National Association of Geoscience Teachers
Record Retention Policy

Approved by NAGT's Executive Committee on September 17, 2010

The National Association of Geoscience Teachers, herein after referred to as NAGT, shall retain records for the period of their immediate or current use, unless longer retention is necessary for historical reference or to comply with contractual or legal requirements. Records and documents outlined in this policy include paper, electronic files (including e-mail) and voicemail records regardless of where the document is stored, including network servers, desktop or laptop computers and handheld computers and other wireless devices with text messaging capabilities.

In accordance with 18 U.S.C. Section 1519 and the Sarbanes Oxley Act, NAGT shall not knowingly destroy a document with the intent to obstruct or influence an "investigation or proper administration of any matter within the jurisdiction of any department agency of the United States . . . or in relation to or contemplation of such matter or case." If an official investigation is underway or even suspected, document purging must stop in order to avoid criminal obstruction.

In order to eliminate accidental or innocent destruction, NAGT has the following document retention requirements:

TYPE OF DOCUMENT

MINIMUM REQUIREMENT

Accounts Payable Ledgers and Schedules

7 years

Annual Meeting Records

7 years

Audit reports

15 years

Bank Reconciliations

3 years

Bank Statements

3 years

Checks (for important payments and purchases)

7 years

Contracts

7 years

Correspondence (general

3 years

Correspondence (legal, tax and corporate important matters)

Permanently

Revenue & Expense Analysis or Schedules

7 years

Year End Financial Statements

15 years

Insurance Policies (expired)

3 years

Insurance Records, Accident Reports, Claims

15 years

Invoices (to customers, from vendors)

7 years

Bylaws and Charter

Permanently

Minutes

15 years

Tax returns and worksheets

15 years