The foundation retains documents per the following schedule, consistent with IRS requirements and prudent nonprofit practice.
Permanent records: formation documents, IRS determination letter, board meeting minutes, Form 990 returns, audited financial statements, major contracts.
Seven years: bank statements, general ledger entries, expense receipts, donor acknowledgements, executed contracts after expiration.
Three years: routine correspondence, expense reports, working drafts of policies and reports.
Destruction of records is logged annually at year-end (date, scope, authorizing officer). Records subject to active litigation, audit, or government inquiry are held until the matter resolves, regardless of the standard retention period.
Electronic records are subject to the same schedule as paper records.
Adopted: 2024. Reviewed: 2025. Next scheduled review: 2026.