Record Retention Policy


Panama City Beach Library Foundation, Inc.
Record Retention Policy
August 11, 2011

The Panama City Beach Library Foundation, Inc. (PCBLF) acknowledges its responsibility to preserve information related to litigation, audits and investigations. The Sarbanes-Oxley Act of July 30, 2002, makes it a crime to alter, cover up, falsify, or destroy any document to prevent its use in an official proceeding. The failure on the part of Board of Directors and/or employees to follow this policy can result in possible civil and criminal sanctions against PCBLF and its Board of Directors and/or employees and possible disciplinary action against responsible individuals.

From time to time, the Board of Directors may issue a notice to all officers, directors, employees and/or staff of PCBLF of a “Legal Hold” suspending the destruction of records due to pending, threatened or otherwise reasonable foreseeable litigation, audits, government investigations or similar proceedings. No records specified in any Legal Hold may be destroyed until the hold is withdrawn by the Board of Directors.

Certain records, as determined by the Board or Directors and/or Executive Director, shall be retained permanently. Such documents shall include, but not be limited to, corporate organizational documents, contracts, agreements, audited financial statements, grant documentation, insurance policies, payroll records, real estate deeds, leases, Internal Revenue Service documents, tax returns, annual reports, retirement plan documents, employee personnel files and other similar documents. All other documents pertaining to the business and operational affairs of PCBLF shall ordinarily be retained for a period of seven (7) years. In no event shall any records be destroyed within less than two (2) years of their creation or acquisition. The Executive Director shall have sole responsibility for determining whether a specific record should be retained or destroyed. If a specific document is retained, the Executive Director shall determine the period of time for which such document shall be retained. If in the absence of an Executive Director, the Board of Directors shall determine the period of time for which such document shall be retained.