Policy Manual
Record Retention and Document Destruction Policy
Document Ownership Policy
All documents created or received as part of the operations of the Society are the property of the Society. Each officer, as he/she leaves office, is expected to transfer all Society documents in his/her possession to the individual assuming the office he/she is vacating or to the GTU historian (see by-laws Article IX.7.).
Document Retention and Destruction Policy
(a) Purpose. In accordance with the Sarbanes-Oxley Act, which makes it a crime to alter, cover up, falsify or destroy any document with the intent of impeding or obstructing any official proceeding, this policy provides for the systematic review, retention, and destruction of documents received or created by Gamma Theta Upsilon in connection with the transaction of organization business. This policy covers all records and documents, regardless of physical form. The policy is designed to ensure compliance with federal laws and regulations, to eliminate accidental or innocent destruction of records and to facilitate the Society’s operations by promoting efficiency and freeing up storage space.
(b) Document Retention. The Society follows the document retention schedule outlined in this Policy Manual. That schedule details for how long certain documents should be kept and how records should be destroyed. Electronic documents will be retained as if they were paper documents. Therefore, any electronic files, including records of donations made online that fall into one of the document types on the schedule, will be maintained for the appropriate amount of time. If a user has sufficient reason to keep an email, the message should be printed in hard copy and kept in an appropriate file or moved to an “archive” computer file folder.
(c) Emergency Planning. Gamma Theta Upsilon officers are expected to store records in a safe, secure, and accessible manner. Documents and financial files that are essential to keeping the Society operating in an emergency will be duplicated or backed up at least every month. The Comptroller and Executive Secretary are to exchange their back-up files monthly.
(d) Document Destruction. The Society’s Historian is responsible for the ongoing process of indentifying its records which have met the required retention period and overseeing their destruction. Destruction of financial and personnel-related documents will be accomplished by shredding. Document destruction will be suspended immediately, upon any indication of an official investigation or when a lawsuit is filed or appears imminent. Destruction will be reinstated upon conclusion of the investigation.
(e) Compliance. Failure on the part of officers to follow this policy can result in possible civil and criminal sanctions against Gamma Theta Upsilon and officers and possible disciplinary action against responsible individuals. The Comptroller and Historian will periodically review these procedures with legal counsel or a certified CPA to ensure that they are in compliance with new or revised regulations (see by-laws Article IX.8.).
f) Definition of a Record. For purposes of this policy, a “record” is any document created to be a final product. Examples would include forms, such as award application forms; initiation report forms; meeting agendas and minutes including all submitted reports; contracts and agreements; spreadsheets; invoices, bank and investment statements; correspondence that concludes a process, such as a letter to a scholarship recipient announcing the award. One hardcopy of each electronic record should be created for archival purposes.
g) Communications. For purposes of this policy, communications include letters, memos and emails. Often a series of communications precedes the creation of a “record”. When this is the case, it is important to retain a hardcopy of those communications to be able to document how a particular situation was handled. Examples would include correspondence that resulted in a contract with a vendor, or correspondence that documents how the organization responded to a complaint or request. This policy considers each “record” and its associated correspondence as a package. The retention and destruction schedule listed below applies to the packages.
h) Schedule.
All financial records – retained by the comptroller for four years, then forwarded to the archives (Historian). One hardcopy of each electronic record should be created for archival purposes.
Membership records – copies of all initiation records kept by the Executive Secretary; hardcopies submitted to the archives annually (Historian).
Meeting minutes/agendas/reports – copy kept by the Executive Secretary; hardcopies submitted to the archives annually (Historian).
Publications – One copy sent to the archives (Historian); five copies kept by the GB editor.
Communications – hardcopy of relevant communications within the organization forwarded to the Historian annually to be sent to the archives.