Policies & Financials

The Grand Island Public Schools Foundation takes seriously its obligation to preserve information relating to litigation, audits and investigations. The Sarbanes-Oxley Act of July 30, 2002, makes it a crime to alter, cover up, falsify, or destroy any document to prevent its use in an official proceeding. Failure on the part of employees to follow this policy can result in possible civil and criminal sanctions against GIPS Foundation and its employees and possible disciplinary action against responsible individuals (up to and including termination of employment).

Each employee has an obligation to contact the Executive Director or Board President of a potential or actual litigation, external audit, investigation or similar proceeding involving the GIPS Foundation. The information listed in the retention schedule listed below is intended as a guideline and may not contain all the records the GIPS Foundation may be required to keep in the future. Questions regarding the retention of documents not listed in this chart should be directed to the Executive Director. Any documents with a signature require a hard copy.

Corporate Records
Articles of Incorporation - Permanent
Bylaws - Permanent
Board and committee meeting minutes - Permanent
Board of Trustees Conflict of Interest disclosure forms - 7 years

Finance & Administration
Accounts payable ledger - 7 years
Accounts receivable ledger - 7 years
Auditor management letters - Permanent
Bank deposits & statements - 7 years
Umbrella Account Applications - 7 years after completion
Chart of accounts - 7 years
Check register & checks - 7 years
Contracts & agreements - 7 years after expiration
Correspondence – general - 7 years
Equipment files & maintenance records - 7 years
Expense reports - 7 years
Financial statements (audited) - Permanent
Payroll Entries - 7 Years
General ledgers & journals (includes bank reconciliations, fund accounting by quarter, payouts allocation, single fund allocation, trust statements) - 7 years

Grants made by GIPSF
Approved grants (includes scholarships) – all documentation supporting grant payment, including application/recommendation, due diligence, grant agreement letters, grant transmittal letters, and post grant reporting information, if any.
 - 7 years after completion of funded program, or date of grant if general operating support

Grants to GIPSF
Grant Request, award letters & other correspondence - Permanent
Financial Reports - Permanent

Insurance
Policies – occurrence type - Permanent
Policies – claims-made type - Permanent
Insurance related reports - 7 years

Investment
Investment performance reports - 7 years
Investment manager correspondence - 7 years
Investment manager contracts - 7 years after all obligations end
Investment consultant reports - 7 years

Real Estate
Deeds - Permanent
Leases (expired) - 7 years after all obligations end
Mortgages, security agreements - 7 years after all obligations end
Purchase agreements - 7 years after disposition requirement

Tax
Correspondence with legal counsel or accountants, not otherwise listed - 7 years after return is filed
IRS exemption determination & related correspondence - Permanent
Tax audit closing letters - Permanent
Tax returns (990. W-2’s) - Permanent
Withholding tax statements - 7 years

Fund Agreements 
Signed fund Agreement forms (originals) - Permanent
Signed advised fund recommendation forms - Permanent
Pledge agreements including payroll deduction forms - 4 years after completion

Consulting Services
Consulting contracts - 7 years after all obligations end

Human Resources
Benefits: retirement plans (plan descriptions, plan documents) - Permanent
Benefits: welfare plans (plan descriptions, plan documents) - 7 years
Consultant contracts/files (expired) - 7 years after all obligations end
Employment offer letter - 7 years after all obligations end
Disability & sick-benefit records - Permanent
Employment applications - 3 years
Employee handbooks - Permanent
Employee personnel files - Permanent
Payroll Registers / W-2/ 1099 - Permanent
Workers comp claims (after settlement) - 7 years

Technology
Software licenses & support agreements - Same as legal requirement