Record Retention and Management Policy
Record Retention and Management Policy
- Authentic, complete, reliable, unaltered and useable Records (as defined below) are needed by the Association of Retirees of the Inter-American Development Bank (the “Association”) to (a) ensure its business continuity, transparency, accountability, compliance with its own policies and commitments made to Members, clients, stakeholders and partners, and the Association’s rights and obligations to satisfy legal, accounting and other requirements, and (b) safeguard the Association’s institutional and legal interests.
- This Policy on Records Retention and Management (the “Policy”) establishes the principles for managing Records within the Association. The Policy is meant to achieve the following key outcomes:
- Records are managed and disposed of effectively and systematically to support the achievement of the Association’s mission, its operational needs, and its compliance with legal requirements.
- Records Management is an identifiable and integral element of all Association functions and processes.
- Set forth responsibilities for capturing, organizing, sharing, disclosing, preserving, and disposing of Records to all Association personnel and relevant stakeholders.
- Records with a historical, legal, fiscal, and informational value are properly protected and preserved.
- Non-compliance with this Policy may affect the Association’s reputation, its operational effectiveness, and its ability to comply with its legal obligations and may constitute a violation of its Code of Conduct and/or result in the imposition of disciplinary sanctions or the pursuit of legal remedies.
- This Policy applies to all Association staff members, consultants, volunteers, and Directors (jointly, “Association Personnel”), whether in the United States, in one of the Association’s Chapters or elsewhere, and governs Records in all formats, created or received by Association Personnel in the performance of their duties. This Policy does not apply to vendors and their employees.
- The Association Board of Directors will be responsible for the final determination of issues that may arise regarding the interpretation of this Policy, consistent with the principles established herein. The Association’s Legal Advisory and Governance Committee shall be consulted with respect to any possible changes, exceptions, and questions regarding this Policy.
- Non-Records: Information neither created nor received by Association Personnel in the performance of their duties (also referred to as “Private Information”) and the following information created or received by Association Personnel in the performance of their duties:
- Copies of Records already captured in the applicable Records Management System, managed only for convenience of reference, of which no action is recorded or taken;
- Any e-mail, provided that a copy has been captured in the applicable Records Management System;
- Junk mail/spam;
- Recipient copies of internal communications;
- Unsolicited advertising and announcements;
- Personal notes on meetings or conferences;
- The following transitory messages, which may be created in many formats such as e-mail, instant messaging, text messaging, or paper correspondence: reminders about scheduled meetings or appointments, telephone messages (whether in paper, voice mail or other electronic form); announcements of Association events (other than notices of Association meetings), and recipient copies of announcements of Association sponsored events, such as lectures, workshops, lunches, etc.
- Drafts and preliminary versions of documents; and
- Any e-mail, instant messaging, or paper correspondence, aside from the final reports or official versions, generated as part of the work, deliberations or discussions of the Board of Directors, Committees, working groups and similar bodies of the Association are also “Non-Records”.
- Records: Information created or received by Association Personnel in the performance of their duties, with the exception of Non-Records. Records must be captured, classified, managed, maintained, preserved and/or disposed of. Records are both evidence of business activity and information assets – and as such, Records document Association policies, decisions, processes, activities, and transactions for accountability purposes and to support the needs of the Association. This information includes, without limitation, documents, correspondence, photographs, promotional materials, recordings, invoices, and web pages, created or received by or on behalf of the Association.
- Records Centers: Areas that store Physical Records at the Association Offices or at the Inter-American Development Bank (the “IDB”) record storage facilities.
- Records Management: Field of management responsible for the efficient and systematic control of the capture, classification, use, maintenance, and disposition of Records, including processes for capturing and maintaining evidence of and information about business activities and transactions in the form of Records.
- Records Management System: Information system designed to support the capture, organization, sharing, disclosure, preservation, and disposition of Records over time. With the support of the IDB, the Association uses the system EzShare to manage and maintain its Unstructured Records. The IDB may also use other databases and software applications to maintain Records and the definition of “Records Management System” should be construed to encompass any such database and software application.
- Retention Schedule: Tool that describes primary business functions and the types of Records maintained by the Association and determines the mandatory minimum length of time that Records must be preserved, after which they can be destroyed. The Association shall implement the Retention Schedule from time to time, in accordance with this Policy and the principles set forth in Annex I, attached hereto and made a part hereof.
- Structured Records: Records with a high degree of organization, such that inclusion in a relational database is seamless and readily searchable by simple, straightforward search engine algorithms or other search operations.
- Unstructured Records: Records that either do not have a predefined data model or that are not organized in a predefined manner.
- Other terms: Defined terms, unless otherwise defined herein, are used in this Policy with the meaning that appears in the Association’s Bylaws.
- Records Management Principles
- The following stages of the Records lifecycle support the Association’s key outcomes in relation to Records Management: capture; organization; sharing; disclosure; preservation; and disposition.
- Planning and implementation of business processes and supporting IT systems and services, including those provided by third parties, must consider and address Records Management requirements and principles.
- Records must be managed and maintained in the applicable Records Management System and/or at the Association’s office or at the IDB Records Centers premises. Records must not be stored in systems that are not identified as an Association Records Management System, and Records must not be stored in the files of individuals, consultants, or personal systems.
- Association employees and consultants and other Association Personnel with access to Records must receive training and have the necessary tools and permissions to access and share Records when required.
- Records must be preserved and systematically destroyed in a controlled and eco-friendly manner as set forth in the Retention Schedule. The destruction of Records requires the approval of the Deputy Secretary of the Association.
- Non-Records must be destroyed as soon as possible after having served their purpose. The Association enforces the destruction of Non-Records in both Records Management System and systems not intended to store Association Records.
- The Association shall endeavor to allocate resources for Records Management activities as part of normal business practices.
- Directors and Members of the Association shall have the right, to the fullest extent granted by applicable law, to inspect the principal Records of the Association.
- This Policy will be administered by the Secretariat of the Association. Pursuant to Article 7(b)(v) of the Association’s Bylaws, the Deputy Secretary of the Association will be in charge of overseeing application of this Policy, promoting compliance with it, communicating, and recommending changes, coordinating training of Association Personnel with the Secretary and the IDB, and carrying out any other necessary function with respect to the Policy.
- Association Personnel must:
- Comply with this Policy and understand and adhere to the related guidelines and procedures of the IDB that impact Records of the Association.
- Capture and classify Records in the applicable Records Management System in accordance with the Retention Schedule.
- Develop, implement, and coordinate updates to the Retention Schedule.
- Preserve Records and coordinate their disposition as set forth under the Retention Schedule.
- Protect Records in their custody from unauthorized access and notify their supervisors of any breach of security.
- Neither destroy nor remove Records from the Records Management Systems of the Association or the IDB.
- Upon termination of employment or contract with the Association, follow applicable procedures regarding Records Management.
- The Office personnel of the Association shall collaborate with, and seek training from, the IDB as to the guidelines and procedures of the IDB that impact Records of the Association and shall coordinate with the Secretariat of the Association as to such training.
- Litigation or Claims Management
- In the event that the Association is notified by means of any subpoena or request for documents or in the event that any Association Personnel learns of a government investigation or audit related to the Association or the commencement of any litigation against or related to the Association, said person must inform the Secretariat of the Association and any additional provision of documents will be suspended until the time that the Secretariat, having notified the Board of Directors and with the advice of a lawyer, determines otherwise. The Deputy Secretary will take the necessary measures to promptly inform all Association Personnel of any suspension in the subsequent disposal of documents.
- This Policy shall be reviewed and may be amended periodically in order to comply with or as may be prudent pursuant to updates or modifications required by applicable law or the Records Management practices of the Association.
- This Policy shall be made available on the web page of the Association.
Principles for the Records Retention Schedule
This Annex sets forth the initial key principles and categories for the Records Retention Schedule for the Association. The Schedule is a dynamic document and not all information is listed in the Records Retention Schedule. Association Personnel should consult with their supervisors and IDB Records Management personnel and should use common sense, experience, and good judgment to identify the most appropriate category for Record retention. When in doubt, the longest period for retention should always be selected.
- As required by the D.C. Non-Profit Corporations Act, the Association shall maintain the following Records at its principal office:
- Articles of Incorporation and Bylaws (must be retained permanently);
- Minutes and accounting records for the past three years;
- Names and business addresses of officers and directors;
- Most recent biennial report (Form BRA-25);
- An accurate membership list that includes names, addresses, and voting class of all Members; and
- Communications to Membership for the past three years.
- Key requirements for Records retention:
|1||Records relevant to litigation or potential legal action||Must be kept until one year after settlement or the time to file or appeal expires|
|2||Articles of incorporation, bylaws, IRS determination of exempt status letter, and Form 1023||Permanent|
|3||State-level filings including: DC or State tax exemption filings and certificates; annual or biennial reports (to secretary of state and/or DCRA); and basic business license, including charitable solicitation registration, if applicable||Permanent|
|4||Any other charitable solicitation registrations, if applicable||If registration is required outside of DC, keep initial registration permanently and keep the annual renewals for ten (10) years|
|5||Board meeting minutes||Must be permanently kept in a physical or electronic minute book or file|
|7||A record of all actions taken by the organization’s directors, members, or board committees without a meeting|
(e.g., via unanimous written consent
|Include in minute book or file and keep permanently|
|8||A copy of all other Board and Board Committee reports and decisions||No less than three (3) years|
|9||IRS Form 990||Permanent|
|11||Tax returns||At least seven (7) years|
|12||Records of grant making activities|
(e.g., COVID-19 grants)
|At least seven (7) years|
|13||Bank statements, checks and reconciliations, CDs, or deposits||Seven (7) years|
|14||Accounting records and invoices||Seven (7) years|
|15||Budget and execution reports (Association)||Three (3) years|
|16||Budget and execution reports (Chapters)||Three (3) years|
|17||Personnel files for terminated employees||Seven (7) years after termination. The files should contain information that reflects the employee’s performance reviews and all final memoranda and correspondence reflecting performance and actions taken by or against the employee|
|18||Payroll, withholding and time sheet records (including federal and state related transactions)||Seven (7) years|
|19||Employment applications for rejected applicants||Three (3) years|
|20||Retirement and pension records of employees||Permanent|
|21||Claims-made insurance policies, which cover claims made during the policy year, and typically includes property insurance and directors and officer’s insurance||Seven (7) years after the claim is closed|
|22||Claims-incurred policies, which cover claims incurred as a result of acts that occurred during the policy year, and typically includes commercial general liability insurance and umbrella coverage||Permanent|
|23||Material contracts||Seven (7) years after the service contract expires|