles of Incorporation, bylaws, Permanent records
Contracts 10 years after termination
Meeting Minutes 7 years
Accounts receivable and payable ledgers 7 years
Bank statements & deposit records 7 years
Tax returns 7 years