Record Retention
What
and how much of the association's records are to be stored
and retained is a constant question. In business, record keeping
is essential not only for tax reporting purposes but also for
the success of the company. As such, your Association, operating
as a corporation, should follow these same records retention
practices. The guidelines below give retention periods for
the most common business records of a corporation.
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Financial
statements (annual)
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Electronic
payment records
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Employee
files (ex-employees)
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Pension/profit
sharing plans
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Association Times' Staff Writer
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