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Destroying records
Posted: Sun May 15, 2022 1:02 pm
by PLitada
Can someone please tell me how long a church is required to keep financial records as well as contribution records? I'm thinking anything beyond 7 years can be shredded but I was kind of thrown into this job so I am still learning day by day. We have boxes and boxes of bills and contribution envelopes that date back 20 years sitting in an attic and for the life of me I can't see that they are serving any purpose. Any help would be greatly appreciated.
Re: Destroying records
Posted: Sun May 15, 2022 8:53 pm
by NeilZ
PLitada wrote: ↑Sun May 15, 2022 1:02 pm
Can someone please tell me how long a church is required to keep financial records as well as contribution records? I'm thinking anything beyond 7 years can be shredded but I was kind of thrown into this job so I am still learning day by day. We have boxes and boxes of bills and contribution envelopes that date back 20 years sitting in an attic and for the life of me I can't see that they are serving any purpose. Any help would be greatly appreciated.
I'll refer you to the chart on page 26 in IRS Pub 1828:
Code: Select all
TYPE OF RECORD LENGTH OF TIME TO RETAIN
Records of revenue Retain for at least four
and expenses, years after filing the
including payroll returns to which they
records. relate.
I usually suggest that you retain at least 7 years of records. As far as contribution envelopes, I suggest trashing them as soon as the entry is made and verified by the contribution entry team. There's really no need to retain those since the data is now in the system.
I'd run anything you do past your finance or stewardship committee first, but I'd also print off the IRS pub for support.