21st Century Learning & Consulting, LLC | Document Retention and Destruction Policy
I. Purpose
This Document Retention and Destruction Policy (Policy) provides for the systematic review, retention and destruction of documents received or created by 21st Century Learning & Consulting, LLC (21LC) in connection with the transaction of 21LC business. This Policy covers all records and documents, regardless of physical form (including electronic documents), contains guidelines for how long certain documents should be kept and how records should be destroyed. The Policy is designed to ensure compliance with federal and state laws and regulations, to eliminate accidental or innocent destruction of records and to facilitate 21LC’s operations by promoting efficiency and freeing up valuable storage space.
II. Document Retention
21LC follows the document retention procedures outlined below. Documents that are not listed, but are substantially similar to those listed in the schedule will be retained for the appropriate length of time.
III. Corporate Records
- Annual Reports to Secretary of State/Attorney General Permanent
- Articles of Incorporation Permanent
- Bylaws Permanent
- Contracts (after expiration) 5 years
- Correspondence (general) 3 years
- Accounting & Tax Records
- Annual Audits and Financial Statements5 Years
- General Ledgers 5 years
- IRS 990 Tax Returns 5 Years
- Check Registers 10 years
- Bank Deposit Slips 7 years
- Bank Statements and Reconciliation 7 years
- Electronic Fund Transfer Documents 7 years
- Employee Records
- Employment and Termination Agreements 10 years
- Grant Applications and Contracts 5 years after completion
- Legal, Insurance and Safety Records
- Appraisals 10 years
- Copyright Registrations Permanent
- Insurance Policies 5 years
- Student Records 5 years
- Records of Student Participation 5 years
- Dates and locations of program offerings 5 years
- Course Instructor of record 5 years
- Developer of record and any reviewer names and credentials 5 years
- Number of CPE credits earned by participants 5 years
- Results of program evaluations 5 years
- Program descriptive materials (course announcement information) 5 years
IV. Electronic Documents and Records
Electronic documents will be retained as if they were paper documents. Therefore, any electronic files, including records of donations made online, that fall into one of the document types on the above schedule will be maintained for the appropriate amount of time. If a user has sufficient reason to keep an email message, the message should be printed in hard copy and kept in the appropriate file or moved to an “archive” computer file folder. Backup and recovery methods will be tested on a regular basis.
V. Emergency Planning
The Organization’s records will be stored in a safe, secure and accessible manner. Documents and financial files that are essential to keeping the Organization operating in an emergency will be duplicated or backed up at least every week and maintained off site.
VI. Document Destruction
The Organization’s Managing Director is responsible for the ongoing process of identifying its records, which have met the required retention period and overseeing their destruction. Destruction of financial and personnel-related documents will be accomplished by shredding and/or appropriate electronic removal.
Document destruction will be suspended immediately, upon any indication of an official investigation or when a lawsuit is filed or appears imminent. Destruction will be reinstated upon conclusion of the investigation.
VII. Compliance
Failure on the part of employees or contract staff to follow this policy can result in possible civil and criminal sanctions against the Organization and its employees or contract staff and possible disciplinary action against responsible individuals. The Owner and Director will periodically review these procedures with legal counsel or the organization’s certified public accountant to ensure that they are in compliance with new or revised regulations.
This Policy was adopted by executive action this _____ day of __________, 201__.
A true record,
_______________________________
[Executive’s name & title]