Records Retention & Destruction Policy

Adopted by the OFI Board of Directors on October 12, 2012

Orangutan Foundation International (hereafter OFI) shall retain records for the period of their immediate or current use, unless longer retention is necessary for historical reference or to comply with contractual or legal requirements. Records and documents outlined in this policy include paper, electronic files (including e-mail) and voicemail records regardless of where the document is stored, including network servers, desktop or laptop computers and handheld computers and other wireless devices with text messaging capabilities.

An OFI employee shall not knowingly destroy a document with the intent to obstruct or influence an “investigation or proper administration of any matter within the jurisdiction of any department agency of the United States . . . or in relation to or contemplation of such matter or case.” If an official investigation is underway or even suspected, document purging must stop in order to avoid criminal obstruction.

In order to eliminate accidental or innocent destruction, OFI has established the following document retention requirements:

Records Retained Permanently:

Accounting
  1. Audit reports of accountants
  2. Checks used for important payments; i.e., taxes, property, etc.
  3. Fixed asset records, including depreciation schedules
  4. End-of-year financial statements
  5. Tax and information returns (State and Federal)
Legal
  1. Articles of Incorporation and bylaws
  2. Corporate charter, constitution
  3. IRS examinations, rulings comments
  4. Litigation – related documents
  5. Board and executive committee minutes
  6. Tax-exemption application (Form 1023) and approval letter
  7. Insurance matters (policies, claims, accident and fire inspection reports)
  8. Contracts and leases (active)
  9. Leases

Records Retained for a Minimum of Three Years:

Accounting
  1. Accounts payable and receivable documents
  2. Bank reconciliations
  3. Invoices (after payment)
  4. Monthly financial reports and statements
  5. Working papers (accounting, budgets, cash flow, audits)
Legal
  1. Service contracts (after termination)

Records Retained for a Minimum of Seven Years:

Accounting
  1. Bank statements and canceled checks
  2. Brokerage statements
  3. Donor contributions (numbered receipts)
  4. General ledger and journals
  5. Sales invoices
  6. Credit card statements
Legal
  1. Loss/Accident reports and claims made to insurance (after settlement)
  2. Contracts and leases (expired)
  3. Employment tax records
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