Retention Policy for Donations

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Jen Branstrom
Jen Branstrom
Ninth Anniversary Socialite Level 5
in Blackbaud Raiser's Edge NXT®: General Discussion
Wondering what other private schools have for retention policy of donations paperwork, how long do you keep them?  Do you know what the IRS standard is?


Thanks,


Jen B.

Assistant Director of Advancement Services

Canterbury School

New Milford, CT
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  • Stephanie Ulmer
    Stephanie Ulmer
    Ancient Membership 100 Comments 25 Likes Photogenic
    We keep temporary and unrestricted documentation for 7 years. Permanently restricted we keep permanently.
  • Karen Stuhlfeier
    Karen Stuhlfeier Community All-Star
    Tenth Anniversary 1,000 Likes 500 Comments Photogenic
    What kind of documentation does everyone save? Most checks come in the mail without any other documentation and are electronically deposited so copies of the checks are saved by the bank. The information about the check is in the RE gift record along with the information about how and when the gift was receipted and acknowledged. If you save copies of specific paperwork in the media tab, do you need to save the physical copy? I'd be interested to know what people think is necessary to save? 
  • Jen Claudy
    Jen Claudy
    Tenth Anniversary 1,500 Likes 1000 Comments Name Dropper
    Almost 5 years ago, we moved to electronic filing.  All gift paperwork, ack letters, customized/personalized appeal letters, personal notes and birthday cards, proposals, etc. are scanned and then added to RE.  Either Media Tab in RE:7 or now Attachments Tiles in RE:NXT (or sitting in a folder, waiting on a Gifts Attachment Tile).


    Our CFO requested that we keep the paper copies until that FY has been audited, then we can shred.  Finance keeps their copies on a retention schedule approved by our auditors. 


    The hard copies of the gift paperwork go in a file box, roughly chronologically, and I add a slip sheet of colored paper between fiscal years.  I generally have a tray on my bookcase and when it gets full, I move that paperwork to the box, pulling out and shredding an equal amount from the other end.  So right now, we have about 2.5 years of paperwork in the box.  (We also have a relatively small volume of gifts.)


    In addition to filing in RE, I do keep backup copies on our network.  Just in case.  Each file is named with a code, so it's possible to search and find what you're looking for.  A gift from Robert Hernandez would be coded c4567891+2016-06+g12345 Hernandez.pdf where his Constituent ID is 4567891 and the Gift ID is 12345.  The last name at the end makes it easier to add the ack letter scan to the paperwork file without needing to open his record (since right now, we're just storing gift paperwork ready and waiting for the NXT Gifts Attachment Tile).
  • Faith Murray
    Faith Murray
    Ninth Anniversary 2,500 Likes 1000 Comments Photogenic
    Our college still uses paper copies. We keep xerox copies of all checks/gifts, for 7 years (7 years is the IRS standard), in a secure storage area. After 7 years, we shred them. The records remain in RE permanently. Of course, we are a smaller org, with less than 8000 gifts per fiscal year, so it doesn't take up too much space. A larger org might prefer digital records. If you keep digital, though, be sure to keep a hard backup somewhere secure, in a fire- and emergency-safe location.


    Technically, if your Finance dept already keeps record of your checks, your fundraising department may not have to.

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