Nonprofit dissolution — required records to archive?
I’m assisting a nonprofit child care center with its dissolution. One thorny situation left unresolved by legal and accounting counsel is what specific records must be kept in long-term storage and eventually destroyed? Most advice I’ve received so far says to “play it safe” and keep everything from the past seven years of operation. With all the individual parent and student files and operational reports on top of governance and financial statements, etc., the total weight of records is significant. Multiple levels of storage boxes are stacked on a pallet, plus there’s a four-drawer filing cabinet and a laptop computer.
Further complicating the storage/destruction issue is that there is no vendor in my part of the world offering this service. [There were two vendors in my town eight years ago (when I last assisted in the dissolution of a nonprofit); both have stopped offering the service.]
I want to follow the law on behalf of my client, of course! My challenge is that I need to do so in an economical way in terms of access to a service, cost, and volume of records.