Document Retention and Destruction Policy

ARTICLE I: PURPOSE

This Document Retention and Destruction Policy establishes guidelines for the retention, storage, and destruction of records of The Open Accounts Receivable Collective Foundation (the “Foundation”). The policy is designed to ensure that the Foundation retains records for as long as they are needed for legal, regulatory, operational, and historical purposes, and that records are destroyed only in a lawful and appropriate manner when no longer needed. Federal law, including 18 U.S.C. Section 1519 as enacted by the Sarbanes-Oxley Act of 2002, makes it a crime to alter, cover up, falsify, or destroy any record with the intent to impede or obstruct an official proceeding; this policy is designed to ensure compliance with that requirement.

ARTICLE II: SCOPE

This policy applies to all records created, received, or maintained by the Foundation in any format, including paper, electronic, audio, video, and other media. It applies to all directors, officers, employees, contractors, and volunteers of the Foundation.

ARTICLE III: RECORDS RETENTION SCHEDULE

The Foundation will retain records in accordance with the following minimum retention periods. Applicable law may require longer retention in some cases, and this schedule will be updated as needed.

Section 3.1. Corporate and Governance Records

Certificate of Incorporation and amendments: Permanent

Bylaws and all amendments: Permanent

Board and committee minutes: Permanent

Board and committee meeting recordings: Until approval of the corresponding minutes; see below

Board and committee resolutions: Permanent

Adopted policies, including superseded versions: Permanent

State registrations and annual report filings: 7 years

Annual reports: Permanent

Conflict of interest disclosure statements: 7 years

Whistleblower reports and investigation records: 7 years after resolution

Director and officer records: 7 years after departure

The Board or a committee may record a meeting only with the unanimous assent of the directors or members present, and solely to assist the Secretary in preparing the minutes. A meeting recording is a transitory drafting aid, not a Foundation record, and the approved minutes remain the official record of the meeting. Each recording will be deleted promptly after the minutes of the recorded meeting are approved, and in any event within thirty (30) days of approval, unless the recording is subject to a legal hold under Article VI.

The same rules apply to AI-assisted notetaking tools. An AI notetaker may be used in a Board or committee meeting only with the unanimous assent of the directors or members present, solely to assist the Secretary in preparing the minutes, and only if the specific tool has been reviewed for security and data handling and approved by the Board before first use. The review will consider, at a minimum, where meeting content is processed and stored, the vendor’s retention and deletion controls, whether meeting content is used to train the vendor’s models, and the availability of contractual data protection terms. Transcripts, summaries, and other outputs of an approved notetaker are transitory drafting aids subject to the same deletion schedule as meeting recordings, and the Secretary will confirm that copies retained by the tool’s vendor are deleted to the extent the tool permits.

Section 3.2. Financial Records

Annual financial statements and audit reports: Permanent

General ledgers: Permanent

Bank statements and canceled checks: 7 years

Accounts payable and receivable records: 7 years

Grant records and documentation: 7 years after grant close

Expense reports and receipts: 7 years

Payroll records: 7 years

Contracts and agreements: 7 years after expiration or termination

Section 3.3. Tax and Regulatory Records

IRS Form 1023 and determination letter: Permanent

IRS Form 990 and all schedules: Permanent

State tax filings: 7 years

Payroll tax records: 7 years

Section 3.4. Employment and Personnel Records

Employment contracts and offer letters: 7 years after termination

Employee benefit records: 7 years after plan termination

I-9 forms: 3 years after hire or 1 year after termination, whichever is later

Workers’ compensation records: 10 years

Section 3.5. Legal Records

Correspondence with legal counsel: 10 years

Litigation files: 10 years after final resolution; matters of continuing significance retained longer at the direction of legal counsel

Insurance policies and claims: 10 years

Intellectual property records: Permanent

Section 3.6. Program and Technology Records

Software licenses and open-source agreements: Permanent

Contributor license and DCO records: Permanent

Technology vendor contracts: 7 years after expiration

Publication and educational resource records: 7 years

Community platform and collaboration records: 3 years

Section 3.7. General Correspondence and Administrative Records

General correspondence: 3 years

Routine operational records: 2 years

Duplicate records and working drafts (not final): 1 year or upon supersession

Section 3.8. Donor and Gift Records

Restricted gift agreements and documentation: Permanent

Other gift agreements and donor correspondence containing representations relied on by the donor: 10 years

Contribution records and acknowledgment copies: 7 years

IRS Forms 8282 and 8283: 7 years

Sponsorship agreements: 7 years after the sponsorship term

Anonymous-donor identity records: Same period as the underlying gift records, with custody as provided in the Gift Acceptance Policy

ARTICLE IV: ELECTRONIC RECORDS

Electronic records are subject to the same retention schedules as paper records. The Foundation will maintain electronic records in a secure, organized, and accessible manner. Backup copies of critical electronic records will be maintained. Email correspondence that constitutes a record of a transaction, decision, or commitment will be retained in accordance with the applicable schedule.

ARTICLE V: DESTRUCTION OF RECORDS

At the expiration of the applicable retention period, records may be destroyed in the following manner:

• Paper records containing confidential or personal information will be shredded.

• Electronic records will be permanently deleted using methods appropriate to the sensitivity of the information.

• No record will be destroyed if it is subject to a legal hold under Article VI.

The Secretary or designated officer will authorize and document each destruction cycle.

ARTICLE VI: LEGAL HOLD

If the Foundation becomes aware of a pending, threatened, or reasonably foreseeable legal action, governmental investigation, audit, or other proceeding that may require the production of records, the Foundation will immediately suspend the destruction of any records that may be relevant to the matter. A “legal hold” notice will be issued by the Chair or legal counsel to all persons who may have relevant records. The legal hold will remain in effect until the matter is resolved and the hold is formally lifted in writing by the person who issued it. Failure to comply with this policy or with a legal hold may expose the Foundation and responsible individuals to civil and criminal sanctions and will result in corrective action.

ARTICLE VII: POLICY ADMINISTRATION AND REVIEW

The Secretary is responsible for overseeing compliance with this policy and for maintaining an up-to-date records inventory. The Treasurer will assist with financial records oversight. This policy may be updated by the Board of Directors and will be reviewed at least annually. Substantive changes will be announced through the Foundation’s official channels and reflected in the dated version of this policy. The current version of this policy supersedes any prior version.