Retention of documents related to lawsuits is one of only two provisions of Sarbanes-Oxley that are applicable to nonprofits. Nationally recognized nonprofit attorney Tom Silk wrote this Model Document Retention Policy on a pro bono basis for CompassPoint Nonprofit Services to use and to make available for all nonprofits.
This document management policy is designed to conform with the charitable laws of states which, like California, give the Attorney General an unusually long statute of limitations (10 years) within which to bring an action for breach of charitable trust.
Four items to note in particular: First, think about this as part of document management, rather than simply document retention; holding on to documents too long is an unnecessary expense. Second, there may be some documents that are worth saving for the community's sake or for the sake of clients that go beyond these legal guidelines. And third, remember that e-mail messages are documents that should conform to these guidelines.
DOCUMENT MANAGEMENT POLICY
For each document, add its location or where . . .