Records Retention Policy

Records Retention Policy

It is the policy of the Alliance for Metal Clay Arts Worldwide, Inc. (AMCAW) to retain records as required by law and to destroy them when appropriate. The formal records retention policy of AMCAW is listed below.

In addition to the retention of the documents listed below, all of AMCAW’s internal communications takes place and is stored on Basecamp where all correspondence and records are permanently retained. Basecamp backups all files daily on secure servers. Should AMCAW cease to use Basecamp, all files will be downloaded prior to leaving the service and stored in electronic storage with daily backups.

Accounts payable ledgers and schedules – 7 Years
Accounts receivable ledgers and schedules – Permanently
Audit reports – Permanently
Bank reconciliations – 7 Years
Bank statements – 7 Years
Chart of Accounts – Permanently
Cancelled checks – 7 Years
Contracts, notes and leases – 7 Years (after termination)
Correspondence:
      General – 3 Years
      Legal and important matters only – Permanently
      Personnel – 7 Years (after termination)
      Routine external correspondence – 3 Years
Deeds, mortgages and bills of sales – Permanently
Depreciation schedules – 7 years
Deposit slips – 3 Years
Employment Applications – 3 Years
Expense Reports (employee) – 7 Years
Financial statements:
      Year end – Permanently
      Other – 3 Years
      Garnishments – 3 Years (after termination)
      General ledgers and Journals – Permanently
Insurance policies – 3 Years (after termination)
Insurance records, claims, etc. – Permanently
Internal audit reports – 3 Years
Internal reports – 3 Years
Inventories of products, materials and supplies – 7 Years
Invoices (to members/sponsors, from vendors) – 7 Years
Minute books of board meetings, bylaws and charters – Permanently
Notes receivable ledgers and schedules – 7 Years
Payroll records and summaries – 7 Years
Personnel records – 7 Years (after termination)
Tax returns and worksheets, examination reports and other documents relating to determination of income tax liability – Permanently
Time sheets/cards – 7 Years
Trademark registrations and copyrights – Permanently
Training manuals – Permanently
Withholding tax statements – 7 Years

Adopted by the AMCAW Board of Directors on October 12, 2021.