Rules for Throwing Old Association Records Away

**11inarow** · 10-17-2008, 12:21 PM

I am an Association Manager for our local Women's Leagues. We have an entire storage unit full of awards, fiscal records, etc. We are wanting to roast hotdogs some night over a lot of paperwork but are wondering the rules for disposition of these records. I understand that tax records (fiscal paperwork) should be kept until you are beyond an IRS audit which I believe is 7 years.

Any suggestions or legal document reference would be greatly appreciated.

Thank you

**The KingPin** · 10-19-2008, 08:01 PM

Originally Posted by 11inarow

I am an Association Manager for our local Women's Leagues. We have an entire storage unit full of awards, fiscal records, etc. We are wanting to roast hotdogs some night over a lot of paperwork but are wondering the rules for disposition of these records. I understand that tax records (fiscal paperwork) should be kept until you are beyond an IRS audit which I believe is 7 years.

Any suggestions or legal document reference would be greatly appreciated.

Thank you

Although this might not be what you are looking for, I have also added the number of someone to call.

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Rules You Can Use - League financial procedures (Rules 102c and 102f)

1/11/2008

Whether your league is just starting or has existed since the fall, it's always good to know the proper rules for handling your members' weekly fees.

For example, did you know that both the league treasurer and league president play important roles in this process? Making sure both people do the right thing will save headaches come the end of the season.

Here are some key steps to take to make sure league finances are properly handled:

Set up a checking or savings account in the name of the league. Use an EIN number to open an account. You can apply for an EIN number by completing an SS-4 form online or by calling (800) 829-4933. The reason is For Banking Purposes Only. Complete lines 1-5b, 7a-b (if applicable), 8a, 8b-c (if applicable), 9a, 9b (if applicable), 10, and 18.
Ensure deposits are made within one week.
The league president/supervisor must calculate what should be on deposit and compare that total with what is in the bank. The form is a great tool for presidents to calculate the amount that should be on deposit.

Other helpful treasurer/league official hints include:

Balance the league account monthly.
Make sure at least two signatures are used when withdrawing any money or writing checks for expenses. You may have to design some type of receipt for withdrawal if using in-center banking.
Document other funds such as raffles, pot games, 50/50, membership dues.
Keep receipts for any money spent.
Do not let bowlers fall behind on league fees.
Be sure new bowlers pay membership dues or show proof of membership the first session bowled.
Make sure the financial statement at the end of the year is detailed and shows how the prizes were paid and to whom.
Pay out prizes within 21 days of the completion of the league, unless the board states another time.
Keep financials for 120 days after the league.
Turn over records to a new officer.

Other helpful President/League Supervisor hints: