Document Retention Policy

The corporate records of The University of Oklahoma Foundation, Inc. (the “Foundation”) and its subsidiaries are important assets. Corporate records include records produced by an employee, whether hard copy or electronic. A record may be as obvious as a memorandum, an e-mail, a contract, or something not as obvious, such as a computerized desk calendar or an appointment book.

The law requires certain types of corporate records to be maintained for a specified period of time. Failure to retain those records for those minimum periods could subject employees and the Foundation to penalties and fines, cause the loss of rights, obstruct justice, place the Foundation in contempt of court, or seriously disadvantage the Foundation in litigation. All employees are expected to fully comply with the document retention policy noted below. Questions regarding the application of this policy to a particular document should be directed to the President of the Foundation. In the case of any conflict between the provisions of this policy and of the Foundation’s Legal Hold Policy and Procedures, the Legal Hold Policy and Procedures shall take precedence.

It is the policy of the Foundation to image all records in a manner that complies with state and federal electronic record requirements to recognize the electronic record as an original. The originals of documents that are not otherwise required to be retained for an extended period will be destroyed after being imaged.

It is the intent of the Foundation to permanently retain the following categories of documents in their original format. They may be retained in electronic format as well.

(a) Fund Documents

Examples include donor agreements, donor or legal counsel correspondence and any other document that reflects the original donor intent.

(b) Tax Records

Tax returns and IRS correspondence.

(c) Corporate Documents

  • Board and Board Committee Materials (i.e. Meeting Minutes).
  • Organizational Documents.

(d) Financial Information

Annual financial statements and audit reports.

Legal counsel should be consulted to determine whether originals of particular documents should be retained. Legal correspondence should be retained permanently if it relates to records that are to be retained permanently.

(f) Property Records

Originals of property records such as deeds, titles, appraisals, surveys and title insurance.

(g) Certain Electronic Mail

Emails to be saved according to the provisions of this policy should be printed in hard copy or otherwise electronically saved and kept in the appropriate file. The retention period depends upon the subject matter of the email, as covered elsewhere in this policy.

All of the documents noted above that are to be kept permanently will also be imaged for backup purposes. The original documents will be appropriately filed.

This policy was originally approved by the Board of Trustees on August 26, 2005 and updated on February 8, 2019.

Last updated: 2/8/19