Policies & Procedures

IRS RELATED POLICIES:

Form 990
Prior to filing the IRS form 990, the form will be made avaiable to all the members of the board of directors. The duty to review the form 990 is delegated to the Audit Committee.

Employees
The Development Foundation has no employees. Texas State Universtiy-San Marcos (the University) provides its employees for the use of the Development Foundation. If approved by the Chair of the Board of Directors, the Development Foundation will compensatetThe University for an approved percentage of the Executive Director's salary. Furthermore, if approved byt the Audit Committee, the Development Foundation will compensate the University for an approved percentage of any other employe'se salary upon recomendation of the Executive Director.

Document retention / destruction
The Sarbanes-Oxley Act addresses the destruction of business records and documents and turns intentional document destruction into a process that must be carefully monitored.

The following table provides the Development Foundation's document retention policy.

Type of Document Minimum Requirement
Accounts payable ledgers and schedules 7 years
Audit reports Permanently
Bank Reconciliations 2 years
Bank statements 3 years
Checks (for important payments and purchases) Permanently
Contracts, mortgages, notes and leases (expired) 7 years
Contracts (still in effect) Permanently
Correspondence (general) 2 years
Correspondence (legal and important matters) Permanently
Correspondence (with customers and vendors) 2 years
Deeds, mortgages, and bills of sale Permanently
Depreciation Schedules Permanently
Duplicate deposit slips 2 years
Employment applications 3 years
Expense Analyses/expense distribution schedules 7 years
Year End Financial Statements Permanently
Insurance Policies (expired) 3 years
Insurance records, current accident reports, claims, policies, etc. Permanently
Internal audit reports 3 years
Inventories of products, materials, and supplies 7 years
Invoices (to customers, from vendors) 7 years
Minute books, bylaws and charter Permanently
Patents and related Papers Permanently
Payroll records and summaries 7 years
Personnel files (terminated employees) 7 years
Retirement and pension records Permanently
Tax returns and worksheets Permanently
Timesheets 7 years
Trademark registrations and copyrights Permanently
Withholding tax statements 7 years

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