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Printable version of eConnect
#9
(Adobe Acrobat file--needs free Acrobat Reader to
open)
These need Leader password, found on Welcome page of CN
Keeping Leader Logs and Financial Records
Keep Leader logs for as long as a parent or child can sue for medical malpractice for birth injury. In many states this is until 21 years of age and for some it is as low as 18.
The AFC notebook includes information on storing financial records along with how accessible they must be:
Incorporation documents including articles of incorporation, bylaws, and related documents |
In files in possession of the current AFC or ACL |
PERMANENT |
Tax-exemption documents including application for tax exemption (IRS Form 1023), IRS determination letter, and any related documents |
In files in possession of the current AFC or ACL |
PERMANENT |
Meeting/board documents including agendas, minutes and related documents |
Compile & file records on yearly basis maintained by the AFC or ACL |
PERMANENT |
Year end Treasurer’s financial report/statement |
Store with corporate records maintained by the AFC |
PERMANENT |
Treasurer’s reports, periodic |
Maintained in AFC files |
Four Years. Store w/financial records. Destroy oldest when you have five years. |
Bank statements, canceled checks, check registers, investment statements, and related documents |
Maintained in AFC files |
Four Years. Store w/financial records. Destroy oldest when you have five years. |
Annual information returns (IRS Forms 990) |
Three years of records to be in the possession of the AFC. |
Seven Years. Store w/financial records. Destroy after seven years. Records for three years must be kept with current AFC files and made available for public inspection upon request. Older records may be stored at a different location and marked with a destroy date. |
These guidelines are based on federal statute; individual states may have different and/or additional requirements.