Recordkeeping Tip #1: Learn What to Save

For starters, save these records:

• Financial records that document the entries in your organization’s books and on its tax and information return (we will cover these in much more depth in a minute);
• A copy of the application form (Form 1023) and the determination letter from the IRS recognizing your exempt status;
• Descriptions and summaries of your organization’s programs;
• Organizing documents, such as articles of incorporation and by-laws, with amendments; and
• Minutes of meetings of the governing board and any standing committees, such as the executive or compensation committees.