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Author: TwoCybers Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121333  
Subject: 501(C3) Records retention Date: 3/12/2011 10:37 AM
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What types and how long do 501(C3) corporations retain records? I am involved with such an organization. They make a ton of small local purchases - things like $8.51 from a grocery or office supply store. All those register tapes are different sized and often fade to the point of being unreadable in a few months. If we keep a Quicken register of expenditures is that adequate? If it matters the total annual budget is in the range of $100K.

Gordon
Atlanta
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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 112683 of 121333
Subject: Re: 501(C3) Records retention Date: 3/12/2011 11:36 AM
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Have you considered scanning them? I would not want to face an audit with a Quicken register.

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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 112684 of 121333
Subject: Re: 501(C3) Records retention Date: 3/12/2011 1:15 PM
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What types and how long do 501(C3) corporations retain records? I am involved with such an organization. They make a ton of small local purchases - things like $8.51 from a grocery or office supply store. All those register tapes are different sized and often fade to the point of being unreadable in a few months. If we keep a Quicken register of expenditures is that adequate? If it matters the total annual budget is in the range of $100K.

This is a question better posed to the accountant that prepares your organization's annual tax filings. Assuming from your signature that your 501(c)3 is located in GA, you may not be using an accountant since GA doesn't require independent review of financial statements until annual revenues exceed $500K.

Records should be kept as long as they are needed for tax administration purposes (think audit) or as long as required by state regulation.

Ira

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Author: CABob Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 112686 of 121333
Subject: Re: 501(C3) Records retention Date: 3/12/2011 1:25 PM
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Neat Receipts http://www.neatco.com/products

Bob

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Author: organjess One star, 50 posts Old School Fool CAPS All Star Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 112698 of 121333
Subject: Re: 501(C3) Records retention Date: 3/13/2011 7:20 PM
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The organizations I serve as treasurer have told me to keep receipts for 3-7 years in case we get audited. (Just stick them in a box and label the year on it....and toss in 7 years or so....) Even if they fade or whatever, you can still wave them at your IRS auditor and say, "here they are!"

Definitely keep budgets and financial reports longer.

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