HOW LONG SHOULD MY NONPROFIT RETAIN
CERTAIN DOCUMENTS?
Federal and state laws require the retenon of certain documents and electronic records.
Nonprot organizaons should have a wrien retenon policy. The board is responsible for
assuring that the organizaon is properly securing and retaining documents and electronic
records in accordance with the organizaon’s policy and retenon schedule.
The table provided below shows the minimum retenon me. Retenon should be governed
by the statute of limitaons in your state that sets out the me period that a potenal claimant
has to bring a claim as well as requirements set out in contracts and agreements.
3 Years Permanently7 Years
Bank
reconciliations
Bank statements
Duplicate
deposit slips
Correspondence
(general)
Correspondence
(with customers
and vendors)
Employment
applications
Insurance
policies
(expired)
Accounts
payable ledgers
and schedules
Expense
analyses/
expense
distribution
schedules
Inventories
of products,
materials, and
supplies
Invoices (to
customers, from
vendors)
Payroll records
and summaries
Personnel les
(terminated
employees)
Timesheets
Contracts,
notes, and
leases
Witholding tax
statements
Audit reports
Checks (for important payments and
purchases)
Depreciation schedules
Year-end nancial statements
Correspondence (legal and important
matters)
Retirement and pension records
Insurance policies, records, current
accident reports, claims, etc.
Board policies and resolutions
Bylaws and articles of incorporation,
including amendments, revisions
Copyrights
IRS application for tax-exempt status
(Form 1023)
IRS determination letter and
correspondence related to it
Real estate deeds, mortgages, and bills of
sale
Minutes from board and committee
meetings
Minutes from annual meetings of members
Patents and related papers
Trademark registrations
Tax returns and worksheets (all
jurisdictions)
About 501 Commons
501 Commons serves nonprots in the Pacic Northwest and beyond by providing a wide range of back oce
and consulng services, including management consulng, technology consulng (IT infrastructure, technology
planning, and database management), human resources services, accounng/bookkeeping, professional
development, board training, and free informaon and referral services. Annually we serve 1,000+ nonprots,
improving the lives of thousands of individuals, families, and communies. Learn more at 501commons.org.