It is very important that certain records be retained. Listed below are items that should be reviewed on a periodic basis.
RETENTION PERIOD TO BE KEPT PERMANENTLY:
(A notebook or file box would be good for keeping safe preferably in safe place in the school)
Articles of Incorporation
Annual Audit Reports
Bylaws, include amendments
Checks for important payments (filed with papers pertaining to the transaction)
Contracts & leases (expired and current)
Corporation reports filed with the Secretary of State
Correspondence (legal)
Equipment owned by PTA
Insurance records, accident reports, claims, policies,
Certificates
Invoices
Journals
Minute books
PTA Charter
Standing Rules (current)
Tax-exempt status documents
Trademark registrations
10 Years:
Financial Statements
Grant Award letters of agreement
7 YEARS:
• Accounts payable records
• Bank statements
• Cash receipt records
• Checks, canceled
• Contracts (expired)
• Inventories
• Invoices
• Financial statements (10 years)
• Grant award letters of agreement (10 years)
• Purchase orders
• Sales records
• Vouchers for payments to vendors, officers, etc.
1 – 3 YEARS:
Bank reconciliations (1 yr)
Correspondence with vendors (1 yr) , general (3 yr)
Duplicate deposit slips (1 yr)
Employee records (if applicable) (3yr)
Petty cash vouchers ((3 yrs)
from the National PTA Money Matters Quick Reference Guide