Does your nonprofit have a written Document Retention Policy? The Internal Revenue Service (“IRS”) asks in the Form 990, the annual information return filed by most tax-exempt organizations, several questions about board structure and organizational policies, including whether the entity has a written document retention policy. This article covers some basics regarding document retention policies, including what it should cover and how it can be maintained.
See this article for more details on which documents must be made available for public inspection and a sample document retention policy.
Document Retention Policies as a Best Practice