Records Retention Policy
Effective 12/17/2020
Background: The Northeast Wisconsin Chapter of PMI (PMI-NEW) shall retain records for the
period of their immediate or current use, unless longerretention is necessary for historical
reference or to comply with contractual or legal requirements.Records and documents outlined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 emails). Any person who is in possession
ofrecords belonging to PMI-NEW Chapter who is uncertain as to what records to retain or
destroy, whento do so, or how to destroy them may seek assistance from the President of the
Chapter.
Policy Statement: In order to eliminate accidental or innocent destruction, PMI-NEW has the
record retentionpolicy shown in the table below: It should be noted that the PMI-NEW is a
nonprofitorganization that does not have owners or capital stock. Additionally, the chapter
operates on a cashbasis of accounting, so it has no accounts payable or accounts receivable.
|
Record Type
|
Retention Period
|
|
Bank Statements and Reconciliations
|
7 years
|
|
Budgets
|
3 years
|
|
Cancelled checks
|
7 years
|
|
Chapter Renewal Documents
|
3 years
|
|
Communications to Members
|
3 years
|
|
Event Records (PDD, monthly meetings, etc)
|
3 years
|
|
Expense Receipts
|
7 years
|
|
Expense Reimbursement Requests
|
7 years
|
|
Insurance Policies/Information
|
3 years
|
|
Meeting Minutes (Board, strategy, etc)
|
3 years
|
|
Tax Returns / Tax Records
|
7 years
|
|
Vendor Contracts
|
7 years
|
|
Volunteer Lists/Information
|
3 years
|
Procedure Statement: At the beginning of each year, each board member will be responsible
for reviewing the records in their area and removing/destroying those that no longer need to be
retained.
