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56 HB Fiscal Polices Et Procedures <br /> D. Procedures <br /> Document RetentionGuidelines <br /> TYPE OF DOCUMENT <br /> Accounting; <br /> Annual reports 7 years <br /> Audits: <br /> • Audited financial statements 7 years <br /> • Internal audit reports 3 years <br /> Bank: <br /> • Bank deposit records 3 years <br /> • Bank statements and reconciliations 7 years <br /> Canceled checks: <br /> • Ordinary 7 years <br /> • Taxes, property, and important payments 7 years <br /> Contributions and grants: <br /> • Unrestricted <br /> Temporarily restricted and perm. years <br /> • Indefinitely ndefinitely <br /> Indefinitely <br /> • Life income agreement <br /> Expense analyses / distribution schedules 7 years <br /> Fixed asset records, appraisals, depreciation <br /> schedules 7 years <br /> General ledger and subsidiary Ledgers 7 years <br /> Physical inventory records 7 years <br /> Purchasing: <br /> • Purchase orders and requisitions 3 years <br /> • Invoices (to customers/from vendors) 3 years <br /> • Shipping and receiving reports 3 years <br /> Taxes: <br /> • Tax returns and worksheets 7 years <br /> • Withholding tax statements 4 years <br /> Vouchers for payment to vendors, employees, and <br /> 7 years <br /> others <br /> Donor and Grant Records <br /> Donor records and acknowledgement letters 7 years <br /> Grant applications and contracts 7 years (after completion) <br /> Organization Records <br /> Annual Reports to Attorney General Indefinitely <br /> Articles of Incorporation Indefinitely <br /> Board policy resolutions Indefinitely <br /> Charters, constitutions, bylaws Indefinitely <br /> Construction documents Indefinitely <br /> Contracts, mortgages, notes and leases (expired) 7 years <br /> Contracts still in effect Indefinitely <br /> Deeds, mortgages, bills of sale Indefinitely <br /> Last updated September 2022 <br />