Policy
In order to be in compliance with current law for non-profit organizations, (the Sarbanes-Oxley Act), the Altamont Free Library adopts the following policy for records retention and disposal of obsolete records. New York State Department of Education guidance on this matter may be found at: http://www.archives.nysed.gov/common/archives/files/MU-1.pdf
Altamont Free Library will additionally abide by any other permanent or temporary records retention mandates or requirements established by local, state, or federal authority.
The Board of Trustees shall form a Committee which will meet at least once a year for the purpose of record review. The Committee will include the Director, the Board President, Vice President, the Treasurer, and the Secretary. The following table provides minimum retention requirements.
| Type of Document | Minimum Requirement |
| Accounts payable ledgers and schedules | 7 years |
| Audit reports | Permanently |
| Bank Reconciliations | 2 years |
| Bank statements | 3 years |
| Checks (for important payments and purchases) | Permanently |
| Contracts, mortgages, notes and leases (expired) | 7 years |
| Contracts, mortgages, notes and leases (still in effect) | Permanently |
| Correspondence (general) | 2 years |
| Correspondence (legal and important matters) | Permanently |
| Correspondence (with customers and vendors) | 2 years |
| Deeds, mortgages, and bills of sale | Permanently |
| Depreciation Schedules | Permanently |
| Duplicate deposit slips | 2 years |
| Employment applications | 3 years |
| Expense Analyses/expense distribution schedules | 7 years |
| Year End Financial Statements | Permanently |
| Insurance Policies (expired) | 3 years |
| Insurance records, current accident reports, claims, policies, etc. | Permanently |
| Internal audit reports | 3 years |
| Inventories of products, materials, and supplies | 7 years |
| Invoices (to customers, from vendors) | 7 years |
| Minute books, bylaws and charter | Permanently |
| Patents and related papers | Permanently |
| Payroll records and summaries | 7 years |
| Personnel files (terminated employees) | 7 years |
| Retirement and pension records | Permanently |
| Tax returns and worksheets | Permanently |
| Timesheets | 7 years |
| Trademark registrations and copyrights | Permanently |
| Withholding tax statements | 7 years |
Adopted January 11, 2010
Reviewed November 16, 2020
Reviewed November 18, 2021
Reviewed November 18, 2025
