VFW WI District 8

Veterans of Foreign Wars Organizational Record Retention Guide

Posted at 02:42 PM on Friday, September 4, 2009 by Mike Borg, District QM

The following list has been compiled in response to requests from Posts in the District that have asked how long retain certain files and records. Please keep in mind that this list does not have the effect of law, and a judicious amount of common sense should be used when applying it to your Post.

Recond Name:                                   Retention:                                                               

Accounts payable invoices - 3 years

Accounts payable ledger - Continuing record

Accounts receivable ledger - 5 years

Annual financial reports - Permanent

Annuity & deferred payment plans - Continuing record

Audit reports, annual - 10 years

Audit reports, periodic - 2 years

Audit work papers - 3 years

Balance sheets - Permanent

Bank deposit slips - 3 years

Bank statements - 3 years

Bills of Lading - 2 years

Bonds - Fidelity - 3 years after termination

Bonds - Surety - 3 years after termination

Budgets - 3 years

By-Laws - Until superseded

Cancelled checks - 3 years

Cash receipt records - 7 years

Certified Annual Financial Statements - Permanent

Community Activity Reports - 3 years

Contracts - Permanent

Correspondence, executive - 10 years

Correspondence, general - 5 years

Depreciation schedules - Permanent

Election of Officers Reports - 5 years

Employee records - 4 years

Employee contracts - 6 years after termination

Employee withholding records - 4 years

Employee accident reports - 30 years after settlement

Employee insurance records - 11 years after termination

Employee termination - 5 years

Entertainment, gift & gratunity records - 3 years

Expense vouchers - 3 years

Fidelity bonds - 3 years after termination

Financial reports, annual - Permanent

Financial reports, periodic - 2 years

Freight bills - 3 years

Freight claims - 2 years

Garnishments - 5 years

General ledger - Permanet

Income statements, annual - Permanent

Income statements, periodic - 2 years

Incorporation papers - Permanent

Inspection reports - 3 years

Insurance records, general - Policy expiration

Inventory records - Permanent 

Labor cost records - 3 years

Lease records - 3 years after termination

Membership applications - Permanet * 2

Membership rosters - 5 years

Minutes of Post meetings - 5 years * 1

Payroll register - 3 years

Periodic financial reports - 2 years

Petty cash records - 3 years

Postal records - 1 year after end of fiscal year

Property records - Permanent

Ouartermaster reports - 5 years * 3

Shipping & Receiving documents - 2 years

Tax records - Permanent

Special Notes;

* 1.  In some instances, it may be advisable to retain the minutes of Post meetings when those minutes contain policy decisions. Normally, however, those policy decisions would have been incorporated into the Post By-Laws, and the minutes would only be of minor historical significance.

* 2.  Membership applications should be retained as a permanent record to aid in establishing length of membership, original eligibility, and other items of historical value.

* 3.  Monthly Quartermaster reports usually prove to be "dead files" once the quarterly and annual audit reports are completed. However, it is recommended that they be retained for a period of five years, should a detailed reconstruction of the Post's financial situation be required by an auditor or IRS.

Important Note : Obviously, the foregoing list is not all - encompassing, nor is it intended to be. A good rule of thumb in determining what files and records to keep is that if the file or record has no financial or historical significance, then it is probably time to dispose of it.

Submitted By: 8th District Q.M. Mike Borg