1014 Inc. Record Retention Policy

Purpose
The purpose of this Record Retention Policy is to ensure that 1014 Inc. (“the Organization”) maintains and disposes of records in accordance with applicable legal, regulatory, and operational requirements. This policy outlines the proper management of organizational records to promote compliance, facilitate efficient operations, and preserve important historical documentation.

Scope
This policy applies to all records, regardless of format (physical, electronic, or digital), created or received by 1014 Inc. during its activities. It is intended for use by employees, volunteers, and board members who handle the Organization’s records.

Policy Overview
1014 Inc. recognizes that its records are essential to documenting its activities, supporting operations, and complying with legal requirements. Records will be retained for specified periods, as outlined in this policy, after which they will be securely destroyed or archived.

Record Categories and Retention Periods

1. Financial Records

• Annual financial statements: 7 years
• General ledger and supporting documents (invoices, receipts, etc.): 7 years
• Tax returns and supporting documents: 7 years
• Bank statements: 7 years
• Grant records: 7 years after the final report is submitted

2. Corporate Documents

• Articles of incorporation, bylaws, and amendments: Permanent
• Board meeting minutes and resolutions: Permanent
• Board of Directors documentation (e.g., appointments, election records): 7 years
• Conflict of interest forms: 7 years after completion

3. Program Records

• Program documentation and reports: 5 years
• Donor and fundraising records: 7 years
• Participant records (unless subject to a longer retention requirement by law): 5 years

4. Personnel Records

• Employment applications, resumes, and hiring documents: 3 years after termination
• Employee contracts and benefits records: 7 years after termination
• Payroll records: 7 years
• Performance reviews: 5 years
• Worker’s compensation claims: 7 years after the claim is resolved

5. Legal and Compliance Records

• Contracts and agreements: 7 years after expiration or termination
• Insurance policies and claims: 7 years after expiration or settlement
• Licenses and permits: As long as active or required
• Legal correspondence or litigation records: 7 years after final resolution

6. General Office Records

• Correspondence and general communications: 3 years
• Administrative records (e.g., office memos, internal reports): 3 years

Procedure for Record Retention and Destruction

1. Retention: Records will be stored securely in an organized manner and in compliance with this policy. Digital records will be maintained in systems that allow for regular backups and data integrity.
2. Destruction: When records reach the end of their retention period, they will be securely destroyed. Paper records will be shredded, and digital records will be permanently deleted, using methods that ensure the information cannot be reconstructed or recovered.
3. Exceptions: In some cases, records may need to be retained longer than specified due to ongoing litigation, audits, or other legal reasons. In such cases, the relevant department will notify the appropriate individuals and ensure the record is kept for as long as necessary.

Compliance and Review
This Record Retention Policy will be reviewed and updated periodically to ensure compliance with applicable laws and regulations. Staff and board members will be trained in the proper management of records, and the 1014 Finance Manager will be responsible for overseeing the implementation of this policy.

Conclusion
By following this Record Retention Policy, 1014 Inc. ensures efficient record management, legal compliance, and the protection of organizational history. All staff, volunteers, and board members are responsible for adhering to this policy and ensuring the appropriate handling and retention of records.

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