Influence

 the shape of leadership

FAQ: How Long Should We Keep Certain Church Records?

Doug Clay answers frequently asked questions concerning church business practices

Doug Clay on February 28, 2017

How long should we keep certain church records?
We recommend a church establish a records retention policy. The following list offers some retention guidelines. Boxes containing records should indicate a description of the documents enclosed, the time period that they relate to (i.e.,“2010 Accounts Payable”), and how long the documents should be kept. If they are to be kept permanently, they should be marked “Do Not Destroy” or something similar.

Some documents, because of their vital nature to the church, should be stored in a protective environment, such as a safe, a safe deposit box, or some other secure and protected location.

These are marked in the following list with an asterisk.

Records to be kept permanently:

  • Corporate records, including articles of incorporation and bylaws.*
  • Minutes to board meetings, including all related reports.
  • Audit reports.
  • Annual financial statements.
  • Tax returns submitted to the IRS or state.
  • Annual corporate filings or returns.
  • Tax-exemption documents and correspondence for income, sales, property or other taxes.*
  • Property records.*

Records to be kept 10 years:

  • Insurance policies.

Records to be kept seven years:

  • Bank statements, cancelled checks and bank reconciliations.
  • Worksheets and supporting documents for tax returns.
  • IRS Form W-2s and 1099s.
  • Payroll tax records, including payroll registers, housing allowance forms, W-4 forms, and payroll deductions.
  • Employee expense reports.
  • Employee personnel records (keep seven years after separation from employment).
  • Contracts and related correspondence (keep seven years after expiration or termination).
  • Investment records (keep for seven years after sale of the investment).
  • Annual audit records and worksheets (keep seven years after the audit).
  • Insurance letters and correspondence.
  • Individual giving records.
  • Accounts payable records, schedules and related paid invoices.
  • Tax bills, receipts and statements.

Records to be kept two years:

  • Time cards, time sheets.
  • Individual offering envelopes.

This article was originally published on ag.org and has been used with permission. For more resources from the General Treasurer’s office, click here.

Disclaimer: The purpose of this FAQ is to provide basic information regarding church administration. Information contained within is generic in nature and is intended as a guide, not a substitute for seeking professional advice specific to your church or any state laws. If you have explicit concerns, please consult a professional.

RECOMMENDED ARTICLES
Don't miss an issue, subscribe today!

Trending Articles





Advertise   Privacy Policy   Terms   About Us   Submission Guidelines  

Influence Magazine & The Healthy Church Network
© 2024 Assemblies of God