Record retention policy
This is a draft for consideration at the August Board Meeting.
Record Retention and Document Destruction Policy
Introduction
Record retention and document destruction are distinct but complementary issues. Record retention balances the need for an organization to maintain accurate and appropriate files with the challenge of limited physical and electronic space for archives. All businesses need to keep documents that preserve institutional history for strategic planning, regulatory compliance, and legal purposes. The Sarbanes-Oxley Act of 2002 forbids purging of documents when any organization — nonprofit or for- profit — is under federal investigation. Document destruction policies provide guidelines for the proper disposal of records and prevent destruction of relevant documentation if the organization is involved in litigation. It is a federal crime to alter, cover up, falsify, or destroy any document to prevent its use in an official proceeding. Retention and destruction policies are helpful under any circumstances. When already in place, these policies not only help nonprofits retain appropriate historical and legal documentation, but they also clarify the steps to take if a federal investigation ever takes place.
Record Retention and Document Destruction Policy
The Wiki Society of Washington D.C., Inc. (“Society”) takes seriously its obligations to preserve information relating to litigation, audits, and investigations. The Sarbanes-Oxley Act of 2002 makes it a crime to alter, cover up, falsify, or destroy any document to prevent its use in an official proceeding. Failure on the part of employees to follow this policy can result in possible civil and criminal sanctions against the Society and its employees, directors and officers and possible disciplinary action against responsible individuals up to and including termination of employment.
The Society will retain documents in accordance with Generally Accepted Accounting Practices and applicable laws. From time to time, the President, Chair of the Legal Committee, or the Chair of the Audit Committee may issue a “legal hold,” suspending the destruction of any records due to pending, threatened, or otherwise reasonably foreseeable litigation, audits, government investigations, or similar proceedings. No records specified in any legal hold may be destroyed, even if the scheduled destruction date has passed, until the legal hold is withdrawn in writing by the person placing the hold, unless said destruction is required by law.
Records may be destroyed by any means that ensures that any Personally Identifiable Information (PII) is irrevocably inaccessible. Personally Identifiable Information refers to information which can be used to distinguish or trace an individual’s identity, including (but not limited to) their name, social security number, biometric records, credit card information, date or place of birth, mother’s maiden name, or other information that either alone, or in combination with other personal or identifying information is linked or linkable to a specific individual.