About this copy. This is the published text. The names of individuals and any street addresses have been omitted. Nothing else has been changed.
Complete signed copies are on file with the Corporation and are available to anyone with a proper purpose under KRS Chapter 273.
Document Retention & Destruction Policy — Automate the Cloud Inc.
1. Purpose
To ensure the Corporation retains records for the periods required by law and sound practice, and disposes of them properly. This policy also helps the Corporation answer "Yes" to the corresponding governance question on IRS Form 990.
2. Responsibility
The Secretary (with the Treasurer for financial records) administers this policy and ensures records are stored securely (physical and electronic) and backed up.
3. Retention Schedule
| Record type | Retain |
|---|---|
| Articles of Incorporation, Bylaws, amendments, IRS determination letter | Permanent |
| Board minutes, policies, and signed acknowledgments | Permanent |
| Federal & state tax filings (990 series, exemption applications) | Permanent |
| Financial statements, general ledger, bank statements | 7 years |
| Accounts payable/receivable, invoices, expense records | 7 years |
| Grant and scholarship files (agreements, use reports) | 7 years after completion |
| Contracts and leases | 7 years after expiration |
| Payroll/employment records (if any employees) | 7 years |
| Insurance policies | Permanent (or per carrier) |
| Correspondence (general) | 3 years |
| Electronic records/email of significance | Per the category above |
4. Legal Hold (Suspension of Destruction)
If litigation, an audit, or a government investigation is reasonably anticipated, the President (or Secretary) shall suspend all destruction of potentially relevant records immediately and until the matter is resolved. Destroying records under a legal hold is prohibited.
5. Destruction
Records past their retention period may be destroyed under the Secretary's supervision (shredding for paper; secure deletion for electronic), unless subject to a legal hold.
6. Review
Reviewed periodically by the Board and amended as needed.