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Records Retention & Destruction Guidelines

Illinois CPA Society • Illinois CPA Foundation • CPAs for the Public Interest • Illinois CPAs for Political Action (CPA PAC) • CPA Endowment Fund of Illinois

Policy Statement

To facilitate efficient and effective operation of the Illinois CPA Society, we are implementing the following Document Retention/Destruction Plan. As a condition to your employment, you are required to follow the terms of this plan.

All business records should be kept no longer than the period necessary for the proper conduct of Company business. This policy shall cover all business records of the Illinois CPA Society, including written, printed and recorded matter and electronic forms of records, including e-mail messages in personal folders. Employees should review their electronic files regularly and delete them where appropriate to ensure compliance with this policy. These guidelines should be reviewed annually to ensure consistency with legal requirements of other regulatory bodies.

Keep for Three Years

  • Employment Applications (Three years after application for individuals not hired; three years after termination for individuals hired.)
  • Property records for assets of over $10,000 after disposition
  • General ledger and journal entries and other financial support
  • General correspondence

Keep for Seven Years

  • Paid Invoices (Accounts Payable)
  • Cash receipts records (deposit info, credit card receipts, etc.)
  • Dues receipts
  • CPE receipts (including registration info)
  • Peer review
  • Product receipts
  • Bank Statements & cancelled checks (including Chapter records)
  • Payroll records
    • Time Sheets
    • Payroll Journals
    • Payroll Tax Returns
    • W-2 forms
    • Personnel files (7 years after termination)
  • Contracts (for 7 years after expiration)  

Keep Permanently

  • Audited Financials/Annual Reports
  • Corporate/organizational Records
  • Tax exemption documents
  • Pension/Retirement Plan Documentation & Filings
  • Minutes
    • Board of Directors
    • Management Committee
      Council
    • Educational Foundation BOD
  • Historical Data (scrapbooks, other data) 

Suspension in the Event of Litigation

If a lawsuit, governmental investigation or subpoena is filed, served or appears imminent, this Policy may be suspended requiring that documents relating to the lawsuit or potential legal issue(s) or audits be retained. If you receive notification that the Policy has been suspended, you must retain all of the documents you are instructed to keep rather than destroying them pursuant to the Policy.

 Approved: Illinois CPA Society Board of Directors (December 8, 2005) 

 

 

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