by Lorena
(Richmond, VA)
How long do I need to retain records of contributions to the church? The church I work for has been saving them forever, including the numbered donation envelopes. I would like to destroy all the envelopes and as much of the other records as practical.
Thank you.
1Comments
Donor Record retention
BBill OConnell
Different men and women of goodwill disagree. I believe 3 years are plenty since the IRS ability to audit taxpayers virtually disappears at that point.
HOWEVER, be sensitive if there is personal financial information in those files (particularly copies of checks). Unprotected files containing this type of data violates the law in most states. If this is the case destroy all these records within a couple of months - after the banking transactions have been reconciled.
HOWEVER, be sensitive if there is personal financial information in those files (particularly copies of checks). Unprotected files containing this type of data violates the law in most states. If this is the case destroy all these records within a couple of months - after the banking transactions have been reconciled.