Article III - Maintaining Records
The following records must be maintained or caused to be maintained by the Secretary-Treasurer or other financial officer. All records listed below must be retained for a minimum of six (6) years.:
- Automated accounting system output, if any. See the Appendices for further information regarding automated systems.
- Cash Book or Cash Receipts/Disbursements Journal. -- Information required to be entered in the Cash Book must be recorded and totaled monthly. This book or journal shall contain no erasures and no pages should be torn out. If errors are made, circle the error and make a note that it is an error; then make the correct entry. Those affiliates using automated accounting systems that provide comparable information as is found in the Cash Book need not maintain a manual Cash Book.
- Bank receipts for all deposits.
- All documentation for receipts. -- Each item deposited into a bank account should be clearly identified and supported by a remittance advice, dues deduction roster or dues rebate transmittal. A copy of that support must be kept on file. Affiliates should also retain a photocopy of the actual check received.
- All bank statements and canceled checks. -- The canceled checks which are returned with any statement must be kept with that statement, regardless of the date or number appearing on the check. If the affiliate’s bank or credit union does not normally return canceled checks, the affiliate must either arrange with the bank or credit union to obtain front and back copies of their canceled checks, or change its account(s) to an institution that can provide actual or copies of their canceled checks. Canceled checks are an essential part of the audit trail; used to verify the accuracy of the affiliate’s financial records.
- Bank reconciliations. -- Bank reconciliations should be prepared each month and attached to the bank statements. Balancing the checking account monthly may prevent losses due to errors by the bank or affiliate.
- All check stubs and voided checks. -- The signature block should be removed from all voided checks, which are to be clearly marked as "void" in large bold letters. Void checks must be attached to the check stub or retained in a secure place.
- All paid bills or invoices.
- Copies of all International Union and Council per capita tax reports.
- All officer and employee expense reports and all receipts for expenses reimbursed.
- All records of expenditures from any petty cash fund.
- All payroll records, 941s, 940s and W-2s. See Appendices for additional information.
- All financial reports -- Prepared for the membership or Executive Board; all federal reports (Form 990, 990EZ, Form 1099, Form 1120 POL, LM-2, LM-3 or LM-4) filed with the Internal Revenue Service or the U. S. Department of Labor; all reports required by state agencies and all financial reports filed with the International Union. See Article IX , Reporting, and the Appendices for additional information.
- Surety Bond Certificate of Coverage.
- All mortgages, loan agreements, lease agreements, lease-purchase or time-payment contracts, and all other contracts of any nature which involve financial obligations on the part of the affiliate.
- All documents constituting evidence of ownership by the affiliate of any property or equipment of any nature.
- Copies of the Local Union Annual Financial Report (LUAFR) filed with the International Union.
- Copies of annual Surety Bond Reports filed with the International Union.
- Copies of any statements or transaction advice from brokerages, investment houses or mutual fund managers for investment accounts maintained for the affiliate.
- Copies of all affiliate officer or employee collective bargaining agreements, fringe benefits policies, and any policies regarding vacation, sick leave, severance, allowances, lost time, per diem, mileage, reimbursed dues, along with copies of records reflecting the accrued vacation, sick leave and severance of all officers and employees covered by such policies.
- Magnetic media or optical storage back-up of all magnetic media data files.
- Copies of the minutes of any Executive Board, membership, or committee meeting at which any financial decisions were made, approved or rejected.
- Correspondence from government agencies.
The following records must be maintained or caused to be maintained regularly by the Recording Secretary or other recording officer of the affiliate for a minimum of six (6) years:
- Minutes of all membership meetings, conventions, or other delegate assemblies.
- Minutes of all Executive Board meetings.
- Copies of all attachments to minutes including: mortgages, loan agreements, lease agreements, lease-purchase or time-payment contracts, and all other contracts of any nature which involve financial obligations on the part of the affiliate.
When a new financial or recording officer is elected, the outgoing officer must, as quickly as possible, give all such records to the incoming officer.
A list of records being given to the incoming financial officer should be prepared and signed by both the outgoing and the incoming financial officers. Copies of this records inventory list should be kept by both outgoing and incoming officers.