Q&A

keeping financial records

How long should the PTO keep financial records? And which records should be kept? Should all paperwork relating to the budget be stored, such as deposit forms, check/cash requests? or just monthly bank statements, monthly budget reports and annual 990s?
- Marcia

Keep monthly treasurer reports for three years. Keep bank statements, canceled checks, check registers, and Form 990s for seven years. Keep incorporation papers, Form 1023, IRS determination letter for 501c3, meeting minutes, end-of-year treasurer reports, and annual reports permanently. You can download a checklist with this information from the File Exchange. Items like deposit forms and check requests can be discarded after you've done your end-of-year audit.
- Craig
Links in this post:

checklist with this information: https:/classic.ptotoday.com//filesharing/document/1030-pto-record-retention-rules