Document Retention and Destruction Policy
The OASIS Document Retention and Destruction Policy addresses the retention and destruction of records pertaining to corporate governance, corporate finance and operations, correspondence and records relating to member contributions to the creation of specifications and standards. Where there may be discrepancies (ex: correspondence relevant to a standard) the longer of the two retention periods shall apply.
The definitive official copy of documents stored as paper are stored in the headquarters office. Documents stored in electronic or digital form will be maintained on servers or devices under the control of OASIS.
Documents under the control of OASIS in whatever form shall be retained according to the Record Retention Schedule. Destruction shall mean any of deletion, recycling, or discard. Secure destruction shall mean any of incineration, shredding, or secure erasure as appropriate to the storage media type. OASIS may or may not destroy or securely destroy non-definitive or duplicate copies at any time.
OASIS management will, under guidance of OASIS counsel, circulate staff communications directing the suspension of any destruction of paper or electronic documents when appropriate, relevant to any ongoing or anticipated government investigations, proceedings, or litigation or when OASIS has received a mandatory order to produce information. Thereafter, routine document destruction can only resume with approval of OASIS counsel.
This policy will be executed by OASIS staff under the responsibility of the Executive Director as s/he instructs.
A one time review of all document types will be conducted before March 2011 in order to identify those (sets of) records that should already be destroyed.
OASIS Open Record Retention Schedule
“Indefinite” means that records are never destroyed and that measures are in place to avoid accidental or attempted deliberate destruction.
“x Years” means that records MAY be destroyed x years after the most recent modification or amendment to the record and SHOULD be destroyed as soon thereafter as is administratively feasible.
All references refer to records maintained by OASIS in contrast to copies of those records that may be retained by a third party.
DOCUMENT CATEGORIES
DOCUMENTS | PERIOD OF RETENTION | SECURE DESTRUCTION |
Corporate Governance | ||
ARTICLES OF INCORPORATION | INDEFINITE | |
IRS FORM 1023 AND LETTER OF DETERMINATION | INDEFINITE | |
BYLAWS, CHARTER, MINUTE BOOKS | INDEFINITE | |
BOARD POLICIES | INDEFINITE | |
BOARD MEETING MINUTES AND RESOLUTIONS | INDEFINITE | |
LEGAL AND TAX CORRESPONDENCE | INDEFINITE | |
COPYRIGHTS, PATENTS, TRADEMARK REGISTRATIONS | INDEFINITE | |
DEEDS, MORTGAGES, AND EASEMENTS IN FORCE | INDEFINITE | |
MEMORANDUM OF UNDERSTANDING | INDEFINITE | |
AUDIT / TAX | ||
IRS FORM 990 | INDEFINITE | |
ANNUAL TAX FILINGS (STATE AND OTHER REQUIRED FILINGS) | INDEFINITE | |
TAX RETURNS AND WORKING PAPERS | INDEFINITE | |
AUDIT REPORT AND FINANCIAL STATEMENTS | INDEFINITE | |
MONTHLY OPERATIONS REPORTS | INDEFINITE | |
IRS FORM 1099 (FEES PAID TO PROFESSIONALS) | 7 YEARS | REQUIRED |
W-2 STATEMENTS, PAYROLL TAX RETURNS | 7 YEARS | REQUIRED |
FINANCIAL RECORDS | ||
CHART OF ACCOUNTS | INDEFINITE | |
ACCOUNTING POLICIES AND PROCEDURES | INDEFINITE | |
GENERAL LEDGERS AND JOURNAL ENTRIES | INDEFINITE | |
ANNUAL TRIAL BALANCES | INDEFINITE | |
CAPITAL STOCK AND BOND RECORDS | INDEFINITE | |
CHECKS FOR TAXES, CAPITAL PURCHASES | INDEFINITE | |
IMPORTANT CONTRACTS | INDEFINITE | |
DEPRECIATION SCHEDULES | INDEFINITE | |
CONTRACTS AND AGREEMENTS IN FORCE | INDEFINITE | |
ADMINISTAFF CONTRACTS & RENEWALS | INDEFINITE | |
SPONSORSHIP AND FOCUS AREA AGREEMENTS | 7 YEARS | |
EXPIRED CONTRACTS AND AGREEMENTS | 7 YEARS | |
INSURANCE POLICIES | INDEFINITE | |
INSURANCE RECORDS: ACCIDENTS, CLAIMS, ETC. | INDEFINITE | |
DONATIONS AND DONOR ACKNOWLEDGEMENTS | INDEFINITE | |
ACCOUNTING RECORDS | ||
PAYROLL REGISTERS | INDEFINITE | |
ACCOUNTS PAYABLES LEDGERS | 7 YEARS | |
VOUCHERS FOR PAYMENTS TO VENDORS, EMPLOYEES, ETC. | 7 YEARS | |
VENDOR CONTRACTS | 7 YEARS | |
PURCHASING CORRESPONDENCE, PURCHASE ORDERS | 7 YEARS | |
EXPENSE REPORTS | 7 YEARS | |
CREDIT CARD RECEIPTS | 3 YEARS | |
ACCOUNTS RECEIVABLES LEDGERS | 7 YEARS | |
INVOICES AND OTHER SALES RECORDS | 7 YEARS | |
CASH RECEIPT RECORDS | 7 YEARS | |
DEPOSIT SLIPS / CANCELLED CHECKS | 7 YEARS | |
CHECKS OTHER THAN THOSE DESCRIBED ABOVE | 7 YEARS | |
BANK RECONCILIATIONS | 3 YEARS | |
BANK STATEMENTS | 10 YEARS | |
PERSONNEL INFORMATION | ||
EMPLOYEE HANDBOOK | INDEFINITE | |
EMPLOYEE OFFER LETTERS | INDEFINITE | |
EMPLOYEE PERSONNEL FILES | 7 YEARS | REQUIRED |
JOB APPLICATIONS & Pre-employment Background Checks | 3 YEARS | REQUIRED |
PERSONNEL FILES, TERMINATED | 7 YRS AFTER TERMINATION | REQUIRED |
PAYROLL RECORDS, TIMESHEETS | 7 YEARS | REQUIRED |
EMPLOYEE PERFORMANCE REVIEWS, DOCUMENTATION | 7 YEARS | REQUIRED |
JOB DESCRIPTIONS AND SALARY RANGES | 7 YEARS | REQUIRED |
EMPLOYEE WITHHOLDING TAX STATEMENTS | 7 YEARS | REQUIRED |
EMPLOYEE DISABILITY BENEFITS RECORDS | 7 YEARS | REQUIRED |
EMPLOYEE BENEFIT ENROLLMENTS | 7 YEARS | REQUIRED |
WORKMANS COMPENSATION RECORDS | 7 YEARS | REQUIRED |
MANAGEMENT PLANS AND PROCEDURES | ||
STRATEGIC PLANS | 7 YEARS | |
DISASTER RECOVER PLANS | 7 YEARS | |
GENERAL | ||
GENERAL CORRESPONDENCE inc EMAIL | 2 YEARS | |
REQUISITIONS | 2 YEARS | |
TECHNICAL COMMITTEE RECORDS | ||
MEMBERSHIP AGREEMENTS | INDEFINITE | |
MEMBER PARTICIPATION RECORDS | INDEFINITE | |
INDEFINITE | ||
DOCUMENTS | INDEFINITE | |
MEETING MINUTES | INDEFINITE | |
APPROVED STANDARDS | INDEFINITE | |
VOTING RECORDS | INDEFINITE | |
PUBLIC COMMENTS | INDEFINITE | |
IPR DECLARATIONS & STATEMENTS | INDEFINITE |