Records Retention and Destruction Policy

1. Purpose

mothers2mothers (m2m) and its branches has adopted this Records Management and Retention policy (hereinafter the “Policy”) to achieve approach to managing m2m records, from creation through active use, storage/retention and disposal. This Policy applies to all m2m operations across the globe and applies to all records, in both hard and electronic forms, as defined below.

The purpose of this Policy is as follows:

Consistent with these objectives is m2m’s policy that records be retained for as long as (but only so long as) necessary to satisfy legal requirements, financial and audit requirements, and legitimate business purposes. All employees of m2m are charged with the personal responsibility of complying with this Policy.

2. Definitions & Terms

3. Policy

3.1 Maintaining & Disposal of Records

3.2 Email

3.3 Suspension of Records Retention Periods – Records Hold

Events occasionally will require a suspension of applicable records retention periods. In any of the following circumstances, a records hold will be in effect and you may not dispose of applicable records until further notice.

a. The circumstances calling for a records hold include the following:

b. As to the circumstances described in section 3.2 above, you may receive a directive from the President & Chief Executive Officer, Finance Director or other company official that certain records are subject to a records hold. The directive will describe the types of records subject to the records hold. You must follow this type of directive carefully.

c. As to the circumstances described in 3.3.a above, you may personally become aware of circumstances giving rise to a pending or anticipated litigation or government proceeding even before others in m2m have informed you of a records hold. In those circumstances a records hold is in effect and you should suspend disposal of pertinent records. You must also promptly inform the Chief Operations Officer and your supervisor of the basis for the records hold and seek guidance as to further action with respect to such records.

d. In no event should you ever alter, destroy, or conceal any records with the intent to impede, obstruct or influence any litigation or government proceeding, or in relation to or contemplation of any such litigation or government proceeding.

e. Unauthorized destruction or disposal of m2m records may subject an employee to disciplinary action, including termination.

4. Administration 

5. Management of Off-Site Records

6. Training & Review 

Appendix A – Records Retention Schedule

Finance Records and Retention Period (Years)

Auditor’s Reports: 7

Bank Debt Deduction: 5

Bank Deposit Slips, Reconciliations, Statements: 5

Bills of Lading: 5

Budget: 5

Checks – cancelled: 5

Contracts – purchase & sale: 5

Credit Memos: 5

Depreciation Records: 5

Employee Expense Report: 5

Employee Payroll Records: 6

Financial Statements: 15

Freight Bills: 5

Internal Reports: 5

Inventory/Asset Lists: 5

Invoices (Sales & Purchases): 5

General Ledger: 15

Journals and Retention Period (Years)

General, cash receipts, disbursements: 15

Payroll records: 5

Time cards & time reports: 5

Organizational Records and Retention Period (Years)

Articles of Incorporation: Permanent

Bylaws & BOD Resolutions: Permanent

Capital stock & bond records: Permanent

Contracts & Agreements: Permanent

Copyright & trademark registration: Permanent

Legal correspondence: Permanent

Minutes: Permanent

Mortgages & Notes: Permanent

Patents: Permanent

Insurance Records and Retention Period (Years)

Accident reports: 6

Fire inspection reports: 6

Group disability records: 6

Insurance policies: 6

Safety records: 6

Settled insurance claims: 5

Tax Records and Retention Period (Years)

Tax returns: 7

Sales & Use tax returns: Permanent

Payroll returns: 5

Employment Records/Personnel and Retention Period (Years)

Personnel files: 6

Miscellaneous Records and Retention Period (Years)

Marketing/Sales Documents/Press Releases: 4 

Property Records: Permanent

Electronic Mail: Permanent

m2m Donor Cooperative Agmt Records: Permanent

All other documents: 7

* Please refer to section 3.3 for guidance on exceptions to these timeframes.

 

Full policy approved and reviewed by Frank Beadle de Palomo, President & CEO, 10 June 2016