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Record retention policy

Oxfam America adheres to US accounting standards and endeavors to use best practices with regard to the retention and destruction of records. The guidelines below are for all financial records maintained or generated at agency headquarters in Boston. Regional offices may retain records longer than the guidelines according to local law and custom, but in no case should records be destroyed in a time frame that is shorter than below.

Retention guidelines

FINANCIAL DOCUMENT TYPE

RETAINED FOR

 

Accounts payable (A/P) ledger

 

7 years

 

Invoices from vendors

 

7 years as support for A/P ledger

 

Invoices from OA to partners/suppliers

 

7 years

 

General ledger (G/L) transaction data

 

7 years

 

Transactional support work papers

 

7 years as support for G/L

 

Fixed-asset paid invoices/documentation

 

5 years after asset disposal

 

Revenue ledger

 

7 years

 

Supporting documentation for revenue (contribution) transactions

 

7 years

 

Correspondence, contracts, work papers relating to permanently restricted funds and temporarily restricted funds treated as endowment funds

 

Permanent

 

Internal audit work papers, analyses & correspondence supporting any material financial transactions or balances for audited financials or any other audit or review, including reviews by grantors of Oxfam America work

 

7 years

 

Work papers related to 990 filings including functional expense allocations

 

7 years

 

Final 990 filings

 

Permanent

 

Charts of accounts

 

Permanent

 

Bank statements

 

Permanent

 

Contracts and leases

 

Permanent

 

Correspondence—legal and audit

 

Permanent

 

Employee payroll records

 

Permanent

 

Time and attendance reports

 

7 years

 

Training materials

 

Permanent

 

Union agreements

 

Permanent

Records for the current year and a minimum of one year prior are maintained securely on-site in compliance with Massachusetts and federal privacy laws.

Prior-year records are maintained off-site at a reputable document management and storage facility that meets or exceeds the Massachusetts and federal privacy law standards. Records must be maintained in such a way that they are accessible for review by auditors and grantors upon request.

Destruction guidelines

At the expiration of the retention period, all financial documents will be destroyed fully by shredding on-site or at the document management facility in order to safeguard privacy.

In the event that any inquiry into any aspect of finances is under way, or any employee or officer of Oxfam America has any knowledge that such an inquiry might be undertaken, all document destruction will be immediately suspended until the inquiry has been satisfied. The agency does not condone and will not tolerate destroying, altering, or falsifying records with the intent to impede or influence such an inquiry. Should such an event occur, the agency will pursue all legally available means and remedies.

Regional offices

Regional offices may establish their own record retention policies where local law or custom dictates longer retention of records. In no case may the regional office retain records for less than the periods of time indicated in the table above. Where regional office policies differ, regional directors should ensure that there is a written policy, and that the current version of this policy is on file in Boston with the controller.

Retention of other records

The following other areas of the agency maintain records in a manner consistent with Massachusetts and federal privacy laws and other employment or business law:

Executive office—board and governance documents

Human resources—personnel and employment documents

Resource development—donor records, donor transactional records, pledges, and contracts in compliance with Massachusetts Payment Card Industry standards

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