Foundation for State Technical College of Missouri Record Retention and Destruction Policy

The Foundation follows the IRS Compliance Guide for 501(c)(3) Public Charities as published by the IRS for record retention and destruction which states Public charities must keep records for federal tax purposes for as long as they may be needed to document evidence of compliance with provisions of the IRC. Generally, this means the organization must keep records that support an item of income or deduction on a return until the statute of limitations for that return runs. The statute of limitations has run when the organization can no longer amend its return and the IRS can no longer assess additional tax. Generally, the statute 19 of limitations runs three years after the date the return is due or filed, whichever is later. An organization may be required to retain records longer for other legal purposes, including state or local tax purposes

The Foundation stores and maintains records in a manner that preserves their integrity and admissibility as evidence. Adequate measures must therefore be in place to forestall the defacing of records, especially in times of disaster. Disaster recovery must embody backup for important records.

Policy Approved by Foundation Board
Date: 7-11-2023