Question:
What is the minimum requirement for storing hard copy documents and which ones are required? Ex contracts, financials, insurance etc?
– Crystal
Answer:
Hi Crystal,
The South Carolina Nonprofit Corporation Act Section 33-31-1601 discusses corporate records, though it does not explicitly state how long to keep records. Subsection (d) states: “A corporation shall maintain its records in written form or in another form capable of conversion into written form within a reasonable time.”
Subsection (e)(4) and (e)(5) does make mention of a timeframe for minutes and financial statements:
“4) the minutes of all meetings of members and records of all actions approved by the members for the past three years;
(5) all written communications to members generally within the past three years, including the financial statements furnished for the past three years under Section 33-31-1620;”
Your association’s governing documents may also contain provisions regarding the storage of records. Generally, though, it is good practice to keep financial records for 4 years and legal documents for 6 to 10 years.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
