IEEE Region 3 Leadership Development Committee Section Treasurer Training

Responsibility and Functions of an IEEE Section Treasurer

RECORD RETENTION FOR IEEE SECTIONS

General Accounting Records Item Retention Period Cash Receipts Ledger Permanent Disbursements Ledger Permanent Investments Ledger Permanent Loans Receivable Ledger 7 years Annual Financial Reports(L50) Permanent Audit Reports Permanent Summary Support Journal (if applicable) 3 years Cancelled Checks 7 years Bank Statements & Reconciliations 7 years Support Vouchers for Payables (Paid Invoices) 7 years Expense Reports 7 years

Tax Records Item Retention Period Tax Records and Support Data (W-2s, W-9s, 1099s, Gift Acknowledgement letters) 6 years

Personnel Records Item Retention  Period Payroll Records 3 years Cancelled Paychecks 7 years

General Administrative Items Item Retention Period Contracts & Leases (after termination) 10 years Postage Meter Record Book 1 year General Correspondence 1 year

IEEE Related Items Item Retention Period Charter* Permanent Bylaws* Permanent Minutes Permanent Annual Report of Outgoing Chair Permanent Historical Records, including records of Section Officers. 6 years

(E-mail correspondence can be kept as hardcopy or on diskette.)
*These items, when submitted, are retained in storage by IEEE.
For reference, refer to:
Treasurer’s Handbook: A Guide to IEEE Financial Operations

Previous Section Next