The following suggested retention periods (7-10 years) are based on legal requirements as well as practical considerations:
7-Years
- 1096 and 1099 forms
- 941 and 944 forms
- Accounts payable ledgers and schedules
- Contracts and leases (expired)
- Depreciation schedules
- Electronic payment records
- Employee benefit plan records
- Employment taxes
- Ex-employee files (retain screening forms permanently)
- Expense records
- FICA
- General ledgers
- Housing allowance forms
- Inventory Records
- Loan payment schedules
- Maps (if of historical importance, retain permanently)
- Notes receivable ledger and schedules
- Option records (expired)
- Parsonage allowance forms
- Payments to pensioners
- Payroll records
- Petty cash receipts
- Property appraisals
- Purchase orders
- Salary reduction agreements (employee)
- Sale of donated property valued over $5,000 forms
- Sales records
- Scrap and salvage records (inventory, sales, etc.)
- Stock and bond records
- Subsidiary ledgers
- Tax returns and other IRS documents
- Time books
- Vouchers for payments to vendors and employees
- W-2 and W-3 forms
- Wills, bequests
10-Years
- Annual contribution credit statements
- Cancelled checks-ordinary checks
- Check stubs
- Deposit Slips
- I-9 forms
- Invoices to customers and from vendors
- Receipts
- W-4 forms
You may want to keep some records longer than suggested.
Related Posts:
How Long Should We Keep Church Records-Summary
Church Records Retention: Keep These 1-3 Years
